Buying your first home

What buying your first home looks like

1. 1Get your money readyStart early — the FHSA especially
2. 2Get pre-approvedA week or two, before you shop
3. 3Find your homeUsually a few weeks of searching
4. 4Make an offerWhen you find the one
5. 5Do your due diligenceA few business days of subjects
6. 6Firm up and completeKeys — about 4–6 months in all

What I handle, and what’s yours

Questions worth asking any agent

Choosing who helps you buy your first home matters. Here are the questions I’d want you to ask me — and worth asking anyone you’re considering.

• How will you help me search efficiently, not just forward me listings?
• How do you decide what to offer, and how do you handle a multiple-offer situation?
• Which conditions (subjects) protect me, and how long do I get for them?
• Who do you recommend for a mortgage, an inspection, and a lawyer?
• What should I expect to pay on completion day?
• It costs me nothing to work with you — how does that work?
• Will I be working with you, or with a team?

Common questions from first-time buyers

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

  Most first-time purchases run about four to six months end to end: roughly two to four weeks for a mortgage pre-approval and setting up your FHSA or Home Buyers' Plan, four to eight weeks of searching, one to two weeks for the offer and subject removal once you write, then a 30 to 90 day completion window before keys in hand. 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?+

  A full Property Transfer Tax exemption is available to qualifying BC first-time buyers on resale homes priced up to $500,000. Between $500,000 and $835,000 it's a fixed $8,000 reduction; from $835,000 to $860,000 that $8,000 phases out, reaching zero at $860,000. Above $860,000 there's no first-time-buyer benefit. To qualify you generally need to be a Canadian citizen or permanent resident, have lived in BC for at least a year before the purchase, have never owned a principal residence anywhere in the world, and move in within 92 days of completion. It was last expanded April 1, 2024 — always confirm the current thresholds against gov.bc.ca.

  Go deeper›

  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. Eligibility runs on four conditions set by the Province: Canadian citizenship or permanent residency; at least one year of BC residency immediately before the purchase; never having owned a principal residence anywhere in the world; and occupying the home within 92 days of completion. 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) combines the best of an RRSP and a TFSA: 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 one catch worth knowing: FHSA room only starts building once the account is open, so it's worth opening early even with a small contribution.

  Go deeper›

  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), repaid over 15 years starting the second year after withdrawal. 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 BC charges 7% PST on that premium, payable in cash at completion. 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–$2,500), title insurance ($300–$500), a home inspection ($500–$800), the 7% PST on mortgage insurance (often around $1,500–$2,500 when you put less than 20% down), and prepaid property-tax and utility adjustments at completion. It's wise to plan for roughly $5,000–$15,000 in closing costs on top of your down payment — we build that 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), and 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, with a reduced rebate from $1,000,000 to $1,500,000 — worth up to $50,000. It applies to purchase agreements signed on or after March 20, 2025. (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 has a different tax picture than resale, so if you're considering a presale or a new build, it's worth modelling the GST rebate and the PTT exemption before you sign — something I'm glad to walk through with you.
• When should I bring in a REALTOR®?+

  As early as you like — even before you're sure you're ready. A common myth is that an agent only matters once you've found a place. In practice, 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.