How long does it actually take to buy a first home in BC?

The steps run in a fixed order. Get your down payment and your First Home Savings Account (FHSA) or Home Buyers' Plan in place, get pre-approved, search, write an offer, remove subjects once you are satisfied, then complete on the date in the contract. The search is the one step with no fixed length. The biggest time-saver is shopping in the right price band from the start. That's one of the first things we sort out together.

What is the BC First-Time Home Buyer PTT exemption?

The first-time home buyers' exemption waives the Property Transfer Tax on the first $500,000 of the price, worth up to $8,000. It applies to qualifying BC first-time buyers on homes with a fair market value of $835,000 or less. From $835,000 to $860,000 that benefit phases out, reaching zero at $860,000. Above $860,000 there's no first-time-buyer benefit. To qualify you must be a Canadian citizen or permanent resident. You must have either lived in BC for at least a year immediately before registration or filed at least two BC income tax returns in the last six years. You must never have owned a principal residence anywhere in the world, and never have received the exemption before. You must also move in within 92 days of registration. The property has its own tests: 0.5 hectares (1.24 acres) or smaller, and only residential improvements on it. The thresholds were last raised April 1, 2024. Always confirm the current thresholds against gov.bc.ca.

What is the FHSA and how does it stack with the HBP?

The First Home Savings Account (FHSA) works like an RRSP and a TFSA in one: contributions are tax-deductible, and withdrawals for a qualifying first home are tax-free. You can contribute $8,000 a year up to a $40,000 lifetime limit, and a couple can each open one. The Home Buyers' Plan (HBP) separately lets you withdraw up to $60,000 from your RRSPs toward a first home, repaid over 15 years. The two stack: a couple using both could put $80,000 (FHSA) plus $120,000 (HBP) toward a first home with tax advantages. The catch: FHSA room only starts building once the account is open, so it's worth opening early even with a small contribution.

How much down payment does a first-time buyer in BC actually need?

With mortgage default insurance you can put down as little as 5% on the first $500,000, plus 10% on the portion from $500,000 to $1,500,000 (that cap was raised from $1.0M to $1.5M on December 15, 2024). On an $850,000 townhouse, the minimum is 5% of $500K plus 10% of $350K: $25,000 plus $35,000, or $60,000. A mortgage-insurance premium of around 4% applies to the insured loan and is added to the mortgage; BC charges no sales tax on it. At $1.5M and above, 20% down is required.

What closing costs do first-time buyers most often miss?

The big one is Property Transfer Tax: even with the first-time-buyer exemption, anyone buying above the $860,000 phase-out pays the full amount. Beyond that: legal or notary fees ($1,500–$2,000), title insurance ($200 to $1K), a home inspection, and prepaid property-tax and utility adjustments at completion. We build the full number into your plan from the start so completion day holds no surprises.

Should I get pre-qualified or pre-approved?

Pre-approved. A pre-qualification is a quick estimate: a broker glances at your income and gives you a ballpark. A pre-approval is the real thing: paystubs, T4s, notices of assessment, bank statements, a credit check, and a rate-held commitment letter from a specific lender. When you're competing for a home, sellers take a pre-approval seriously. Get pre-approved with a mortgage broker (who can shop several lenders, not just one) before you write your first offer. I'm glad to connect you with one of the brokers I trust.

Is there help for buying a newly-built home?

Yes, and for first-time buyers it recently got much better. New homes carry 5% GST (resale homes don't). The new First-Time Home Buyers' GST Rebate (enacted by Bill C-4 in 2026) removes the full 5% GST on a qualifying first-time buyer's new home priced up to $1,000,000. The rebate is worth up to $50,000 and is reduced between $1,000,000 and $1,500,000. It applies to purchase agreements signed on or after March 20, 2025 and before 2031. (The older GST New Housing Rebate still exists but only helps below $450,000, so it rarely reaches a Lower Mainland new build.) BC also has a separate Newly Built Home PTT exemption (full to $1,100,000, phasing out by $1,150,000). New construction is taxed differently from resale. If you're considering a presale or a new build, model the GST rebate and the PTT exemption before you sign. I'm glad to walk through it with you.

When should I bring in a REALTOR®?

As early as you like, even before you're sure you're ready. The earlier we talk, the more I can help: shaping which homes are worth your Saturday, structuring a strong offer, and guiding the subject-removal language that protects you. In BC the buyer usually pays nothing directly (the commission comes from the seller's side), so reaching out early costs you nothing and saves you weeks.

