Serving Surrey, Cloverdale, Langley, White Rock, and South Surrey

First-Time Buyer Support

Making Home Ownership All About You

Buying your first home is the biggest financial decision most people ever make — and in the Fraser Valley's market, it's easy to overpay, miss a government rebate, or overextend your budget. The Katronis Real Estate Team specializes in guiding first-time buyers through every step of the process, from your first pre-approval conversation to getting the keys, so you buy a home you can actually afford and love.

Page last reviewed: August 2026. Government program figures below are sourced directly from BC and federal government websites and are updated as rules change.

Frequently Asked Questions

How much down payment do I need to buy my first home in BC?

Minimum down payment in Canada is 5% on the portion of the purchase price up to $500,000, and 10% on any portion between $500,000 and $1.5 million. On a $700,000 home, that's a minimum down payment of $45,000. Homes priced at $1.5 million or more require a minimum 20% down payment. (Source: Canada Mortgage and Housing Corporation, CMHC)

Do first-time buyers pay less property transfer tax in BC?

Yes. Through the BC First Time Home Buyers' Program, qualifying buyers pay no Property Transfer Tax on homes valued at $500,000 or less, and a partial exemption applies up to $835,000 (phasing out completely at $860,000). To qualify, you must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months (or filed 2 income tax returns as a BC resident in the last 6 years), and have never owned a principal residence anywhere in the world. (Source: Government of British Columbia)

What is the First Home Savings Account (FHSA) and how does it help?

The FHSA lets first-time buyers contribute up to $8,000 per year (to a $40,000 lifetime maximum) toward a home purchase. Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home purchase are completely tax-free — with no repayment required. (Source: Canada Revenue Agency)

Can I combine the FHSA with the RRSP Home Buyers' Plan?

Yes. In addition to your FHSA, the Home Buyers' Plan (HBP) allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free for a home purchase (increased from $35,000 in 2024). HBP withdrawals must be repaid to your RRSP over 15 years. Used together, a single buyer could put up to $100,000 toward a down payment through these two programs combined, before counting personal savings. (Source: Canada Revenue Agency)

Is there a GST rebate for first-time buyers purchasing a new-construction home?

Yes, as of 2026. Eligible first-time buyers purchasing a newly built home priced at $1 million or less pay no federal GST — a savings of up to $50,000. Homes priced between $1 million and $1.5 million receive a partial rebate on a sliding scale. This applies to new construction only, not resale homes. (Source: Government of Canada, Bill C-4, effective for agreements signed after May 26, 2025)

What closing costs should I budget for beyond my down payment?

Beyond your down payment, budget for: legal/notary fees (typically $1,500–$2,500), a home inspection ($400–$600), title insurance ($300–$500), property transfer tax (unless exempt), and adjustments for prepaid property taxes or utilities. Your Katronis buyer's consultation includes a full closing cost breakdown specific to your purchase price.

How long does it typically take to buy a first home?

From mortgage pre-approval to closing day, most first-time buyers in the Fraser Valley take 60–90 days once they start actively searching — though this varies with market conditions and how quickly you find the right home. Getting pre-approved before you start searching is the single biggest factor in speeding this up.

Programs & Savings Available to First-Time Buyers in BC (2026)

Program

What It Offers

Source

BC First Time Home Buyers' Program

Full Property Transfer Tax exemption up to $500,000; partial exemption up to $835,000–$860,000

gov.bc.ca

First Home Savings Account (FHSA)

$8,000/year, $40,000 lifetime, tax-deductible in, tax-free out

canada.ca

RRSP Home Buyers' Plan (HBP)

Up to $60,000 tax-free RRSP withdrawal, repaid over 15 years

canada.ca

Federal New Housing GST Rebate

Full GST elimination on new builds up to $1M; partial to $1.5M

canada.ca

BC Home Owner Grant

Up to $570 (Metro Vancouver) or $770 (elsewhere) off annual property tax, once you own

gov.bc.ca

CMHC Insured Mortgage

Minimum 5%/10% tiered down payment on homes up to $1.5M for first-time buyers

cmhc-schl.gc.ca

Program values and thresholds change with government policy updates. Confirm current figures with your mortgage broker or the linked government source before relying on them for a purchase decision.

Your Step-by-Step Path to Homeownership

  1. Contact a mortgage broker. A broker compares rates across multiple lenders (unlike a single bank) and can tell you within a day what price range you actually qualify for.
  2. Get pre-approval from a lender. Pre-approval locks in a rate for 90–120 days and tells sellers you're a serious, qualified buyer — essential in a competitive offer situation.
  3. Determine where your down payment is coming from. Personal savings, FHSA, RRSP Home Buyers' Plan, or a gifted down payment from family (with a signed gift letter) all count — but each has different rules and timelines.
  4. Budget for closing costs. Beyond your down payment, set aside 1.5–4% of the purchase price for legal fees, inspection, title insurance, and transfer tax.
  5. Narrow your search to the right home. We help you weigh neighborhood, commute, resale potential, and strata fees (for condos/townhomes) against your budget — not just square footage.
  6. Write an offer. Your Realtor® structures subjects (financing, inspection, strata document review) to protect you, and negotiates price and terms on your behalf.
  7. Begin financing. Once your offer is accepted, you formally submit your mortgage application to your lender or broker.
  8. Arrange a home inspection. A licensed inspector checks the property's structure, systems, and safety before you're locked into the purchase.
  9. Remove subjects and provide your deposit. Once financing and inspection conditions are satisfied, your offer becomes firm and your deposit (typically 5% of the purchase price) is submitted.
  10. Arrange insurance. This includes homeowner's insurance (required by your lender) and, if your down payment is under 20%, mortgage default insurance through CMHC, Sagen, or Canada Guaranty.
  11. Closing day. Your lawyer or notary registers the property transfer, funds are exchanged, and property transfer tax (or your exemption) is applied.
  12. Move in.
  13. Change the locks. A simple step buyers often forget — previous owners, contractors, or agents may still have keys.

With our Buyer's Service Guarantee, the Katronis team supports you at every step above — and stays available for questions for years after your purchase closes.

The Ultimate Buyer's Consultation — Completely Free, No Obligation

Set up a virtual or in-person buyer consultation and the Katronis Team will walk you through everything you need to know — your BC program eligibility, realistic budget, closing costs, and the local market — before you make an offer.

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Additional Resources

This page is for general informational purposes written by the Katronis Real Estate Team and reflects program rules as of the last review date above. It is not financial, legal, or tax advice, confirm current eligibility with a mortgage broker, lawyer/notary, or the government sources linked above before making a purchase decision.

The Ultimate Buyer's Consultation

Completly Free and No Obligation

Katronis Real Estate Team provides unparalleled services for buyers. Set up a virtual, or in person, buyer consultation and the Katronis Team will take you step by step through everything you need to know to make an educated purchase in todays market.

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Buyer's Guide
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.