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

In Canada, your minimum down payment is set by the home's price. Most first-time buyers also forget about closing costs — so plan for both.

• 5% down

  On the first $500,000 of the price.

• 10% down

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

• 20% down

  Required once the price is above $1.5M.

• Closing costs

  Most buyers budget another 1.5–4% of the price for legal fees, taxes, and adjustments.

Lenders generally review three things when deciding how much you can borrow. Knowing them early helps avoid surprises later.

• Income & employment

  Most lenders like to see steady, provable income — often around two years of history. Self-employed buyers usually have options too, just with different paperwork.

• Credit score

  Stronger credit generally opens up more options. If your credit is still being built, a broker can help you understand where you stand.

• Debt ratios

  Lenders look at how your housing costs and total debts compare to your income. A broker can walk you through what your numbers might look like.

In Canada, lenders don't just check if you can afford today's payment. They also test you at a higher rate to make sure you'd still be okay if rates went up.

That's why the amount you actually qualify for can be lower than what the ads suggest. Getting pre-approved gives you a realistic number to shop with.

There are several government programs designed to make that first purchase easier. A licensed professional can confirm which ones you may qualify for.

• First Home Savings Account (FHSA)

  A tax-friendly account designed to help first-time buyers save for a down payment.

• Home Buyers' Plan (HBP)

  Lets eligible buyers use a portion of their RRSP toward a first home, with rules for paying it back.

• BC Property Transfer Tax exemption

  First-time buyers may qualify for full or partial relief, depending on the price and other criteria.

• GST New Housing Rebate

  May apply on certain new-construction homes. Eligibility depends on the price and other rules.

Here's roughly what the journey looks like for most first-time buyers.

• Pre-approval

  Usually 24–48 hours. Gives you a clear budget before you start shopping.

• House-hunting

  A few weeks to a few months — your pace, your call.

• Offer accepted → conditions removed

  Typically about 7–10 days for financing and inspection.

• Closing

  Usually 30–60 days after an accepted offer. Your lawyer handles the paperwork, and you get the keys.