First-time home buyer in BC

You can buy your first home in BC with as little as 5% down on the first $500,000, and the province can waive up to $8,000 of the transfer tax. There are six steps, and the order matters: your money and your pre-approval come before you look at homes.

Get your money readyStart early: your savings room builds from the day you open the account
Get pre-approvedBefore you look at homes
Find your homeAs long as it takes
Make an offerWhen a home fits
Do your due diligenceThe subject period in your contract
Firm up and completeThe completion date in your contract

Step 1

Get your money ready

Open a First Home Savings Account first, because your room to contribute only starts building the day it opens. It takes up to $8,000 a year, lowers your income tax, and comes out tax-free for a first home.

The Home Buyers’ Plan adds to it: you can borrow up to $60,000 from your own RRSP and repay it over 15 years. You can use both on the same home.

Step 2

Get pre-approved

A pre-approval is a lender’s commitment: your income and credit are checked and a rate is held for you. A pre-qualification is only an estimate.

Lenders also run a stress test, checking that you could afford the payment at a rate above the one you will pay, so you qualify for less than the payment alone suggests. A mortgage broker compares several lenders at once, which your own bank cannot do.

Step 3

Find your home

Write down what you need and what you would only like, then see homes against that list. Each viewing shows you what your budget actually buys.

In BC a buyer usually pays nothing directly, because the commission comes from the seller’s side, so talking to an agent early costs you nothing.

The market you are buying into: Lower Mainland composite HPI is about $1,000,539, down 5.2% year over year. See the dashboard ›

Nov 2023–Oct 2026 · REBGV and FVREB statistics · as of Oct 2026

Step 4

Make an offer

Price is only part of an offer: the deposit, the dates and the conditions decide how strong and how safe it is. The conditions, called “subjects” in BC, usually cover financing, a home inspection and, for a strata home, the documents.

In a busy market you may bid against other buyers and lose a home or two. Dropping a subject makes an offer stronger and leaves you less protected: what a subject-free offer risks.

Step 5

Do your due diligence

Once your offer is accepted, the subject period in your contract is your time to confirm financing, inspect the home and, for a condo or townhouse, read the strata documents. If something serious turns up, you can walk away and your deposit comes back. If you need more time, you can ask the seller for it.

Step 6

Firm up and complete

Removing the subjects makes the deal firm and commits your deposit. A lawyer or notary then searches the title, prepares the statement of adjustments and registers the transfer.

On completion day your mortgage funds and the home becomes yours. Possession, the keys, usually follows a day later.

What it costs in cash

The down payment is not the whole cheque, because tax and fees are also due in cash on completion day. Here is an $850,000 townhouse in Walnut Grove with $80,000 down.

Down payment	$80,000
Property Transfer Tax, after about $3,200 of the exemption	about $11,800
Legal or notary fees and title insurance	$1,700 to $3,000
Cash needed	$93,500 to $94,800

A home inspection and the property-tax and utility adjustments come on top. Under 20% down, the mortgage insurance premium is added to your mortgage, and BC charges no sales tax on it.

With mortgage insurance, the smallest down payment is 5% of the first $500,000 and 10% of the part from there to $1.5M; above $1.5M it is 20%. Run your own numbers with the affordability calculator and the closing-day cash calculator.

The first-time-buyer programs

There are eight: five federal and three from BC. Each one has conditions, and the sources are at the end of this page.

Federal

First Home Savings Account: up to $8,000 a year and $40,000 in total. A couple can each have one.
Home Buyers’ Plan: up to $60,000 from your RRSP, repaid over 15 years.
First-Time Home Buyers’ GST Rebate: on a new build, removes the full 5% GST up to $1,000,000, with a reduced rebate to $1.5M, worth up to $50,000. For agreements signed on or after March 20, 2025.
30-year amortization: a longer insured mortgage, which lowers the monthly payment.
First-Time Home Buyers’ Tax Credit: a small non-refundable credit, claimed on your tax return the year you buy.

British Columbia

First-Time Home Buyer exemption: waives the transfer tax on the first $500,000 of the price, up to $8,000, on homes up to $835,000, phasing out to nothing at $860,000. Run your number.
Newly Built Home exemption: a separate transfer tax exemption for qualifying new construction, full to $1.1M and phasing out by $1.15M.
Home Owner Grant: a yearly reduction on your property tax bill once the home is your principal residence. You apply each year.

