A Guide to Buying Your
First Home in BC

Create a list of items and separate them into two buckets—“must-have” things that you can’t do without and “nice-to-have” features that you’d be willing to drop if necessary to stay within your home-buying budget. Here are some key questions to help you get started with your list:

• How much home can you afford?

• What communities are you open to living in?

• What community amenities are important to you? Schools, child care, hospital, gym. public transportation etc.

• What’s the ideal square footage you need to be comfortable and fit all your belongings?

• How many bedrooms and bathrooms will you need at move-in and down the road if you’re planning to grow your family?

• How much outdoor space/yard do you want?

• Do you have a home style preference? Are you leaning towards a condo, townhouse or single-family home?

• Do you want a home that’s ready for move-in or are you okay with a fixer upper that you can upgrade and renovate after you move in?

As a first-time home buyer in BC you may be eligible to take advantage of the first-time home buyers' program to help reduce or eliminate the amount of property transfer tax you pay when you purchase your first home.

To qualify for a full or partial exemption, at the time the property is registered you must:

• Be a Canadian citizen or permanent resident.

• Lived in B.C. for at least a year immediately before the date you register the property.

• Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date.

• Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time (ever).

• Have never received a first time home buyers' exemption or refund.Learn more about British Columbia’s first-time home buyers’ program here.

When you’re shopping for a mortgage, you can compare options offered by different lenders. Mortgage lenders have a process which may allow you to:

• Know the maximum amount of a mortgage you could qualify for.

• Estimate your mortgage payments.

• Lock in an interest rate for 60 to 130 days, depending on the lender.

The mortgage pre-approval process may be divided into various steps. During this process, the lender looks at your finances to find out the maximum amount they may lend you and at what interest rate.

They will look at all your assets (what you own), your income, and your level of debt. They will ask you for your ID, proof of employment and proof that you can pay for the down payment and closing costs. Other various documents may be required and they will also run a credit check.

Being as prepared as possible through this process will help make things run more smoothly when the time comes to make an offer on your first home.