First-Time Home Buyer Guide
British Columbia · What You Need to Know Before You Buy


Presented by Anja Rhomberg, REALTOR®
Not intended to solicit properties currently listed for sale. Please verify compliance with applicable local law.
Who This Guide Is For
First-Time Buyers
Ready to take the leap into ownership in BC
Renters Wanting to Own
Tired of paying someone else's mortgage
Equity Builders
Looking to grow long-term wealth through property
Unsure Where to Start
Anyone who needs a clear, step-by-step guide
Why Buy Instead of Rent?
Build Real Equity
Every payment grows your net worth — not your landlord's
Long-Term Growth
BC real estate has a strong history of appreciating value
Stability & Control
Paint the walls, renovate, and call it truly yours
Rental Income Potential
Suites or secondary units can offset your mortgage
Buyer Programs, Tax Credits and Savings Tools
First Home Savings Account (FHSA)
  • Save up to $40,000 tax-free toward your first home
  • Contribute up to $8,000 per year
  • Contributions are tax-deductible and withdrawals are tax-free when used for a home purchase
RRSP Home Buyers' Plan (HBP)
  • Withdraw up to $60,000 per person from your RRSP tax-free
  • Repay over 15 years
GST New Housing Rebate
  • First-time buyers may qualify for a GST rebate of up to $50,000 on new homes
  • Additional rebates may apply depending on the purchase price
First-Time Home Buyers' Tax Credit
  • Claim up to $10,000 which equals up to $1,500 in tax savings
BC Property Transfer Tax Exemption
  • Full exemption on the first $500,000
  • Partial exemption between $500,000 and $525,000
  • Available for eligible buyers purchasing homes up to $835,000
Home Owner Grant
  • Annual reduction on property taxes for principal residences
  • Amount varies based on location and eligibility

Programs are subject to eligibility requirements and may change.
First Home Savings Account
FHSA
One of the most powerful tools available to first-time buyers in Canada today.
Save up to $40,000 tax-free
Contributions are tax-deductible
Withdrawals are tax-free when used for your home
Combines the best of an RRSP and a TFSA
RRSP Home Buyers' Plan
HBP — Boost Your Down Payment
The Home Buyers' Plan allows you to withdraw up to $60,000 from your RRSP to buy your first home.
Tax-free withdrawal
No tax owed on the amount withdrawn
Up to $60,000 per person
Maximum individual withdrawal limit
Must be repaid over 15 years
Repay gradually back into your RRSP
Can be combined with FHSA for greater buying power
Stack both programs to maximize your down payment

Already have RRSP savings? The Home Buyers' Plan lets you put them to work — interest-free — toward your first home.
First-Time Home Buyers' Tax Credit
Federal Tax Credit
Claim up to $10,000 on your tax return in the year you buy
Real Savings
Worth up to $1,500 back in your pocket at tax time
The Home Buyers' Tax Credit (HBTC) is a simple federal benefit — file it with your return the year you close on your first home. No complicated forms, just straightforward savings.
BC Property Transfer Tax Exemption
BC Exclusive
First-Time Home Buyers may qualify for a Property Transfer Tax exemption in British Columbia.
Full exemption applies to the first $500,000 of the purchase price
Partial exemption applies between $500,000 and $525,000
Homes must be $835,000 or less to qualify
Exemption is reduced between $835,000 and $860,000

Eligibility criteria apply including residency and first-time buyer status.
GST New Housing Rebate
First-time home buyers purchasing a new home may qualify for a GST rebate.
  • Rebate can be up to $50,000 depending on purchase price
  • Applies to newly built homes or substantially renovated homes
  • May be combined with other GST or HST rebate programs
1
Purchase New Build
Buy a qualifying newly built or substantially renovated home.
2
Apply for Rebate
Submit the rebate application after closing or through builder credits.
3
Reduce Your Costs
Receive a rebate that helps lower your total home purchase cost.

Eligibility requirements apply and rebates vary based on price thresholds.
Minimum Down Payment Rules
Canada has clear rules on how much you need to put down — here's how it breaks down.
Pro tip: Putting down 20% or more eliminates the need for mortgage default insurance (CMHC), saving you thousands over the life of your loan.
Homes priced at $1.5 million or more require a minimum 20% down payment.
Understanding Your Total Cash Needed
Buying a home involves more than just your down payment.
Down Payment
The initial equity you contribute towards your home purchase.
Deposit
Due shortly after an accepted offer (typically within 24 hours).
Legal or Notary Fees
Costs associated with securing legal representation for the transaction.
Home Inspection
Professional assessment of the property's condition before purchase.
Title Insurance
Protects against unforeseen issues with the property title.
Appraisal (if required by lender)
Valuation of the property by an independent professional.
Moving Costs
Expenses related to transporting your belongings to your new home.
Utility Setup
Connection fees for essential services like electricity, water, and gas.
Property Transfer Tax (if not exempt)
Provincial tax on property ownership changes, with potential exemptions.
GST on new homes (if applicable)
Goods and Services Tax payable on the purchase of newly built homes.
Pre-Approval Is Not a Guarantee
A mortgage pre-approval is a great first step — but it is not a final approval.
Final approval depends on:
  • Property appraisal
  • Financing conditions
  • Lender review of documents
  • Interest rate changes

Always avoid major financial changes before subject removal.
What Happens After You Write an Offer
Offer Accepted
The seller agrees to your terms
Deposit Submitted
Typically due within 24 hours of accepted offer
Subject Period
Inspection, financing review, and document review
Subject Removal
All conditions satisfied — the deal is firm
Completion & Possession
Sign, transfer funds, and get your keys
Additional Costs to Budget For
Closing Costs
Legal fees, title insurance, home inspection — typically 1.5–4% of purchase price
Property Transfer Tax
If not fully exempt, PTT applies at closing — plan ahead
Moving Costs
Professional movers, truck rentals, storage — add a buffer
Insurance & Utilities
Home insurance, strata fees (if applicable), and utility setup
Step-by-Step Buying Process
1
Get Pre-Approved
Know your budget before you shop
2
Start Your Search
Work with your REALTOR® to find the right fit
3
Make an Offer
Submit a competitive, well-structured offer
4
Due Diligence
Inspection, financing, and review of all documents
5
Subject Removal
Conditions satisfied — the deal is firm
6
Completion & Possession
Sign, transfer, and get your keys 🎉
Common Mistakes to Avoid
Waiting Too Long
Market conditions can shift — delays can cost you buying power
Skipping Pre-Approval
Shopping without pre-approval means missed opportunities and wasted time
Waiving the Inspection
A home inspection can uncover costly surprises — never skip it
Underestimating Closing Costs
Budget beyond the down payment — closing costs add up quickly
How I Help You
Step-by-Step Guidance
I walk you through every stage — no surprises, no confusion
Find the Right Property
Matching your lifestyle, budget, and future goals
Negotiate on Your Behalf
Strong advocacy to protect your interests and get you the best terms
Trusted Network
Connecting you with vetted mortgage brokers, lawyers, and inspectors
Ready to Get Started?
Let's build your personalized home buying plan — together. Reach out anytime, no pressure, no obligation.
Anja Rhomberg
REALTOR®
REMAX Professional
Call or Text
250.802.0135
Visit Online - www.anjarhomberg.com
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