First-Time Buyer's Complete Guide
首次购房者完整指南
Buying your first home in BC is one of the biggest financial decisions you'll ever make. This guide walks you through every step of the process.
Step 1: Understand Your Budget
Before you start browsing listings, you need to know what you can actually afford. Your mortgage payment is only part of the cost—factor in:
- Property transfer tax (first-time buyers may qualify for exemptions)
- Home inspection ($400–$600)
- Legal fees ($1,500–$2,500)
- Moving costs
- Strata fees (if buying a condo or townhouse)
Step 2: Save Your Down Payment
In Canada, the minimum down payment depends on the purchase price:
- Under $500,000: 5% minimum
- $500,000–$999,999: 5% on the first $500K, 10% on the remainder
- $1,000,000+: 20% minimum
First-Time Buyer Programs 首次购房者计划:
- First Home Savings Account (FHSA): Contribute up to $8,000/year, tax-deductible, tax-free withdrawals for qualifying home purchases
- RRSP Home Buyers' Plan: Withdraw up to $35,000 ($70,000 per couple) from your RRSP
- BC First-Time Homebuyer Exemption: Save up to $8,000 in property transfer tax
Step 3: Get Pre-Approved
A pre-approval tells you exactly how much a lender will lend you—and locks in your rate for 90–120 days. You'll need:
- Two years of T4s or tax returns
- Recent pay stubs (last 30 days)
- 90-day bank statements
- Government-issued ID
Step 4: Find a Realtor and Start Shopping
Once pre-approved, partner with a realtor who knows your target neighbourhoods. Tell them your must-haves, nice-to-haves, and hard limits.
Step 5: Make an Offer
Your realtor will prepare a Contract of Purchase and Sale (CPS). Common conditions include:
- Subject to financing: Your lender confirms the mortgage is approved
- Subject to inspection: A licensed inspector reviews the property
- Subject to strata documents review (for condos/townhouses)
Step 6: Final Approval and Closing
Once subjects are removed, your mortgage broker submits for final approval. Your lawyer handles the transfer of title, and on closing day—the keys are yours.
Common Mistakes to Avoid
- Making large purchases before closing: New car loans or furniture financing can change your debt ratios and jeopardize your mortgage
- Changing jobs: Lenders want to see stability—avoid job changes during the mortgage process
- Not shopping your mortgage: Your bank's posted rate is rarely the best rate available
Have questions? Message Victor on WeChat (victormak_mtg) or get a free pre-qualification.