What your first home really costs in BC

Your home

Purchase price

Down payment

$ %

Minimum for this price:

The home is ResaleSomeone has lived in it Newly builtNo one has lived in it; GST applies

Have you owned a home before? NeverAnywhere in the world Not latelyYou and your spouse haven't owned and lived in a home this year or the 4 years before YesI own one, or did recently

BC and Ottawa define "first-time buyer" differently, and each has more conditions. Check which programs you qualify for.

Amortization 25 years 30 years

Interest rate

4.5% is only a starting example. Use the rate your lender or mortgage broker quotes you.

Property tax per year, your estimate Strata fee per month, if any

Your own estimates

We don't guess these for you. Ask a lawyer or notary and a home inspector for a quote, and add anything else you expect (moving, appraisal, title insurance).

Lawyer or notary Home inspection

Other costs

Cash to close

Each month

Down payment and mortgage

Your down payment
Minimum down payment5% of the first $500,000, 10% above that; 20% at $1.5M+
CMHC insurance premium
Total mortgage

Each month

Mortgage payment
Property taxYour estimate ÷ 12
Strata fee
Monthly cost

Property transfer tax

Before any exemption
Exemption
You pay

Cash to close

Down payment
Property transfer tax
GST after rebate
Lawyer or notaryYour estimate
Home inspectionYour estimate
Other costsYour estimate
Estimated cash to close

If you change your mind. After your offer on a home is accepted, BC gives you 3 business days to cancel (rescind). Cancelling costs 0.25% of the price: here. It can't be waived. It doesn't apply to presale contracts, leasehold or leased land, auctions or court-ordered sales.

The CMHC premium is added to your mortgage, so it isn't in your cash to close. BC charges no sales tax on it.

Estimates to help you plan, not financial, tax or legal advice. Your lender, your lawyer or notary and the government confirm the final amounts and whether you qualify.

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Send these numbers to me. I'll go through them with you, for the homes you're actually looking at, and tell you what to ask your lender.

Before you share your plans and numbers: BC rules ask me to give you the Disclosure of Representation in Trading Services (BCFSA, PDF). It explains the ways a Realtor can work with you and what each one means.

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When do you hope to buy? optional Yes, Mahdi Hejazi (Real Broker B.C. Ltd.) can email me listings, market updates and buying tips. I can unsubscribe at any time. Yes, Mahdi Hejazi (Real Broker B.C. Ltd.) can text me about my home search. Reply STOP to opt out at any time.

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Where the figures come from

Government rules, checked October 2026

Minimum down paymentFinancial Consumer Agency of Canada
Mortgage loan insurance premiumsCanada Mortgage and Housing Corporation
Amortization and 30-year insured mortgagesFinancial Consumer Agency of Canada
Property transfer tax ratesGovernment of British Columbia
First-time home buyers' exemptionGovernment of British Columbia
First-time exemption amountsGovernment of British Columbia
Newly built home exemptionGovernment of British Columbia
GST rate in BC (5%)Canada Revenue Agency
First-time home buyers' GST rebate (Bill C-4, S.C. 2026, c. 2)Parliament of Canada
Rescission period and fee (Property Law Act s.42–43)BC Laws

Monthly payments use semi-annual compounding, as Canadian fixed-rate mortgages do. Fair market value is taken to be the purchase price.

Before you start looking

Buying your first home in BCThe steps from saving to getting the keys, with every rule sourced
Which programs fit you?FHSA, the Home Buyers' Plan, tax exemptions and the GST rebate
Surrey, Langley, Burnaby and CoquitlamThe kinds of homes, transit and schools in each area

What your first home really costs.

Your home

Down payment and mortgage

Each month

Property transfer tax

GST on a new home

Cash to close

Want me to check them with you?

Thanks, your numbers are with me.

Government rules, checked October 2026

Before you start looking