Your First Home
Starts Here.
Everything you need to know — from your first step to getting the keys — plus every government rebate and program available to you in BC.
Your Step-by-Step
Buying Journey
Buying your first home doesn't have to be overwhelming. Here's exactly how the process works from start to possession day.
Connect with a mortgage broker to confirm your budget, lock your rate, and understand exactly what you can afford before you start searching.
Meet with Inder to define your needs, target neighbourhoods, must-haves, and timeline. This sets the foundation for a focused, efficient search.
Get real-time MLS® alerts for properties matching your criteria. Tour homes quickly and compare values using recent comparable sales data.
Tour properties with Inder's expert eye. You'll get honest feedback on value, condition, and potential — keeping your search focused on the right fit.
Inder prepares a competitive offer with the right price, deposit, and protective conditions — negotiating firmly on your behalf to win the home.
Coordinate a home inspection, arrange insurance, and review all documents. Inder walks you through every subject before you remove them.
Your mortgage lender finalizes approval. Your lawyer or notary handles title transfer, reviews all legal documents, and prepares for closing.
Funds transfer on completion day. You do a final walkthrough, your lawyer registers the title, and Inder hands you the keys to your first home.
Inder stays available after possession for questions, trades referrals, and anything else you need to settle into your new home with confidence.
Government Rebates
& Programs
As a first-time buyer in BC, you may qualify for significant savings through federal and provincial programs. Here's what's available.
Property Transfer Tax (PTT) Exemption
First-time buyers in BC may be fully exempt from the Property Transfer Tax on homes up to $500,000, with a partial exemption on the portion from $500,000 to $525,000.
- Must be a Canadian citizen or permanent resident
- Must have never owned a principal residence anywhere in the world
- Property must be used as your principal residence
- Full exemption: homes up to $500,000
- Partial exemption: homes $500,001 – $525,000
GST/HST New Housing Rebate
If you're buying a newly constructed home, you may qualify for a rebate of up to 36% of the GST paid on homes priced up to $350,000, with a partial rebate up to $450,000.
- Applies to new construction and substantially renovated homes
- Full rebate available on homes up to $350,000
- Partial rebate on homes between $350,000 and $450,000
- Home must be your primary place of residence
- Apply through the CRA after closing
First Home Savings Account (FHSA)
A registered account that lets first-time buyers save up to $40,000 tax-free toward a first home. Contributions are tax-deductible and withdrawals for a qualifying home purchase are tax-free.
- Annual contribution limit: $8,000
- Lifetime contribution limit: $40,000
- Contributions are fully tax-deductible
- Withdrawals for a qualifying home are tax-free
- Available to Canadian residents aged 18–71
Home Buyers' Plan (HBP) — RRSP
Withdraw up to $60,000 from your RRSP tax-free to use toward your first home purchase. Repayment begins two years after withdrawal, spread over 15 years.
- Limit increased to $60,000 as of 2024
- Funds must have been in RRSP for at least 90 days
- Must be repaid over 15 years to avoid tax
- Both partners in a couple can each withdraw up to $60,000
- Must be a first-time buyer (not owned in last 4 years)
First-Time Home Buyers' Tax Credit
A non-refundable federal tax credit of $10,000 (15% federal tax rate = up to $1,500 back) for qualifying first-time home purchases.
- Claimed on your annual income tax return
- Applies to existing homes and new construction
- Can be split between you and a spouse/common-law partner
- Home must be acquired in the tax year you claim it
BC Home Owner Grant
Reduces the amount of property tax you pay on your principal residence in BC. Available to homeowners after purchase each year they live in the home.
- Basic grant: up to $570 for most homeowners
- Additional grant: up to $770 for seniors, veterans, and people with disabilities
- Home must be assessed at $2.15 million or less (2024)
- Must be a BC resident and Canadian citizen or permanent resident
- Apply annually through the BC government
What Every First-Time
Buyer Should Know
In Canada, the minimum down payment is 5% for homes up to $500,000. Homes between $500K–$999K require 5% on the first $500K and 10% on the remainder.
If your down payment is less than 20%, you'll need mortgage default insurance through CMHC. The premium (0.6%–4%) is added to your mortgage balance.
All buyers in Canada must qualify at the higher of 5.25% or your contract rate + 2%. This ensures you can handle rate increases over time.
Set aside 1.5%–4% of the purchase price for closing costs including legal fees, home inspection, title insurance, and moving expenses.
Let Inder Guide You
Home
As a first-time buyer, you deserve an advisor who explains everything clearly, fights for the best terms, and makes the process feel simple. That's exactly what Inder does.