First-Time Home Buyers in British Columbia
Buying your first home in BC can feel overwhelming. We guide you through every step, including BC-specific incentives and programs, so you know exactly what to expect.
First-Time Buyer? You Have More Options Than You Think
There are programs, incentives, and strategies specifically designed for first-time buyers in BC.
The mortgage process can feel confusing when you have never done it before. There is the stress test, the down payment math, government incentives, and a lot of terminology that does not make intuitive sense.
That is where we come in. We walk you through each step in plain language, help you take advantage of first-time buyer programs, and find you the best rate available for your situation. Our goal is for you to feel confident and informed, not overwhelmed.
As a first-time buyer in BC, you may qualify for multiple government incentive programs that can save you thousands. We help you access every one you are eligible for.
Programs & Incentives
First-Time Buyer Incentives
RRSP Home Buyer's Plan (HBP)
Withdraw up to $60,000 from your RRSP (or $120,000 as a couple) tax-free toward your down payment. Repayable over 15 years.
First Home Savings Account (FHSA)
A registered savings account where contributions are tax-deductible (up to $8,000/year, $40,000 lifetime) and withdrawals for a qualifying home purchase are tax-free.
First-Time Home Buyer's Tax Credit
A non-refundable federal tax credit of up to $1,500 to help offset closing costs like legal fees and land transfer taxes.
BC Property Transfer Tax Exemption
First-time buyers in BC may be exempt from property transfer tax on homes up to $835,000, with partial exemptions up to $860,000.
First-Time Buyer GST Rebate
First-time buyers of new homes valued up to $1,000,000 may qualify for a full GST rebate of up to $50,000. Partial rebates available up to $1,500,000.
30-Year Amortization
First-time buyers can now qualify for 30-year insured mortgages, lowering monthly payments. The insured mortgage cap has been raised to $1,500,000.
How It Works
Your Path to Your First Home
Initial Consultation
We review your finances, explain the process, and help you set a realistic budget. No commitment required.
Pre-Approval and Planning
We get you pre-approved and walk you through incentive programs so you can maximize your buying power.
Find, Finance, and Close
When you find a home, we lock in your rate and guide you through conditions, appraisal, and closing.
Ready to Buy Your First Home?
We will walk you through the entire process — from pre-approval to keys in hand — and make sure you access every incentive available.
Start Your JourneyFeatures & Benefits
How We Help First-Time Buyers
First-Time Buyer Programs
We help you access all available incentives, from the Home Buyer's Plan to the First Home Savings Account.
Stress Test Guidance
We explain how the stress test works and help you understand your true borrowing power.
Plain Language Education
We explain every term and document in simple language so you always know what is happening and why.
Down Payment Strategies
From RRSP withdrawals to gifted down payments, we help you put together your down payment the smartest way.
Navigating Conditions
We coordinate with your realtor and lawyer to meet subject removal deadlines without stress.
Budget-Friendly Options
We look beyond rate to find the total mortgage package that keeps your monthly costs manageable.
Common Questions
First-Time Buyer FAQ
The FHSA is a registered savings account for first-time home buyers that launched in 2023. You can contribute up to $8,000 per year (up to $40,000 lifetime), and contributions are tax-deductible like an RRSP. The key advantage is that withdrawals for a qualifying home purchase are completely tax-free, similar to a TFSA. You can also transfer RRSP funds into an FHSA.
The stress test requires you to qualify at a rate higher than the one you will actually pay, typically the greater of 5.25% or your contracted rate plus 2%. This ensures you can still afford your mortgage if rates rise. It affects how much you can borrow, so we factor it into your pre-approval from the start.
Yes. The Home Buyer's Plan lets first-time buyers withdraw up to $60,000 per person ($120,000 for a couple) from their RRSP tax-free to put toward a home purchase. You have 15 years to repay the amount back into your RRSP, starting the second year after the withdrawal.
Beyond your down payment, budget for legal fees ($1,000-$2,000), home inspection ($300-$500), property transfer tax (though first-time buyers in BC may be exempt on homes up to $500,000), title insurance, and moving costs. We help you estimate these during pre-approval so there are no surprises.
Ready to Take the First Step?
A 15-minute conversation is all it takes to understand what you can afford and how to get started. No obligation.