First-time buyers · Fraser Valley, BC
I’m buying my first home.Buying your first home in Surrey, Langley and South Surrey, BC
Nobody explains the process until you are already in it: the down payment, the pre-approval, the subjects, the deposit, the closing costs. Here it is in order, before you fall for a home, so the surprises are the good kind.
Most of what feels overwhelming is vocabulary. Once the words make sense, the steps do too.
Every question is a fair question. Especially the first one.
The four questions you’re probably asking
How much do I actually need for a down payment?
The minimum in Canada is 5% of the first $500,000 of the price and 10% of the portion above it, for homes under $1.5 million. Under 20% down, you’ll typically need mortgage loan insurance. Closing costs come on top, and the FAQ below covers both.
What’s a pre-approval, and do I need one before I look?
It is a lender looking at your income, debts and credit to find the most it may lend you, and at what rate. It is not a guarantee, but have one before you make an offer, so the number you are shopping with has been checked by a lender.
What can I afford based on my income?
Banks, and often other lenders, test you at a qualifying rate above the one you will pay, and cap how much of your income goes to housing and debt. The mortgage calculator gives you a first answer in two minutes; a mortgage professional gives you the real one.
Do first-time buyers pay property transfer tax in BC?
Qualifying first-time buyers can be fully exempt on a home priced up to $500,000; above that, the exemption is worth up to $8,000 and phases out by $860,000. The rules are strict, so confirm with your lawyer or notary.
Why me for a first home
Every question is fair, and none is too basic.
What first-time buyers need most is someone who explains the process before it happens: what the deposit is for, why subjects matter, what completion day actually costs. For a first home, that explaining is most of my job.
So it goes in order. What you can afford, then the pre-approval, then the words, then the homes. You will not be asked to decide anything that has not been explained first, and you can ask the same question twice.
I am a REALTOR®, not a mortgage professional, lawyer or notary. When the answer is theirs to give, I will say so and help you find them.
How this usually goes
The whole path before you start it, so nothing on it surprises you. Six steps, in the order they actually happen.
Understand what you can afford.
Income, debts, savings and a realistic entry point. Not the most a lender might lend, but a monthly payment you can live with alongside everything else.
Get pre-approved.
A lender or mortgage professional puts your number in writing, so you know it before you fall for a home. It also tells you which paperwork to gather.
Learn the vocabulary.
Deposit, subjects, completion, possession, closing costs and the rescission period. Explained before you need them, not in the middle of an offer.
Decide your must-haves.
Bedrooms, commute, parking, strata or not, and the two or three things you would trade for a better price. Written down, so every showing is measured against the same list.
View, compare and make an offer.
Recent sales to compare against, and the subjects that protect you: financing, inspection and, for a strata home, the documents. You decide the price; I explain what each choice means.
Complete, and get the keys.
Your lawyer or notary handles the transfer and the property transfer tax return. On possession day, the keys are yours.
Or start from the homes
Start with the kind of home, not the whole market.
If you already know what you are looking for, go straight to the homes for sale across Cloverdale, Langley and South Surrey, filtered to that one type.
Know your number
What you can afford, before you fall for a home.
Two minutes with the mortgage calculator gives you a first price range from your income, debts and down payment, using the same kind of limits lenders apply. It is a starting point, not a pre-approval; a mortgage professional turns it into the real number.
What can I afford?The Offer to Keys checklist
The calculator is free. An email address unlocks the full result, and a phone number is optional.
Free guide
The First-Time Buyer Guide
Every step of a first purchase in BC, explained before you need it.
Saving the down payment, getting pre-approved, the programs and exemptions made for first-time buyers, what kind of home to look for and where, how an offer and its subjects work, and what completion day costs. Read in your browser, no download.
- Saving the down payment
- Pre-approval, and what you can afford
- Programs and exemptions for first-time buyers
- What kind of home, and where
- Making an offer: subjects, deposit and the rescission period
- Closing costs, completion and who to call
What clients have said
Common questions
Buying your first home, answered briefly
Short answers to common questions from first-time buyers in Surrey and Langley.
The minimum is 5% of the first $500,000 of the price plus 10% of the portion above $500,000, for homes under $1.5 million; at $1.5 million and above it is 20%. On a $700,000 townhouse that is $25,000 plus $20,000, or $45,000. Under 20% down you’ll typically need mortgage loan insurance; ask your lender how the premium is paid.
Lenders use the words differently. The Financial Consumer Agency of Canada describes pre-approval as the lender looking at your finances to find the most it may lend you and at what rate, usually with documents and a credit check, and notes that some lenders call a step of it pre-qualification. So ask what a given step actually checked, and remember that even a pre-approval does not guarantee the mortgage. FCAC explains the process.
Property transfer tax (reduced or removed if you qualify for the first-time buyers’ exemption), lawyer or notary fees, a home inspection, title insurance, adjustments for property tax and strata fees, and moving. As a BC illustration, budget roughly 2% to 4% of the price, less if the exemption applies; your lawyer or notary can give you the real figure.
Subjects are the conditions written into your offer, such as financing, an inspection or, for a strata home, a review of the documents. Each has a deadline, and you remove them in writing once you are satisfied. They are how an offer protects you, and they matter as much as the price.
The main ones are the BC property transfer tax exemption, the First Home Savings Account, the RRSP Home Buyers’ Plan, a 30-year amortization on insured mortgages, and a GST rebate on qualifying new homes. Each has its own rules; ask your lawyer or notary, your mortgage professional and your accountant which apply to you. The First-Time Buyer Guide links to each official page.
Someone who explains each step before you reach it: the down payment, pre-approval, subjects, the deposit and closing costs. They should show you recent sales to compare against, point you to a mortgage professional and a lawyer or notary for the parts that are theirs, and never rush a decision. That is how I work with first-time buyers in Surrey, Langley and South Surrey.
BC gives buyers of most residential property three business days after acceptance to rescind, for a fee of 0.25% of the price. It is a safety net, not a strategy; subjects are still how an offer protects you.
More questions than this? The buyer tips are longer answers to the same things, written for people buying for the first time. Read the buyer tips
Your Fraser Valley REALTOR®
Ask me anything. There’s no pressure, and no question too basic.
I am a REALTOR® specializing in Cloverdale, Surrey, Langley, White Rock and the Fraser Valley, where I have lived and worked for over 20 years.
I am here to guide you and answer your questions so you feel confident moving forward with whatever you decide. If I do not have the answer, I will find out for you. I would rather be your resource going forward than sound certain about something I have not checked.
If you and I met for the first time, I would want to know a bit more about you before anything else. What is the goal, where do you want to be, and what is the plan? Then it is a question of which home, which street and which price actually fits a first step.
No pressure and no deadline: a conversation about what you are weighing is genuinely useful on its own. More about how I work
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