Key Takeaways
- Get pre-approved before house hunting — it sets your true budget and signals serious intent to sellers.
- Minimum down payment in Canada is 5% on the first $500,000, then 10% on the portion between $500K and $999,999.
- BC first-time buyers can use the Home Buyers' Plan to withdraw up to $35,000 from an RRSP and may qualify for property transfer tax relief.
- Plan for closing costs of roughly 1.5–4% of the purchase price on top of your down payment.
- A licensed mortgage broker can compare offers from a network of lenders at no cost in most residential cases.
Buying your first home in British Columbia is an exciting milestone, but it can also feel overwhelming. This guide breaks down everything you need to know to make the process smoother.
The first step is understanding how much you can afford. A mortgage pre-approval will give you a clear picture of your budget and show sellers you're a serious buyer.
In BC, first-time home buyers have access to several incentives including the First-Time Home Buyer Incentive, the Home Buyers' Plan (HBP) which allows you to withdraw up to $35,000 from your RRSP, and the BC First Time Home Buyers' Program which provides a full or partial exemption on property transfer tax.
Your down payment is one of the biggest factors. The minimum in Canada is 5% for homes up to $500,000. For homes between $500,000 and $999,999, you need 5% of the first $500,000 and 10% of the remaining amount.
Don't forget about closing costs! Budget for approximately 1.5-4% of the purchase price for legal fees, home inspection, appraisal, property transfer tax, and title insurance.
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(604) 780-5173About the author
Kyle Benzies, Licensed Mortgage Broker
I'm a licensed mortgage broker serving clients across British Columbia, Alberta, and Ontario. I work with a network of over 100 lenders — banks, credit unions, monoline, and alternative lenders — to find financing that fits each client's situation rather than a single institution's product shelf. Everything I publish here is written to explain how Canadian mortgage lending actually works, in plain language.
Published November 20, 2025
