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First-Time Home Buyer in Vancouver, BC

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Have Maury help you with the very important purchase of your first home in Vancouver.

Questions for first time home buyers in Vancouver:

  • Do you know how much you can afford/want to spend on your first home?
  • Are you aware of the new monthly expenses with home ownership vs. renting?
  • Do you know about the first time home buyer programs? (see videos below)
  • How much should you allow for closing costs?
  • How does your credit history look?
  • Is your down payment prepared?
  • Will you need a co-signor?

There are a lot of questions that first time home buyers in Vancouver need to ask themselves, many of which they may not even be aware of. Having an Accredited Mortgage Professional (AMP) like Maury to help throughout the process will be an asset and ensure their best interests are always looked after.

First-Time Home Buyers Programs

Home Buyers Plan (HBP)

Withdraw money from your RRSP’s (tax free) for use as a down payment on the purchase of your first home.

Property Transfer Tax (Land Transfer Tax) Exemption

Up to $6,500 in savings for eligible first time home buyers.

Eligible first time buyers in Vancouver, BC have partial exemption from the property transfer tax for purchase prices between $425,000 and $450,000.

Home Buyers’ Tax Credit (HBTC)

Up to $750 in Federal Tax relief.



For What I Am Currently Paying In Rent, Could I Own?

With rent prices where they are in downtown Vancouver it is not long before a similar amount for rent can be used to make a mortgage payment.

Monthly Rent Mortgage Amount *Mortgage amount is calculated based on an annual interest rate of 4.19% with semi-annual compounding, monthly mortgage payments, and a 35 year amortization period. The mortgage amount is NOT the purchase price. The purchase price would be the mortgage amount plus the down payment amount.

Mortgage approval will be based on meeting the guidelines as set out by the bank and insurance company if applicable.
$1,000 $221,000
$1,200 $265,000
$1,400 $309,000
$1,600 $354,000
$1,800 $398,000
$2,000 $442,000
$2,200 $486,000
$2,400 $530,000

*Two potential monthly expenditures that a home owner may have which they did not have while renting are property taxes and strata fees.