Buyer Guide
First-time home buyer guide.
Buying your first home in White Rock, South Surrey or Metro Vancouver, explained step by step — what to do, what it costs and which programs can help. Rules and figures below were checked in October 2026.
The Process
Seven steps from “thinking about it” to your keys.
Get clear on your budget
Start with what you can comfortably pay each month, not just the maximum a bank will lend. Include the mortgage, property tax, strata fees (for a condo or townhouse), insurance and utilities. The mortgage calculator is a good place to try numbers.
Get pre-approved
Talk to a mortgage broker or your bank. A pre-approval confirms your budget and your rate, and usually holds that rate for 90 to 120 days. You will need ID, proof of income, your down payment details and your debts.
Build your down payment and use the programs
This is where first-time buyers can save the most. See the programs below — the FHSA, the RRSP Home Buyers’ Plan, BC’s property transfer tax exemption and the GST rebate on new homes.
Search and visit homes with a trusted agent
Decide what matters most (location, size, parking, outdoor space, commute) and what can wait. Set up a search and I will send you new matches as they arrive, so you do not have to keep checking. This is where having someone you trust on your side matters most: I will tell you honestly what I think of each home, what to look out for and what it is really worth, and I will never push you toward a home just to get a deal done.
If any of this is not clear enough, we can sit down and talk it through in more depth — book a time or call 604-505-9429.
Make an offer
We look at recent sales nearby to set a fair price, then write the offer with the right conditions for you — usually financing and a home inspection, plus a review of the strata documents for condos and townhouses.
Remove your conditions
During this period you complete the inspection, confirm your mortgage with the lender and review the strata documents. If something is wrong, this is the point to renegotiate or walk away. Once conditions are removed, the deal is firm and your deposit is at risk.
Closing and possession
Your lawyer or notary prepares the paperwork, you sign, the lender sends the funds, and the title is registered in your name. On possession day you get the keys. Do a final walk-through the day before or the morning of.
Money You Can Use
Programs that can lower what you pay.
You may qualify for several of these at once. Eligibility rules apply to each, so confirm yours with the official source or a mortgage professional.
Federal · tax-free savings
FHSA — First Home Savings Account
$8,000 a year, $40,000 lifetime
Contributions are tax deductible and growth and first-home withdrawals are tax free, and you do not have to repay it. Room only begins once the account is open, so opening one early matters.
Federal · RRSP
Home Buyers’ Plan
$60,000 per person ($120,000 as a couple)
Borrow from your own RRSP without tax, held for at least 90 days first. Repay over up to 15 years; for first withdrawals made 2022–2028, repayment starts in the fifth year after.
BC · property transfer tax
First-Time Home Buyers’ Exemption
Save up to $8,000 on homes up to $835,000
Full exemption on the first $500,000 for homes up to $835,000, reduced up to $860,000, none above that. You must be a citizen or permanent resident, have lived in BC for 12 months (or filed two BC tax returns in the last six years), never owned a home anywhere, move in within 92 days and live there for at least a year.
Federal · new homes
First-Time Home Buyers’ GST Rebate
GST removed on new homes up to $1 million
For first-time buyers of a newly built home. Full rebate of the federal GST up to $1 million and a reduced rebate from $1 million to $1.5 million, for agreements made on or after March 20, 2025 and before 2031. BC also has a separate property transfer tax exemption for newly built homes up to $1.1 million.
Not sure which you qualify for? Send me your situation and I will point you to the right place. I am a Realtor®, not a tax advisor or mortgage broker, so I will also connect you with a trusted mortgage professional for the numbers.
Down Payment
How much do you really need?
In Canada the minimum is 5% of the first $500,000 and 10% of the part of the price between $500,000 and $1.5 million. Homes at $1.5 million or more need at least 20%.
Put down less than 20% and your mortgage must be insured (CMHC, Sagen or Canada Guaranty). The insurance premium is added to your mortgage — roughly 4% of the loan with 5% down, about 3.1% with 10% down and about 2.8% with 15% down. First-time buyers can choose a 30-year amortization on an insured mortgage, which lowers the monthly payment.
