First-time buyers
Your first home, explained.
Is this you?
Who this is for
- You've never owned a home, or it's been more than four years since you lived in one you owned
- You're renting in Trail, Castlegar or Nelson and wondering if buying makes sense yet
- You want someone to explain it plainly before you talk to a lender
How it goes
Step by step
- 01
A 15-minute call
You tell me where you're at. I tell you what's realistic and what to gather.
- 02
A pre-approval
I send your file to the lenders that fit, so you know your budget before you go shopping.
- 03
The right mortgage
Once you've got an accepted offer, I line up the lender, walk you through the terms and handle the conditions.
- 04
Keys
Your lawyer or notary closes it. I stay on it until the money's where it needs to be.
Numbers to know
The rules, in plain English
Minimum down payment
5%
5% on the first $500,000, 10% on the part above that, and 20% on homes of $1,500,000 or more.
Source: CMHC, Home Start (minimum equity 5% of the first $500,000 and 10% of the rest, price below $1.5M, 30-year premium table, first-time buyer definition). Checked Nov 3, 2026.
Under 20% down
2.8% to 4%
Mortgage default insurance is required. CMHC's premium is a share of the mortgage, added to the loan. There's no sales tax on it in BC. The home must cost less than $1,500,000.
Source: CMHC, Premium information for homeowner and small rental loans. Checked Nov 3, 2026.
Longest insured amortization
30 years
For first-time buyers and newly built homes. Everyone else with under 20% down is capped at 25 years. Going past 25 adds 0.2% to the premium.
Source: Department of Finance, mortgage reforms (30-year amortization, $1.5M cap, from Dec 15, 2024). Checked Nov 3, 2026.
First-time buyer tax break
Up to $8,000
BC waives property transfer tax on homes up to $500,000 for eligible first-time buyers, with a partial break up to $860,000.
Source: gov.bc.ca, First time home buyers' exemption, current amount (updated 2025-12-03). Checked Nov 3, 2026.
The stress test
5.25% or rate + 2%
Lenders check you could afford the payment at whichever is higher. It's a safety check, not the rate you'll pay.
Source: OSFI, Minimum qualifying rate for uninsured mortgages (modified 2026-01-29). Checked Nov 3, 2026.
What to have ready
Documents most lenders ask for
- Government photo ID
- Recent pay stubs and a letter from your employer
- Your last two years of T4s or Notices of Assessment
- 90 days of statements for your down payment account
- A signed gift letter, if family is helping with the down payment
Don't email these.
When it's time, you'll upload them through the brokerage's secure application. Every lender is a bit different, so I'll send you an exact list.
Calculators
Try the numbers
Questions
Common questions
Do I count as a first-time buyer?
For CMHC insurance you count if you've never bought a home, or you haven't lived in a home you or your spouse owned this year or in the four years before. BC's property transfer tax exemption has its own, stricter test: you can never have owned a principal residence anywhere.
Is 5% really enough?
It can be, on homes up to $500,000. Above that the minimum goes up. With under 20% down you'll pay mortgage default insurance, which gets added to the mortgage.
Should I get pre-approved before I look?
Yes. It tells you your real budget and it makes your offer stronger. It isn't a final approval, but it's the right place to start.
Ryan Grafton, Mortgage Broker | Mortgage Architects
Got a question? Ask it.
Fifteen minutes on the phone usually clears it up. No pressure.