Purchasing your first home is extremely exciting, and we are here to guide you through the process, handling all of the details so that you can focus on finding your new home!

The first thing we'll do is determine how much you can qualify for, so that you are confident you’re looking at the right homes, and that you are comfortable with what the monthly cost of your new home will be. We will help you determine this amount by discussing your hopes and future vision, as well as your current situation and lifestyle.

The minimum down payment will be 5% on the portion $500K and under, and 10% for the portion of purchase price above $500K. For any purchase with less than 20% down, an insurance premium is added to the mortgage and spread over the length of the mortgage, or amortization. For any property valued at $1M or higher and for any investment property, the minimum down payment is 20% and there is no insurance premium added to the mortgage.  Gifted down payment is possible in most cases - please call for more specific details.

Lenders will need to see that you can pay the mortgage and homeowner costs, so we will ask to see confirmation of income such as employment letters and paystubs if you are an employee, and your T1 Generals and potentially financials and corporate documents if you are self-employed (click here to read more detail for self-employed borrowers).  You will also need to confirm your down payment and closing costs, which in most cases means a 90 day history of any account(s) the money will be coming from.

Once we have your purchase price and down payment determined, we will lock in a rate for 120 days for you while you start actively looking for your home. This guarantees a maximum rate should interest rates increase while you are still looking.

Once you have found your new home, we will research the best mortgage options and rates for you again at that time, and walk you through the pros and cons of each lender offering to help you make the decision that feels most right for you.

Our team will help you from first call through to following up with your lawyer at closing to ensure your homebuying experience is a smooth and a happy one!

Please feel free to call or email me personally for help on how to start down the path of home ownership!

A few programs that are available to First Time Homebuyers:

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps people purchase their first home by offering 5% for existing homes or up to 10% for new construction of the home’s purchase price to put toward a down payment. This addition to your down payment can lower your mortgage carrying costs, but keep in mind this is a shared equity mortgage with the Government of Canada, meaning the government will share in the equity gain when you sell this home. For more details, please see the link below:

Home Buyers’ Plan

This plan allows first time homebuyers to withdraw up to $35,000 in a calendar year from their registered savings plans (RRSPS) to buy or build their home. If two people are purchasing a home together, they can each withdraw up to $35,000. Borrowers have up to 15 years to repay this amount back. For more details, please see the link below:

Home Buyers’ Amount

To assist first time homebuyers with the costs associated with purchasing a home, there is a $5,000 non-refundable tax credit available. This will provide up to $750 in tax relief. For more details, please see the link below:

First Time Home Buyers' Program

The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax Canadians and permanent residents pay when they purchase their first home in B.C.

There is a full exemption for property valued at $500K and lower, and a partial exemption for any property valued up to $525K

If one or more of the purchasers do not qualify for the program, only the percentage of interest that the first time home buyer is eligible for the exemption.


Call 604-996-7701 or email to discuss how to start on your journey to becoming a home owner!

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