Buying your first home in Vancouver, a complete starter guide.

In Canada, your minimum down payment depends on the purchase price. For a Vancouver home around $900K, that's roughly $65,000 — but the down payment isn't the only number that matters.

• 5% down

  On the first $500,000 of the purchase price.

• 10% down

  On the portion between $500,000 and $1.5M.

• 20% down

  Required once the price is above $1.5M (no insured mortgage available).

• Closing costs

  Budget another 1.5–4% of the purchase price for legal fees, taxes, and adjustments.

Banks decide how much you can borrow using three numbers. Knowing them ahead of time saves a lot of surprise.

• Income & employment

  Stable, provable income — usually 2 years of consistent history. Self-employed buyers have options too, just different paperwork.

• Credit score

  680+ unlocks the best rates. 600–679 still works with most lenders. Below 600, we'll look at credit-builder strategies first.

• Debt ratios (GDS/TDS)

  Your housing costs should be under ~39% of gross income, and total debt under ~44%. We model this before you shop.

Every insured mortgage in Canada is tested at a higher rate than the one you actually pay. The rule: you must qualify at your contract rate + 2%, or 5.25%, whichever is higher.

So if your lender offers 4.99%, the bank will check that you could still afford the payment at 6.99%. This is why pre-approval matters — your real maximum is the stress-tested number, not the rate you see in ads.

• First Home Savings Account (FHSA)

  Contribute up to $8,000/year ($40K lifetime), deduct it from taxes, and withdraw it tax-free for your first home.

• Home Buyers' Plan (HBP)

  Withdraw up to $60,000 from your RRSP, tax-free, to use as down payment. Repay it over 15 years.

• BC Property Transfer Tax exemption

  First-time buyers can get full or partial relief on PTT when buying under specific thresholds.

• GST New Housing Rebate

  Available on most new-construction homes under $450K (partial rebate above that).

• Pre-approval

  24–48 hours. Locks in a rate for up to 120 days while you shop.

• House-hunting

  A few weeks to a few months — your call.

• Offer accepted → conditions removed

  Usually 7–10 days for financing and inspection conditions.

• Closing

  30–60 days after an accepted offer. Lawyer handles the title, you get the keys.