How much you need saved, which programs lower your costs and by how much, what a first-time budget buys here, and the condo and townhome problems to catch before you’re committed. Updated for the 2026 rules.
Updated: September 30, 2026 · Market data: GVR August 2026 · License: V99960 · Brokerage: Royal LePage Elite WestYou need at least 5% down on the first $500,000 and 10% on the rest, which is about $35,000 on a $600,000 condo. You also need an underwritten pre-approval, and roughly another 1.5–3% of the price in cash for Property Transfer Tax, legal fees and closing costs. The BC first-time buyers’ exemption saves up to $8,000 of PTT on homes up to $835,000, and the FHSA and RRSP Home Buyers’ Plan let each buyer put up to $100,000 of tax-advantaged savings toward the purchase.
Entry prices in August 2026: a typical Coquitlam apartment was $646,100, a Port Coquitlam apartment $558,300, and a Coquitlam townhouse $987,900.
Sources: Greater Vancouver REALTORS® MLS® HPI, August 2026; Province of BC; Canada Revenue Agency; CMHC.
These are MLS® benchmark prices, which describe a typical home rather than the cheapest one. Older one-bedrooms trade below them, and new two-bedroom-and-den units trade above. The sales-to-active ratio is the share of listings that sold that month. Under about 12% favours buyers, and over about 20% favours sellers.
Why it matters: the three cities need three different approaches right now. In Coquitlam, where only 10.1% of listed apartments sold, you can usually negotiate and keep every subject clause. In Port Moody, at 22.4%, good units move quickly, so have your financing confirmed before you tour. Port Coquitlam’s apartment market sits in between at 19.8%, with the lowest entry price of the three.
First-time buyers here usually fit one of four patterns. Each has a realistic price range, a short list of areas and one decision to get right first. The ranges below are guides only. Your pre-approval sets the real limit.
Not sure which one fits? Tell me your down payment, household income and current rent. I’ll tell you which path you’re on and what your first three steps are.
Book a 20-min call →Most first-time buyers qualify for at least three of these. Very few use all the ones they could. The amounts below are current federal and provincial rules, and every row links to the official source.
| Program | Level | What it’s worth | The rule that trips people up |
|---|---|---|---|
| First Home Savings Account (FHSA) | Federal | Contribute up to $8,000 a year, to a $40,000 lifetime limit. Contributions are tax-deductible, growth is tax-free, and withdrawals for a first home are tax-free. | Open it early: room starts building the year you open the account, even if you fund it later. |
| RRSP Home Buyers’ Plan (HBP) | Federal | Withdraw up to $60,000 per person from your RRSPs toward a qualifying home ($120,000 for a couple). | Repaid to your RRSP over 15 years. Can be combined with the FHSA. |
| BC First-Time Home Buyers’ Program | Provincial | PTT exemption on the first $500,000 of the price (worth up to $8,000) for homes up to $835,000, phasing out to zero at $860,000. | Canadian citizen or PR, never owned a principal residence anywhere, lived in BC for 12 months first (or filed two BC returns in the last six years). Move in within 92 days. |
| BC Newly Built Home Exemption | Provincial | Full PTT exemption on a newly built home up to $1.1 million, phasing out to $1.15 million. You don’t have to be a first-time buyer. | Must be your principal residence. Move in within 92 days and live there for the first year. |
| First-Time Home Buyers’ GST Rebate | Federal | Up to 100% of the 5% GST on a qualifying new home up to $1 million (up to $50,000), phasing out between $1 million and $1.5 million. | New homes only, for your primary residence. The eligible agreement dates are set by statute, so confirm with your accountant. |
| Home Buyers’ Amount | Federal | A $10,000 non-refundable tax credit, worth up to $1,500, claimed on the return for the year you buy. | Line 31270. It can be split between spouses. |
| BC Home Owner Grant | Provincial | Reduces the property tax on your principal residence every year. | Not automatic. Claim it every year before property taxes are due, or it counts as unpaid tax. |
Program rules, limits and eligibility dates change. This is general information, not tax advice. Confirm your situation with your accountant, mortgage professional and lawyer before you rely on any of it. If the official source and this page disagree, the official source is correct.
Using them together: a couple who each max out an FHSA ($40,000 each) and use the Home Buyers’ Plan ($60,000 each) can put up to $200,000 of tax-advantaged money into a first purchase. That’s enough to get past the 20% down-payment mark on a $950,000 townhome and avoid mortgage insurance entirely. If you’re 12 to 18 months away from buying, the most valuable thing you can do this week is open an FHSA.