A quick, private self-check

Where are you starting from?

Six quick questions, just for you — nothing is saved or sent. There are no wrong answers, and wherever you land, there’s a good next step.

1. How are you doing on a down payment?

2. How do your monthly debts feel?

3. How steady is your income?

4. How is your credit?

5. After a down payment, would you have a little cushion left?

6. When are you hoping to buy?

Answer all six to see where you stand.

Common questions

How long does it actually take to buy a first home in BC?
The steps run in a fixed order. Get your down payment and your First Home Savings Account (FHSA) or Home Buyers' Plan in place, get pre-approved, search, write an offer, remove subjects once you are satisfied, then complete on the date in the contract. The search is the one step with no fixed length. The biggest time-saver is shopping in the right price band from the start. That's one of the first things we sort out together.
What is the BC First-Time Home Buyer PTT exemption?
The first-time home buyers' exemption waives the Property Transfer Tax on the first $500,000 of the price, worth up to $8,000. It applies to qualifying BC first-time buyers on homes with a fair market value of $835,000 or less. From $835,000 to $860,000 that benefit phases out, reaching zero at $860,000. Above $860,000 there's no first-time-buyer benefit. To qualify you must be a Canadian citizen or permanent resident. You must have either lived in BC for at least a year immediately before registration or filed at least two BC income tax returns in the last six years. You must never have owned a principal residence anywhere in the world, and never have received the exemption before. You must also move in within 92 days of registration. The property has its own tests: 0.5 hectares (1.24 acres) or smaller, and only residential improvements on it. The thresholds were last raised April 1, 2024. Always confirm the current thresholds against gov.bc.ca.
The mechanics: between $835,000 and $860,000 the $8,000 benefit reduces by about 32 cents for every dollar of price above $835,000, so at $850,000 roughly $3,200 remains, and at $860,000 it reaches zero. The authority is the BC Property Transfer Tax Act and gov.bc.ca/firsttimehomebuyers. Confirm the live thresholds there before you rely on them.
What is the FHSA and how does it stack with the HBP?
The First Home Savings Account (FHSA) works like an RRSP and a TFSA in one: contributions are tax-deductible, and withdrawals for a qualifying first home are tax-free. You can contribute $8,000 a year up to a $40,000 lifetime limit, and a couple can each open one. The Home Buyers' Plan (HBP) separately lets you withdraw up to $60,000 from your RRSPs toward a first home, repaid over 15 years. The two stack: a couple using both could put $80,000 (FHSA) plus $120,000 (HBP) toward a first home with tax advantages. The catch: FHSA room only starts building once the account is open, so it's worth opening early even with a small contribution.
The FHSA contribution limit is $8,000 per calendar year with a $40,000 lifetime cap; unused annual room carries forward (up to $8,000) only once the account exists. Contributions are deductible against income like an RRSP, and a qualifying first-home withdrawal is tax-free like a TFSA. You don't repay it. The HBP lets you withdraw up to $60,000 per person from RRSPs (raised from $35,000 effective April 16, 2024) and repay it over 15 years. The CRA starts the repayment clock in the second year after the withdrawal, or the fifth year for a first withdrawal made from 2022 to 2025; check the CRA's HBP repayment page for a withdrawal after that. You can use both for the same purchase. Source: CRA, the First Home Savings Account and Home Buyers' Plan pages.
How much down payment does a first-time buyer in BC actually need?
With mortgage default insurance you can put down as little as 5% on the first $500,000, plus 10% on the portion from $500,000 to $1,500,000 (that cap was raised from $1.0M to $1.5M on December 15, 2024). On an $850,000 townhouse, the minimum is 5% of $500K plus 10% of $350K: $25,000 plus $35,000, or $60,000. A mortgage-insurance premium of around 4% applies to the insured loan and is added to the mortgage; BC charges no sales tax on it. At $1.5M and above, 20% down is required.
What closing costs do first-time buyers most often miss?
The big one is Property Transfer Tax: even with the first-time-buyer exemption, anyone buying above the $860,000 phase-out pays the full amount. Beyond that: legal or notary fees ($1,500–$2,000), title insurance ($200 to $1K), a home inspection, and prepaid property-tax and utility adjustments at completion. We build the full number into your plan from the start so completion day holds no surprises.
Should I get pre-qualified or pre-approved?
Pre-approved. A pre-qualification is a quick estimate: a broker glances at your income and gives you a ballpark. A pre-approval is the real thing: paystubs, T4s, notices of assessment, bank statements, a credit check, and a rate-held commitment letter from a specific lender. When you're competing for a home, sellers take a pre-approval seriously. Get pre-approved with a mortgage broker (who can shop several lenders, not just one) before you write your first offer. I'm glad to connect you with one of the brokers I trust.
Is there help for buying a newly-built home?
Yes, and for first-time buyers it recently got much better. New homes carry 5% GST (resale homes don't). The new First-Time Home Buyers' GST Rebate (enacted by Bill C-4 in 2026) removes the full 5% GST on a qualifying first-time buyer's new home priced up to $1,000,000. The rebate is worth up to $50,000 and is reduced between $1,000,000 and $1,500,000. It applies to purchase agreements signed on or after March 20, 2025 and before 2031. (The older GST New Housing Rebate still exists but only helps below $450,000, so it rarely reaches a Lower Mainland new build.) BC also has a separate Newly Built Home PTT exemption (full to $1,100,000, phasing out by $1,150,000). New construction is taxed differently from resale. If you're considering a presale or a new build, model the GST rebate and the PTT exemption before you sign. I'm glad to walk through it with you.
When should I bring in a REALTOR®?
As early as you like, even before you're sure you're ready. The earlier we talk, the more I can help: shaping which homes are worth your Saturday, structuring a strong offer, and guiding the subject-removal language that protects you. In BC the buyer usually pays nothing directly (the commission comes from the seller's side), so reaching out early costs you nothing and saves you weeks.