The stress test: lenders qualify you at the higher of your rate plus 2%, or 5.25%, so you are approved for a payment you could still afford if rates rise.
| Home price | Minimum down | Share of price |
|---|---|---|
| $500,000 | $25,000 | 5.0% |
| $600,000 | $35,000 | 5.8% |
| $800,000 | $55,000 | 6.9% |
| $1,000,000 | $75,000 | 7.5% |
| $1,250,000 | $100,000 | 8.0% |
| $1,500,000+ | 20% of price | 20.0% |
Example: on an $800,000 home, 5% of the first $500,000 is $25,000 plus 10% of the next $300,000 is $30,000.
Closing Costs
Budget for more than the down payment.
These are the costs people most often forget. Amounts are typical ranges, not quotes.
- Property transfer tax1% of the first $200,000, 2% up to $2 million (3% above) — often reduced or removed for first-time buyers
- Legal or notary feesabout $1,500–$2,500, plus title registration and disbursements
- Home inspectionabout $500–$800 for a home, less for a condo
- Appraisalsometimes required by the lender, often a few hundred dollars
- Mortgage insuranceadded to your mortgage if you put down less than 20%
- Strata documentsa small fee for the strata to provide them — condos and townhouses
- Adjustments & movingprepaid property tax and utilities, home insurance, moving costs
Condos & Townhouses
What to check before buying strata.
Many first-time buyers in White Rock and South Surrey start with a condo or townhouse. The building matters as much as the unit.
- Monthly strata fee and what it covers.
- Contingency reserve fund — a healthy fund means fewer surprise bills.
- Special assessments, past or planned.
- Depreciation report and recent minutes for repairs, leaks or disputes.
- Rules on rentals, pets, age limits and parking.
- Insurance and deductible on the building’s policy.
Questions
First-time buyer FAQ.
How much do I need to buy my first home in BC?
The minimum down payment in Canada is 5% of the first $500,000 of the price and 10% of the part between $500,000 and $1.5 million. Homes at $1.5 million or more need at least 20% down. On a $800,000 home that is $55,000. On top of the down payment, plan for closing costs such as legal fees, the home inspection and moving.
Do first-time buyers pay property transfer tax in BC?
Many do not, or pay much less. If you qualify and the home is $835,000 or less, the first-time buyer exemption removes the tax on the first $500,000, which saves up to $8,000. Between $835,000 and $860,000 you get a reduced exemption, and above $860,000 there is no exemption. Newly built homes have their own exemption with a higher price limit.
What is the FHSA and should I open one?
The First Home Savings Account lets you save up to $8,000 a year, to a lifetime limit of $40,000. Contributions are tax deductible and withdrawals for a first home are tax free. Because room only starts once the account is open, many people open one early even with a small amount.
Can I use my RRSP to buy a home?
Yes. The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP, or $120,000 as a couple, without paying tax on the withdrawal. You repay it over 15 years, and for first withdrawals made from 2022 to 2028 the repayments start in the fifth year after the year you withdraw.
What is a mortgage pre-approval and do I need one?
A pre-approval is a lender or mortgage broker confirming how much they are willing to lend you and at what rate, subject to your documents. It tells you your real budget, holds a rate for a period of time, and shows sellers you are serious. In a competitive area I recommend getting one before you book showings.
What is the mortgage stress test?
Lenders check that you could still afford your payments at a higher rate: the greater of your contract rate plus 2%, or 5.25%. This is why the amount you are approved for can be lower than what the payment on today's rate suggests.
Is a condo or a townhouse a good first home?
Often, yes, especially in White Rock and South Surrey where detached homes are expensive. The extra things to check are the monthly strata fee, the strata's contingency reserve fund, any special assessments, the depreciation report, and rules about rentals, pets and age. I review the strata documents with every buyer before the conditions come off.
How long does buying a home take?
Finding the right home can take weeks or months. Once you have an accepted offer, subject conditions are usually removed in about one to two weeks, and the completion and possession dates are most often 30 to 60 days after that, depending on what you and the seller agree.
Ready to talk through your first home?
A short, no-pressure conversation is the best place to start. I will walk you through the numbers, the programs and what to expect.
Please note: this guide is general information, not legal, tax or financial advice, and programs and limits can change. Figures were checked in October 2026 — always confirm with the official source or a qualified professional before making a decision. Official sources: BC property transfer tax exemption, BC Government announcement (April 2024 changes), CRA — FHSA, CRA — Home Buyers’ Plan, CRA — First-Time Home Buyers’ GST/HST Rebate.