A Guide for First-Time Home Buyers in BC

Buying your first home is an exciting milestone, but it can also feel overwhelming. From figuring out your budget to understanding taxes and closing costs, there’s a lot to think about. This guide explains the process, the costs, and the valuable government incentives available to first-time buyers in British Columbia.

Whether you’re just starting to think about buying, or you're ready to start viewing properties, we’re here to support you every step of the way.

Typical Costs to Expect

Beyond the purchase price, there are several additional costs buyers should plan for.

Down payment
Deposit with the offer
Home inspection
Legal or notary fees
Property Transfer Tax if not fully exempt
Moving expenses
Adjustments for property taxes or strata fees

How We Help First Time Buyers

Buying your first home should feel exciting, not overwhelming. We’re here to guide you every step of the way.

Clear guidance from start to finish
Help understanding contracts and paperwork
Trusted referrals for lenders, inspectors, and lawyers
Skilled negotiation on your behalf
Support even after you move in

You don’t have to figure this out alone.

First-Time Buyers We’ve Helped

Ashlee K.

“Being first-time home buyers, we knew very little about the market, but Kyle made us feel comfortable from the start. He answered all our questions, walked us through the process efficiently, and worked day and night to make our purchase happen. We couldn’t have done it without his dedication, honesty, and professionalism.”

Paula C.

Google Review

“I can’t express how grateful we were to have James as our realtor. As first-time buyers, he was patient, responsive, and made sure we were comfortable with every decision. He made the process simple to understand, and his insight was invaluable throughout.”

Rebecca G.

Google Review

“We couldn’t be happier with our first home purchase. Kyle was with us every step of the way, patient, professional, and honest throughout. His persistence secured our purchase when we thought we’d lost the deal.”

Step by Step Home Buying Process

1. Understand Your Budget

Before you start house hunting, speak with a mortgage professional to determine:

• Your maximum purchase price
• Your down payment options
• Your estimated monthly payments

A mortgage pre approval helps you shop with confidence and shows sellers you are serious.

2. Explore Homes and Neighbourhoods

Once you know your budget, start exploring homes that fit your lifestyle and financial plan. Consider:
• Commute times
• Nearby schools, parks, and shops
• Long term resale value

We can set up custom searches so you receive listings that match your criteria.

3. Make an Offer

When you find the right home, we help you prepare a strong offer.

This includes:
• Purchase Price & Deposit
• Conditions (e.g., financing, inspection)
• Timelines that protect your interests

We handle the paperwork and negotiations on your behalf.

4. Complete Due Diligence

After your offer is accepted, you will typically have time to:
• Finalize your mortgage
• Arrange a home inspection
• Review strata documents if applicable

This step protects you before the purchase becomes firm.

5. Remove Subjects & Submit Deposit

Once financing, inspections, and document reviews are complete, subjects are removed and the sale becomes firm.

At this stage:
• All conditions are satisfied
• The deposit is submitted by the agreed deadline

6. Closing and Possession

As completion approaches, final steps are coordinated with your lawyer or notary.

This remembers to:
• Arrange home insurance
• Review the statement of adjustments
• Transfer title and funds on completion day

On possession day, you receive the keys to your new home.

Government Programs and Incentives for First Time Buyers

Buying your first home comes with important upfront costs, but there are several federal and provincial programs designed to make homeownership more affordable. From tax exemptions to savings plans and rebates, these programs can help reduce what you pay at closing and support you as you get started.

Below are some of the key incentives available to eligible first time buyers in British Columbia.

BC Property Transfer Tax (PTT) Exemption

Through the First Time Home Buyers Program from the Government of British Columbia, eligible buyers may receive a full or partial exemption from Property Transfer Tax.

Currently:
• A full exemption may apply for homes with a fair market value up to $835,000.
• A partial exemption may apply for homes with a fair market value greater than $835,000 and less than $860,000.

This exemption can save buyers thousands of dollars at closing.
First Home Savings Account (FHSA)

The First Home Savings Account allows you to save up to $40,000 toward your first home. The FHSA combines features of other registered plans like the RRSP and TFSA. These features can help you save money to purchase your first home sooner. Each year you can contribute up to $8,000, plus up to $8,000 of carry forward of unused contribution room.

Contributions are tax deductible and withdrawals for a qualifying home purchase are tax free.
Home Buyers Plan (HBP)

The Home Buyers' Plan through the Canada Revenue Agency allows you to withdraw up to $60,000 from your RRSP to buy or build your first home. The funds must be repaid over time, but the withdrawal is not taxed at the time you use it.
First-Time Home Buyers' Tax Credit (HBTC)

The First-Time Home Buyers' Tax Credit (HBTC) in Canada is a non-refundable tax credit allowing buyers to claim up to $10,000 for a qualifying home purchase, resulting in a $1,500 tax reduction.

It applies to homes acquired after 2022, provided the buyer did not own a home in the current or four preceding years.
Buying a New Home? You Could Get GST Back

You may be eligible for a GST New Housing Rebate which allows qualifying buyers to recover part of the 5% federal GST paid on a new or substantially renovated home.

The rebate can significantly reduce your closing costs, depending on the purchase price and how the home will be used.

Silver house keys resting on real estate paperwork on a light wood table, with a deep teal folder underneath and a softly blurred teal front door in the background.

Bright modern desk with organized financial documents, a calculator and pen on a light wood surface, a charcoal gray folder, and a small green plant in soft natural daylight.

Not Sure Where to Start?

Kyle Lamb

Personal Real Estate Advisor | License ID: 165246

+1(604) 818-2080 | kyle@kylelambrealestate.com

James Anderson

Personal Real Estate Advisor | License ID: 191526

+1(604) 619-4523 | james@kylelambrealestate.com