Bronson Job PREC, REALTOR® at Momentum Realty Inc.. GVR Member #6015742 · FVREB Member #FJOBBR

Last reviewed October 17, 2026 by Bronson Job PREC, REALTOR®. Licence CC BY 4.0. How we verify.

Sources and method

Sources: BC Government(1)

First Time Home Buyers' Program — exemption amountBC Government, retrieved Nov 6, 2026
bc.ptt.fthb_exemption, v4, in the Codex

Sources: BC Government(1)

Newly Built Home ExemptionBC Government, retrieved Nov 4, 2026
bc.ptt.newly_built_exemption, v2, in the Codex

Sources: CMHC, Government of Canada(2)

Homeowner and Small Rental Mortgage Loan InsuranceCMHC, retrieved Nov 6, 2026
Government Announces Boldest Mortgage Reforms in DecadesGovernment of Canada, retrieved Nov 4, 2026
cmhc.insurance_cap, v2, in the Codex

Sources: Government of Canada(1)

Government Announces Boldest Mortgage Reforms in DecadesGovernment of Canada, retrieved Nov 4, 2026
cmhc.amortization_30yr_eligibility, v1, in the Codex

Sources: CRA(1)

First Home Savings Account (FHSA)CRA, retrieved Nov 6, 2026
cra.fhsa.contribution_room, v1, in the Codex

Sources: CRA(1)

Home Buyers' Plan (HBP)CRA, retrieved Nov 6, 2026
cra.hbp.withdrawal_limit, v3, in the Codex

Sources: CRA, Government of Canada(6)

GST/HST New Housing Rebate (RC4028)CRA, retrieved Nov 6, 2026
Excise Tax Act, s. 254 — New housing rebateGovernment of Canada, retrieved Sep 21, 2026
First-Time Home Buyers' GST/HST RebateCRA, retrieved Nov 6, 2026
First-time home buyers' GST/HST rebate: who can applyCRA, retrieved Nov 6, 2026
First-time home buyers' GST/HST rebate: home purchased from a builderCRA, retrieved Nov 6, 2026
Bill C-4, Making Life More Affordable for Canadians Act (Royal Assent March 12, 2026)Government of Canada, retrieved Nov 4, 2026
ca.gst.new_housing_rebate, v2, in the Codex

Sources: BC Government(2)

BC Home Owner GrantBC Government, retrieved Nov 10, 2026
Home Owner Grant Act, RSBC 1996, c. 194BC Government, retrieved Nov 6, 2026
bc.home_owner_grant, v1, in the Codex

I’m Bronson Job, a REALTOR® (PREC) with Momentum Realty Inc., so I earn a commission when I help someone buy or sell. This is general information, not advice on your situation, and I take no payment from any third party named here. How I verify.