Many people think the first-time buyers’ exemption wipes out the tax on any home under $835,000. It doesn’t. It removes the tax on the first $500,000 of the price, which is worth at most $8,000. Anything above that is taxed normally, and the exemption fades to nothing between $835,000 and $860,000. A newly built home is treated differently, and that difference is where the real savings are.
| Purchase price | PTT, no exemption | First-time exemption | You pay (resale) | You pay (newly built, primary residence) |
|---|---|---|---|---|
| $600,000 | $10,000 | $8,000 | $2,000 | $0 |
| $750,000 | $13,000 | $8,000 | $5,000 | $0 |
| $835,000 | $14,700 | $8,000 | $6,700 | $0 |
| $850,000 | $15,000 | $3,200 | $11,800 | $0 |
| $950,000 | $17,000 | $0 | $17,000 | $0 |
| $1,100,000 | $20,000 | $0 | $20,000 | $0 |
PTT = 1% of the first $200,000 + 2% from $200,000 to $2 million. The first-time exemption is pro-rated between $835,000 and $860,000. The newly built home exemption is full up to $1.1 million and partial up to $1.15 million. Figures assume you meet every eligibility rule. Your lawyer or notary files the exemption on the transfer.
The $835K–$860K squeeze. In this band, every extra $1,000 you offer costs about $340 more in PTT: $20 of extra tax plus $320 of exemption you lose. Bidding from $835,000 to $850,000 adds $15,000 to the price and $5,100 to your tax bill, all of it in cash on closing day. Plan your offers with that in mind.
Why new can beat resale. On a $950,000 townhome, a qualifying first-time buyer pays $17,000 in PTT on resale and $0 if it’s newly built. The new home also carries $47,500 of GST, which the federal first-time buyer rebate can fully refund. The trade-offs are the deposit and the wait, covered below.
A broker can give you a number in twenty minutes. An underwriter can cut it by tens of thousands of dollars six weeks later because of one line on your tax return. Here are the rules that set your real limit.
| Price | Minimum down | As % of price | Insurance premium (added to mortgage) | PST on premium (cash at closing) |
|---|---|---|---|---|
| $600,000 | $35,000 | 5.8% | $22,600 | $1,582 |
| $800,000 | $55,000 | 6.9% | $29,800 | $2,086 |
| $1,000,000 | $75,000 | 7.5% | $37,000 | $2,590 |
| $1,400,000 | $115,000 | 8.2% | $51,400 | $3,598 |
Minimum down = 5% of the first $500,000 + 10% of the portion up to $1.5 million. Premium uses CMHC’s 4.00% rate for less than 10% down on a 25-year amortization. A 30-year amortization, available to first-time buyers on insured mortgages, adds 0.20% to the premium. BC charges 7% PST on the premium, and it can’t be added to the mortgage.
Your mortgage payment at the stress-test rate, plus property tax, heat and half your strata fee, divided by gross household income. Strata fees count against you here, so two condos at the same price can qualify very differently.
Housing costs plus car payments, student loans, minimum card payments and lines of credit. Paying off a car loan before you apply often raises your approval more than another year of saving would.
Lenders qualify you at whichever is higher, even though you pay the contract rate. Ask for a rate hold of up to 120 days when you’re pre-approved, so a rate increase while you shop doesn’t shrink your budget.
This is the table I go through with every first-time buyer. It assumes the minimum down payment, a qualifying first-time buyer and an insured mortgage. The third column is the same price as the second, but for a newly built home, so you can see how much the tax rules change things.
| Line item | $650,000 resale condo | $950,000 resale townhome | $950,000 newly built townhome |
|---|---|---|---|
| Minimum down payment | $40,000 | $70,000 | $70,000 |
| Property Transfer Tax (after exemptions) | $3,000 | $17,000 | $0 |
| GST (5%) after the first-time buyer rebate | n/a | n/a | $0 (of $47,500) |
| PST on mortgage insurance premium | $1,708 | $2,464 | $2,464 |
| Legal or notary, incl. title insurance (est.) | $1,500–$2,000 | $1,700–$2,300 | $1,700–$2,300 |
| Inspection (est.) | $450–$650 | $550–$800 | Optional walkthrough inspector |
| Moving and setup (est.) | $1,000–$2,000 | $1,500–$2,500 | $1,500–$2,500 |
| Ballpark cash needed | ≈ $47,500–$49,500 | ≈ $93,000–$95,000 | ≈ $76,000–$78,000 |
Estimates for illustration, before property-tax and strata adjustments. Add a reserve of one to three months of carrying costs. For the new-build column, presale deposits are often 10% to 20% and paid in stages before completion, so you may need the money much earlier than closing day. Confirm GST rebate eligibility with the builder and your accountant.
