Buying your first home in British Columbia is one of the biggest financial decisions you'll ever make. This guide breaks it down — step by step, dollar by dollar — so you walk in confident and walk out with keys.
Here's how a typical purchase unfolds — from "I think I'm ready" to holding the keys.
Before anything else — understand what you can actually afford. Review your income, debts, credit score, and savings. Lenders will stress-test your mortgage at a rate 2% above your contract rate.
Pre-approval locks in a rate (usually for 90–120 days) and tells you exactly how much a lender will give you. This isn't optional — sellers won't take you seriously without it.
A buyer's agent costs you nothing — the seller pays the commission. Your REALTOR® gives you access to MLS listings the moment they hit the market, helps you understand fair pricing, and protects you through negotiations.
Your REALTOR® will write a Contract of Purchase and Sale. You'll choose a price, deposit amount, completion date, and any conditions — typically subject to inspection and subject to financing. In competitive markets, conditions can affect whether your offer is accepted.
During the subject period (usually 7–14 days), you'll confirm financing and complete a home inspection. The inspection covers structure, roof, electrical, plumbing, HVAC, and more. If something major is found, you can renegotiate or walk away. Your financing condition gives you a similar out if your lender doesn't fully approve.
Once you're satisfied, you remove your conditions in writing. The deal is now firm and binding. You'll confirm your final mortgage documents, secure home insurance, and meet with your lawyer to review the title transfer.
On completion day, your lawyer transfers the funds, the title registers in your name, and your REALTOR® meets you with the keys. The home is yours. Possession usually happens the same day or the day after.
Beyond your down payment, budget for these upfront costs. Most buyers should set aside an additional 2–4% of the purchase price to cover them.
These incentives exist specifically for first-time buyers. Many are stackable. Speak with your lawyer or accountant to confirm what you qualify for.
If your home is under $835,000 (as of April 1, 2024), you may qualify for a full or partial exemption on Property Transfer Tax — one of the biggest closing cost savings available to first-time buyers in BC.
⚠️ Eligibility conditions apply. Confirm with your lawyer before assuming you qualify.
Buying a brand new home? As of April 1, 2024, new builds up to $1,100,000 may be fully exempt from PTT — making new construction surprisingly affordable for first-time buyers.
⚠️ Specific eligibility criteria apply. Your lawyer can confirm whether your purchase qualifies.
Since April 2024, you can withdraw up to $60,000 from your RRSP tax-free for a home down payment (up from $35,000). Couples can combine for up to $120,000. Repay over 15 years.
⚠️ Repayment rules and timing matter. Speak with your accountant to understand the tax implications.
Contribute up to $8,000/year (lifetime max $40,000). Contributions are tax-deductible like an RRSP, and withdrawals for a home purchase are completely tax-free — the best of both accounts.
⚠️ Open this as early as possible — contribution room doesn't accumulate retroactively. Verify eligibility with your accountant.
Claim up to $10,000 on your federal tax return in the year you buy. It's non-refundable but reduces your income tax payable by up to $1,500 — helping offset legal fees and closing costs.
⚠️ Your accountant can confirm eligibility and help you claim this on your return.
As of May 2025, the federal government has launched GST relief for first-time buyers on new builds up to $1 million, with partial relief up to $1.5 million. A major win for buyers considering new construction.
⚠️ Program is new — confirm current eligibility rules with your lawyer or accountant before relying on this.
As of December 15, 2024, first-time buyers can now access 30-year mortgage amortisation (up from 25 years). The extra 5 years meaningfully reduces your monthly payment, improving affordability.
⚠️ Available through insured mortgages with specific conditions. Confirm eligibility with your mortgage broker.
Don't overthink it. Here's exactly where to start — in the right order.
