Buying your first home is a big deal. Let's make sure you go in knowing exactly what you're doing.
30+
years of Vancouver
Island experience
Where to Start
You don't need to have it all figured out.
You just need to take the first step.
The most common thing I hear from first-time buyers is that they waited longer than they needed to because they weren't sure they were ready. The truth is, the best thing you can do is have a conversation early — before you start seriously searching, before you fall in love with a property, before the pressure is on. We'll look at your income, your savings, your credit, and your timeline, and I'll give you a clear, honest picture of where you stand and what your path to ownership looks like.
Even if you're a year or two away from buying, starting the conversation now gives you time to position yourself well — to save strategically, build credit, and take advantage of every program available to you.
Programs You Should Know About
First-time buyers in Canada have access to real financial advantages. Here's what's available.
First Home Savings Account (FHSA) The FHSA is one of the best tools available to first-time buyers right now. You can contribute up to $8,000 per year (lifetime maximum $40,000), your contributions are tax-deductible, and withdrawals for a qualifying home purchase are completely tax-free. It combines the benefits of an RRSP and a TFSA specifically for home buying. If you haven't opened one yet, the sooner you do the better — the contribution room starts accumulating from the day you open the account.
RRSP Home Buyers' Plan (HBP) The Home Buyers' Plan allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free to use toward a home purchase. If you're buying with a partner who is also a first-time buyer, you can each withdraw $60,000 — giving you up to $120,000 combined. The withdrawn amount is repaid back into your RRSP over 15 years. This is a well-established program that many buyers use alongside the FHSA.
First-Time Home Buyers' Tax Credit Once you've purchased your first home, you're eligible for a $10,000 non-refundable federal tax credit — which translates to up to $1,500 back at tax time. It's applied when you file your taxes in the year of purchase.
BC Property Transfer Tax Exemption In British Columbia, first-time buyers may be exempt from the Property Transfer Tax on homes up to $835,000 — a significant saving. Partial exemptions apply for homes up to $860,000. Eligibility requirements apply and I'll confirm whether you qualify.
GST/HST New Housing Rebate If you're purchasing a newly built home or a substantially renovated property, you may be eligible for a partial GST rebate. The amount depends on the purchase price. This is worth factoring into your budget calculations if you're looking at new construction on Vancouver Island.
CMHC Mortgage Default Insurance If your down payment is less than 20%, your mortgage will require mortgage default insurance — commonly known as CMHC insurance. The premium is added to your mortgage balance and ranges from 2.80% to 4.00% of the insured amount depending on your down payment. While it is an added cost, it's also what allows buyers to enter the market with as little as 5% down — and it doesn't affect your rate.
Understanding the Process
Here's what buying your first home actually looks like,
start to finish.
Connect with Jody
Before anything else, I want to understand your situation — what you owe, what your home is worth, what you're trying to accomplish, and what your timeline looks like. This tells us whether refinancing makes sense and what the options are.
Get pre-approved
A pre-approval confirms how much a lender will commit to lending you, locks in a rate for 90 to 120 days, and gives you a firm budget to shop with. It also shows sellers and realtors that you're a serious, qualified buyer.
Find your home
With your pre-approval in hand, you work with a realtor to find the right property. Your pre-approval gives you a clear ceiling and the confidence to make offers when you find the right one.
Make an offer
When you find a home you want, your realtor guides you through the offer process. Typically this includes subject conditions — including subject to financing — which gives us time to finalize your mortgage approval.
Full mortgage approval
Once your offer is accepted, I submit your full application with all supporting documents. The lender reviews and issues a commitment, often with conditions I help you fulfill quickly and smoothly.
Closing
Your lawyer handles the final documents and land title transfer. On possession day, the funds flow and you get your keys. I'll be available right up until that moment — and after.
What You Need to Qualify
What lenders look at when assessing a first-time buyer.
Mortgage qualification comes down to three things: your income, your credit, and your down payment. Here's a plain-language breakdown of each.
Income
Lenders look at your gross income and use it to calculate how much mortgage you can support — taking into account your existing debts and obligations. They apply the mortgage stress test, which means you need to qualify at a rate higher than your actual mortgage rate to ensure you can handle potential increases. I'll calculate your maximum borrowing power before you start shopping.
Credit
Most lenders want to see a minimum credit score of 680 for the best rates, though some products are available at lower scores. Your credit history — how consistently you've paid your obligations on time — matters as much as the number itself. If your credit needs work, I'll tell you exactly what to do and how long it will take to improve it.
Down payment
The minimum down payment in Canada is 5% for homes up to $500,000. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the remainder. Homes $1 million and above require 20%. Your down payment can come from savings, an RRSP Home Buyers' Plan withdrawal, an FHSA, or a gift from an immediate family member.
Got Questions?
First-time buyer questions,
answered.
How much do I need saved before I talk to a mortgage broker?
There's no minimum. In fact, the earlier you come in the better — even if homeownership feels like it's a year or two away. We can look at where you are, what programs make sense for your situation, and build a savings plan together. Many first-time buyers are further along than they think.
Can I use gifted money for my down payment?
Yes — gifted funds from an immediate family member are accepted by most lenders as part or all of your down payment. You'll need a signed gift letter confirming the funds are a gift and not a loan. I'll provide you with the exact template your lender requires.
What is CMHC insurance and do I have to pay it?
If your down payment is less than 20% of the purchase price, mortgage default insurance is required. The premium is calculated as a percentage of your mortgage amount — between 2.80% and 4.00% — and is added to your mortgage balance rather than paid upfront. It protects the lender in the event of default and is what makes low-down-payment mortgages possible in Canada.
What is the mortgage stress test for first-time buyers?
The mortgage stress test requires you to qualify at a rate higher than your actual mortgage rate — currently the greater of 5.25% or your contract rate plus 2%. It's designed to ensure you could still manage your payments if rates increased. It affects how much you can borrow, which is why it's important to get a pre-approval before you set your budget.
How long does the pre-approval process take?
Typically I can get you a pre-approval within 24 to 48 hours of receiving your supporting documents. The process involves a credit check, income verification, and a review of your down payment. Once you have it, your rate is held for 90 to 120 days — which gives you time to shop with confidence.
Are there programs specific to British Columbia for first-time buyers?
Yes — in addition to federal programs like the FHSA and Home Buyers' Plan, BC has the Property Transfer Tax exemption for first-time buyers, which can save you thousands on homes up to $835,000. Eligibility criteria apply. I stay current on all provincial and federal programs so you never miss something you qualify for.
You don't have to figure this out alone.
That's exactly what I'm here for.
First-time buyers are some of my favourite clients to work with, the questions are real, the stakes feel high, and making the process feel manageable is something I genuinely love doing. Reach out whenever you're ready. There's no pressure and no obligation, just an honest conversation about where you are and how to get where you want to go.