Want this table for your own price, down payment and timeline? The free First-Time Buyer Starter Kit has the worksheet, plus month-by-month savings targets.
Get the Starter Kit →These are Greater Vancouver REALTORS® sub-area benchmarks, which are more precise than city-wide averages. Smaller areas have fewer sales each month, so treat each figure as a guide and check it against recent sold comparables before you offer.
| Area | Apartment benchmark | Townhouse benchmark | Why first-time buyers look here | Watch for |
|---|---|---|---|---|
| Burquitlam / Coquitlam West | $673,000 | $1,005,900 | Evergreen Line stations and the largest supply of newer concrete towers in the city. | Older wood-frame low-rises next door to new towers. Read the depreciation report before you write. |
| Town Centre / North Coquitlam | $641,300 | — | Lafarge Lake, SkyTrain, the mall and Douglas College, all within walking distance. Good for living without a car. | Higher strata fees in buildings with lots of amenities. Count them in your total monthly cost. |
| Maillardville | $430,300 | $668,400 | Coquitlam’s lowest benchmarks: older low-rise and row-home stock, plus newer infill townhomes. | Pre-2000 buildings with envelope or plumbing work still to come. Newer townhomes sell well above the benchmark. |
| Port Moody Centre | $680,500 | $1,168,500 | Suter Brook, Klahanie and two SkyTrain stations, plus the waterfront and Brewers Row. | A competitive apartment market. Have financing confirmed before you tour. |
| Central Port Coquitlam | $570,900 | $718,900 | The lowest entry prices in the Tri-Cities, a walkable downtown, the Traboulay trail and the West Coast Express. | The West Coast Express runs at peak hours only. Check the commute you’ll actually make. |
| Westwood Plateau | $645,700 | $1,015,100 | Condos and townhomes in an established family area, near trails and the golf course. | Hillside complexes: ask about drainage, retaining walls and the roof-replacement schedule. |
Source: Greater Vancouver REALTORS® REALTOR® Reports, neighbourhood benchmarks, August 2026. “—” means no townhouse benchmark is published for that sub-area. Burke Mountain’s entry point is a townhome at about $1,071,600, which is a stretch for most first purchases. See the Burke townhome guide.
Coquitlam has condos, townhomes and detached homes all on SkyTrain or near it, so when you’re ready to move up you won’t have to leave the city. It also has the most listings to choose from at every first-time price point.
You get the inlet, walkable villages and two SkyTrain stations. You’ll pay more for a similar unit and compete harder (22.4% apartment sales-to-active ratio), but resale demand has held up.
It has the lowest apartment and townhouse benchmarks in the Tri-Cities and a quieter pace. The trade-off is transit: the West Coast Express suits a 9-to-5 downtown commute, but there’s no SkyTrain.
Most first homes in the Tri-Cities are in a strata, so the building’s health is as important as the unit. Every one of these can be checked during a normal subject period. Most buyers just don’t know to look.
Grey polybutylene pipe was common from about 1985 to 1997. Some insurers charge more for it or refuse it. Find out whether the building has re-piped before you write an offer, not at the inspection.
If the report shows a roof or envelope replacement coming and the reserve fund can’t cover it, owners will pay the difference through a special levy. Read the funding plan, not just the summary.
Levies already approved must be disclosed. The ones being discussed often aren’t. Read two years of minutes and look for “envelope study”, “engineering assessment” or “re-piping”.
Water-damage deductibles in BC stratas can run to tens of thousands of dollars, and an owner can be charged for one. Match it with loss-assessment coverage on your own policy.
Some 1980s–90s wood-frame buildings still have their original exterior walls. An envelope report older than five years, or none at all, is a question to answer before subject removal.
A stall designated as limited common property on the strata plan is far more secure than one assigned by council, because a future council can reassign it. Check the Form B.
Lawsuits against a builder, an owner or the strata have to be disclosed on the Form B. A pending lawsuit is a reason to walk away or get legal advice, not something to negotiate around.
Since 2022, BC stratas can’t ban long-term rentals except in 55-plus buildings. They can still limit pets, short-term rentals and renovations. Read the current bylaws, not a summary in the listing.
