First time home buyer? What can you expect?

Buying a home can be overwhelming… there are so many terms and expressions that you may not have heard before. That is why you need a team to help you throughout the process… A realtor, a mortgage broker and a lawyer/notary

Find homes under $500,000 here Quick Search

Find homes under $1,000, here Quick Search

Need a mortgage broker?  

Contact Debbie Twitchell & Patti Wheatley of the Mortgage Group

For the lastest rates click here Mortgage Rates

Property taxes are paid yearly to your municipal or rural tax office. (You will be able to claim a Homeowners Grant of $570 every year as long as you live in the home)

Did you know – When you purchase a home you are responsible for a property transfer tax? This tax should not be confused with annual property taxes.

Property transfer tax – is paid when you acquire an interest in real estate. There is an exemption available for First time homebuyers if….

Property transfer tax exemption for BC First Time Homebuyers

  • Property purchase price must be $500,000 or less for a full exemption.
  • Between $500,000 and $525,000 there is partial exemption
  • You must be a Canadian resident that has lived in BC for at least 1 year
  • You must never have owned a property that was your principal residence anywhere in the world
  • You must never have received a First-Time homebuyer exemption or refund

If your purchase price is over $525,000, you need to budget for a hefty tax bill.

  • 1% of the first $200,000
  •  2% of the rest, up to $2,000,000
  •  3% of the value over $3,000,000
  •  Example - $600,000 purchase – equals a transfer tax of $10,000

Did you know - while saving up for your down payment, you can put your money in your RRSP, this reduces your taxable income for the year of deposit and can produce a tax refund. Your savings will grow tax free, and you can borrow from your RRSP for your down payment.

First Time Homebuyers Plan 

  • Allows you to withdraw up to $35,000 from your RRSP’s as a tax-free loan
  • You then have 15 years to repay the loan. You repay it back to your RRSP account.
  • You are considered a First-time homebuyer if in the last 4 years you have not lived in a home owned by you or your current spouse/common law partner.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), 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 REBGV, 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 REBGV, the FVREB or the CADREB.