Residential
Buying your first home
Your first home comes with a lot of new words and big numbers. I explain each step, help you find the right place and stay with you through completion. Check the first-time buyer property transfer tax exemption and get pre-approved first.
Residential real estate
What buying a first home involves
A plain explainer if you’re new to this.
- What it is
Buying your first place
You’re buying a home for the first time, often a condo or townhouse.
- Money
Down payment and mortgage
Minimum down payments start at five percent. Under 20 percent down, you’ll need mortgage insurance.
- BC help
Exemptions and savings
You may qualify for the first-time buyers’ exemption for property transfer tax. A First Home Savings Account can also help.
- What I check
The home and the paperwork
I look at the price, the inspection, the title, and strata documents if it’s a strata.
General information, not tax or legal advice. Rules and rates change, and every situation is different. Talk to your lawyer and accountant before you act on anything here.
The steps, in order
- Talk to a lender or mortgage broker and get pre-approved.
- Check which first-time buyer programs you qualify for.
- Set your budget, including closing costs.
- Search, view and compare.
- Make an offer with subjects that protect you.
- Complete inspections, financing and document review, then remove subjects.
- Complete the purchase with your lawyer or notary, and get the keys.
Programs worth asking about
- BC Property Transfer Tax first-time home buyers’ exemption. It can reduce or remove PTT if you qualify and the price is under the limit. Check the current limits on the BC government site.
- First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan, which let you use savings for a down payment with tax benefits.
- GST rebates and relief on new homes, if you buy new.
Rules and limits change, so confirm with your lender, your accountant or the government sites before you count on any of them.
Condo, townhouse or house
Most first homes in Vancouver are condos or townhouses. They come with strata fees and strata documents that are worth reading closely. My strata documents checklist explains what to look for.
Questions people ask
Do first-time buyers pay Property Transfer Tax in BC?
Many qualify for a full or partial exemption, depending on the price and other conditions. Check the current rules on the BC government site.
What is an FHSA?
A First Home Savings Account lets you save for your first home with tax-deductible contributions and tax-free withdrawals for a qualifying purchase. You can put in up to $8,000 a year, to a $40,000 lifetime limit (CRA). Ask your bank or accountant.
How long does it take to buy a home?
From pre-approval to keys, often one to three months, depending on the search and the completion date you agree.
What should I gather, ask and watch for?
Documents to gather
- Mortgage pre-approval and first-time buyer program details
- Down payment proof
- ID for the FINTRAC check
- A list of needs and nice-to-haves
Questions to ask
- What are the strata fees and the contingency reserve fund? (strata)
- Any special levies coming?
- What did similar homes sell for recently?
- What does the inspection say?
Common mistakes
- Removing subjects before reading the strata documents
- Forgetting PTT and closing costs
- Waiving the inspection to win
- Stretching the budget to the maximum approval
Typical timeline
- Weeks 1 to 2Pre-approval and budget
- SearchWeeks to months
- SubjectsOften about 5 to 10 days
- CompletionOften 30 to 60 days
Typical ranges. Your lease, lender and the City set the real dates.
Go deeper
If you’re looking for more details
Programs to ask about
- The PTT first-time home buyers’ exemption, as of 2026: no tax on the first $500,000 for homes up to $835,000, partial to $860,000.
- The federal First Home Savings Account: contributions of up to $8,000 a year and $40,000 in your lifetime, and a qualifying withdrawal to buy your first home is tax-free.
- The RRSP Home Buyers’ Plan: withdraw up to $60,000 from your RRSPs for a qualifying home and repay it over 15 years. For a first withdrawal from 2022 to 2028, repayments start in the fifth year after the withdrawal (CRA). You can use it alongside an FHSA for the same home.
- You can use both for the same home if you meet the conditions for each. Rules from the Canada Revenue Agency as of 2026. Ask your bank or accountant how they apply to you.
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Next step
Buying your first home?
Give me a call. We’ll go through the steps and make a plan.