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Buying your first home in Vancouver, a complete starter guide.
Buying your first home can feel like a lot. This guide walks you through the basics in plain English , what to save, what lenders look at, and what to expect from your first chat to getting the keys.
The full picture, made simple.
- 01How much you actually need to save
- 02What lenders are actually looking at
- 03The stress test, explained simply
- 04Programs that may help first-time buyers
- 05Pre-approval to keys: the real timeline
Disclaimer: This content is for educational purposes only and should not be considered financial, mortgage, or legal advice. Mortgage programs, rates, and qualification requirements can change. Please consult with a licensed mortgage professional for advice specific to your situation.
How much you actually need to save
Your down payment depends on the home's price. In Canada, the minimums are set by the federal rules below.
Most first-time buyers also forget about closing costs. Plan for those early so nothing catches you off guard.
- 5% down
On the first $500,000 of the price.
- 10% down
On any portion between $500,000 and $1.5M.
- 20% down
Required once the price is above $1.5M.
- Closing costs
Set aside roughly 1.5–4% of the price for legal fees, taxes, and adjustments.
On a $900,000 home, the minimum down payment is around $65,000. Add about $15,000–$20,000 for closing costs. Your exact numbers will vary , a licensed broker can run them with you.
What lenders are actually looking at
Lenders look at a few key things to decide what you can borrow. Knowing them ahead of time makes the process feel a lot less mysterious.
- Income & employment
Most lenders want to see steady, provable income. Self-employed buyers have options too , the paperwork just looks a little different.
- Credit score
A higher score generally opens up more options. If your score is lower, there are still paths forward worth exploring.
- Debt ratios
Lenders compare your housing costs and total debts to your income. A broker can walk you through how your numbers line up.
The stress test, explained simply
Every insured mortgage in Canada is tested at a higher rate than the one you'll actually pay. It's a built-in cushion to make sure buyers can still handle payments if rates rise.
The takeaway: the amount you qualify for is based on the stress-tested rate, not the rate in the ad. That's why a real pre-approval is more useful than an online calculator.
Programs that may help first-time buyers
A few federal and provincial programs are designed to make that first purchase easier. Eligibility varies, so it's worth checking which ones fit your situation.
- First Home Savings Account (FHSA)
A registered account that lets you save toward your first home with tax advantages.
- Home Buyers' Plan (HBP)
Lets eligible buyers withdraw from their RRSP toward a first home, with rules for repayment over time.
- BC Property Transfer Tax exemption
Some first-time buyers in BC may qualify for full or partial relief on Property Transfer Tax.
- GST New Housing Rebate
May apply to certain new-construction purchases.
Program details and limits change from time to time. Always confirm current rules with a licensed mortgage professional before counting on a specific benefit.
Pre-approval to keys: the real timeline
Here's a rough idea of how the journey usually unfolds. Every deal is a little different, but this is what most first-time buyers can expect.
- Pre-approval
Often takes a day or two. Helps you shop with a clear budget in mind.
- House-hunting
Anywhere from a few weeks to a few months , at your own pace.
- Offer accepted
Then comes a short window to finalize financing and any inspections.
- Closing
Usually a few weeks after your offer is accepted. Your lawyer handles the paperwork and you get the keys.
Try not to make big credit moves between pre-approval and closing , new loans, large purchases, or job changes can affect your file. When in doubt, ask before you act.
Want to talk through your situation?
A quick, no-pressure conversation can clear up a lot. You'll leave with a better sense of what's possible , and what your next step looks like.
Questions readers ask most
Quick recap
- Down payment minimums depend on the home's price , and closing costs are a separate line item to plan for.
- Lenders look at income, credit, and how your debts compare to your income.
- The stress test means you qualify at a higher rate than the one you actually pay.
- Programs like the FHSA, HBP, and BC PTT exemption may help , eligibility varies.
- The full process usually moves from pre-approval, to house-hunting, to closing in a few months.
- When in doubt, talk to a licensed mortgage broker before making big money decisions.
Don't guess , just ask.
Send a quick note and we can walk through your situation together. No pressure, no jargon , just a clear look at what your next step could be.