Trusted mortgage services
Buying your first home in BC
Tax breaks, savings accounts and a longer amortization add up for first-time buyers. We help you use every one you qualify for, then compare over 50 lenders.
- 5-yr fixed
- 4.69%
- 5-yr variable
- 3.70%
Updated Oct 8 · on approved credit · Compare to bank rates
What first-time buyers get that others don't
First-time buyers in BC have more help available than most people realize, but each program defines "first-time" its own way. The province's property transfer tax exemption asks whether you have ever owned a home you lived in, anywhere in the world. The federal FHSA, Home Buyers' Plan and 30-year insured amortization use a four-year look-back instead, so you can count as a first-time buyer again if it has been long enough since you lived in a home you owned.
We start by working out which programs you qualify for and how they fit together, because the order matters. FHSA room only starts adding up once you open an account, the property transfer tax exemption depends on the price you pay, and the size of your down payment decides whether you need mortgage insurance. Then we compare lenders for the rate and terms that suit your budget.
Programs worth knowing about
Property transfer tax exemption
If you qualify, you pay no property transfer tax on the first $500,000 of a home worth up to $835,000, a saving of up to $8,000. The exemption shrinks to nothing between $835,000 and $860,000. You must be a Canadian citizen or permanent resident and must never have owned a home you lived in.
FHSA and Home Buyers' Plan
An FHSA gives you $8,000 of tax-deductible room a year, up to $40,000 in total, and a qualifying withdrawal is tax-free. The Home Buyers' Plan lets you take up to $60,000 from your own RRSP and repay it over 15 years. You can use both for the same home.
30-year amortization
With less than 20% down, a first-time buyer can spread an insured mortgage over 30 years instead of 25, which lowers the monthly payment. You pay more interest over time, and the insurance premium is 0.20% higher.
How it works
Your first purchase, step by step
Check what you qualify for
We go through each program's first-time buyer test, your FHSA and RRSP savings and any gift from family, so we know your real down payment.
Get pre-approved
We review your income, debts and credit, set a price range that leaves room for closing costs, and arrange a rate hold while you shop.
Line up the withdrawals
FHSA and Home Buyers' Plan withdrawals both need a written agreement to buy or build, so we time them with your accepted offer and completion date.
Completion day
Your lawyer or notary claims the property transfer tax exemption on your return, receives the mortgage funds and registers your new home in your name.
Frequently asked questions
You have questions — we have answers!
First-Time Home Buyer Mortgages
How much do I need for a down payment on my first home?
For a home under $1.5 million: 5% of the first $500,000 and 10% of the rest. On a $700,000 home that is $45,000. At $1.5 million or more you need 20% down. With less than 20% down, the mortgage needs default insurance. Your down payment can come from savings, an FHSA, the Home Buyers' Plan or a gift from immediate family.
What does mortgage insurance cost?
The premium is a share of the mortgage and depends on your down payment: 4.00% with 5% to 9.99% down, 3.10% with 10% to 14.99% down and 2.80% with 15% to 19.99% down. A 30-year amortization adds 0.20%. The premium can be added to your mortgage, and BC doesn't charge sales tax on it.
When do I have to repay the Home Buyers' Plan?
You have 15 years, repaying at least 1/15 of the amount each year. Normally repayments start in the second year after the year you withdraw. For a first withdrawal from 2022 to the end of 2028, they start in the fifth year after instead, so a 2026 withdrawal is first repaid in 2031. A missed repayment is added to your taxable income for that year.
Can my partner and I both use an FHSA and the Home Buyers' Plan?
Yes, if you each meet the first-time buyer test. You each have your own FHSA room and your own Home Buyers' Plan limit, so a couple buying together can contribute up to $80,000 to FHSAs and withdraw up to $120,000 from their RRSPs.
Is there a federal GST break on a new home?
Yes. The First-Time Home Buyers' GST/HST Rebate became law in March 2026. If you buy a newly built home from a builder to live in, it covers up to $50,000: the full GST on a home up to $1 million, shrinking to nothing at $1.5 million. Your agreement with the builder must be signed on or after March 20, 2025 and before 2031, and you must be at least 18 and a Canadian citizen or permanent resident.
Is there a property transfer tax break for new builds too?
Yes, and it isn't limited to first-time buyers. Canadian citizens and permanent residents buying a newly built home to live in pay no property transfer tax on a home worth up to $1,100,000, with a partial exemption up to $1,150,000.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 8.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 7.89% | 4.79% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.64% | Get this rate: 1 year fixed |
| 2 year fixed | 5.44% | 4.44% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.54% | Get this rate: 3 year fixed |
| 4 year fixed | 6.01% | 4.39% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.69% | Get this rate: 5 year fixed |
| 7 year fixed | 6.41% | 4.79% | Get this rate: 7 year fixed |
| 10 year fixed | 6.81% | 4.79% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Contact us
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Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca