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First-time home buyers · British Columbia
Buying your first home in BC
From your first question to getting the keys: how much you can afford, the programs that help first-time buyers, and a pre-approval you can shop with.
Service in English, Punjabi and Hindi · ਪੰਜਾਬੀ · हिन्दी
Down payment
How much you need
The minimum is 5% of the first $500,000 and 10% of the portion above that, for homes under $1.5 million. With less than 20% down your mortgage needs default insurance, and first-time buyers can choose up to a 30-year amortization on an insured mortgage. Work it out with the CMHC insurance calculator.
Programs that help
First-time buyer programs
- First Home Savings Account (FHSA): tax-deductible savings that come out tax-free for your first home.
- RRSP Home Buyers' Plan: borrow from your RRSP for your down payment and repay it over time.
- BC property transfer tax exemption: first-time buyers may pay less or no transfer tax, depending on the price.
- Gifts from family can be used for the down payment with a signed gift letter.
Program limits change, so I confirm the current rules for your purchase.
Step by step
From pre-approval to keys
- Free call to look at your income, debts, credit and savings.
- Pre-approval with a budget and a held rate.
- Shop and make an offer with your realtor, with financing as a condition.
- Final approval from the lender, then your lawyer or notary completes the purchase.
Questions
Frequently asked questions
What credit score do I need?
Many insured mortgages look for a score of around 600 or higher, and a better score gets better options. If your credit needs work, I will tell you what to fix first.
Can my parents help with the down payment?
Yes. A gift from an immediate family member can be used, with a signed gift letter and proof the money is in your account.
How long is a pre-approval good for?
Usually 90 to 120 days, depending on the lender. It holds a rate while you shop, but it is not a final approval.
Thinking about your first home?
Let's work out your budget and the programs you can use. Service in English, Punjabi and Hindi.