Buying your first home in British Columbia is a sequence of deadlines more than a single decision. Knowing the order they come in — and what each one really asks of you — is most of what separates a smooth purchase from a stressful one.
Start with financing, not listings
Before you look at a single property, get a real mortgage pre-approval. Not an online estimate — a pre-approval from a lender or broker who has seen your income and credit. It tells you two things that shape everything else: your actual price ceiling, and your rate hold.
Remember the federal stress test. You have to qualify at the higher of your contract rate plus 2% or the benchmark rate, so your approved amount is deliberately conservative. Budget from the stress-tested number, not the one you'd like.
Know the up-front costs
Beyond the down payment, plan for:
- Property Transfer Tax — 1% on the first $200,000, 2% to $2M, 3% above. First-time buyers may qualify for a full or partial exemption under the First Time Home Buyers' Program.
- Deposit — typically 5% of the price, paid when your offer is accepted and held in the brokerage's trust account. It's credited to your purchase at completion.
- Legal/notary fees, inspection, and appraisal — usually $1,500–$3,000 combined.
- GST — 5% on new construction only, not resale homes.