In a bare-land strata townhome, you may own and pay for your own roof and exterior. In a conventional strata, everyone shares the cost. Find out which type it is and when the roofs were last replaced.
Aluminum or knob-and-tube wiring in older homes and conversions can make insurance expensive or impossible to get. Get insurance confirmed in writing before you remove subjects.
Found a unit you like? Send me the listing. I’ll tell you what I’d ask for and check in that building before you write an offer.
Send me the listing →Most first-time buyers browse listings for months before they’re ready to make an offer. That’s fine, and it teaches you the market. What matters is that the financial and legal preparation happens at the same time. Here’s the order that works.
Open an FHSA now, because the contribution room starts the year you open it. Consolidate RRSPs if you plan to use the Home Buyers’ Plan. Pull your credit reports and dispute any errors.
Lenders want to see where your down payment came from. Keep large deposits documented, avoid changing jobs unless it’s a raise in the same field, and if you’re self-employed, file your last two years of returns on time.
Talk to a mortgage broker as well as your bank, and get an underwritten pre-approval with a rate hold. Choose a buyer’s agent who works in the Tri-Cities and sign a buyer agency agreement so you know how they’re paid.
Narrow your search to three areas at most. Book an inspector in advance, since good ones are busy in spring, and choose a lawyer or notary. Make sure your deposit funds are easy to move.
Keep financing, inspection and strata-document subjects on your first purchase. Set your walk-away price in writing before the negotiation starts. In a busy room, people tend to creep up a few thousand dollars at a time.
Between subject removal and completion, don’t change jobs, finance a car, open new credit cards or co-sign anything. Lenders can check your file again before they release the money.
After the offer is accepted: there’s a 3-business-day rescission right (cancelling costs 0.25% of the price), then subject removal and a deposit of about 5%, then completion 30 to 60 days later. The full sequence is on the Buying a Property playbook and the week-by-week buyer timeline.
“As first-time home buyers, we had a myriad of concerns. Craig immediately put us at ease by taking the time to address each of our questions thoroughly and patiently. At no point did I feel pressured or rushed into making a decision.”
Jeff Kwok · First-time buyer · Google Review
“Craig worked with my wife and me for over 3 years to find the perfect home. He was endlessly patient with us through the process. Eventually, we found our perfect home and he moved fast to execute on our behalf.”
David Catterall · First-time buyer · Purchased December 2025 · Google Review
From pre-approval to keys: the budget decisions, the building we walked away from, what nearly went wrong during subjects and how it was fixed. Shared with the client’s permission. Every purchase is different, and past results don’t guarantee future outcomes.
Read the case study“Craig worked with my wife and me for over 3 years to find the perfect home. He was endlessly patient with us through the process. Eventually, we found our perfect home and he moved fast to execute on our behalf. He negotiated fairly and thoroughly with the sellers and was our advocate all throughout our first home purchase.”
“After searching for several years, I knew exactly what I was looking for—and Craig delivered. We viewed a handful of properties, and the home he ultimately found was exactly what I had been searching for. I couldn't believe how quickly he nailed it.”
“We had a fantastic experience working with Craig, who was recommended by a friend. He patiently guided us through the process to purchase our family forever home in Vancouver, explaining all the steps and answering all of our many questions. He was always responsive and available whenever we needed him and always felt like he wanted the absolute best for us.”
“We recently moved from overseas and were not familiar with the purchasing process in BC. Craig was fantastic spending the time to explain everything thoroughly so we had a good handle on things. We felt we were in very experienced hands.”
“Craig is one of the best realtor to work with, highly knowledgable and very patient. Guided us through the whole process stress free. Highly Recommend Craig Johnston.”
“He spent time getting to know us, visiting homes on our behalf until we were in the market. Craig prepared us to better understand the local market, city planning and developments all to refine our search. He is professional and works well with other realtors — a true partner in the process of purchasing a home!”
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“Craig extended such patience, excitement and professionalism in helping my husband and I buy a townhouse in Port Coquitlam (my hometown!) so we could continue raising our two girls where I also grew up. When we faced a hurdle getting financing approval because of a lien on our desired townhome, Craig worked tirelessly with our broker to get the lien removed.”
“Craig was a pleasure to work with for the purchase of our home. Craig was very patient as we debated between a condo and a townhome. Craig found us a home that ticked all of our boxes plus some! He made the whole process smooth and enjoyable.”
“We had a fantastic experience working with Craig on the purchase of our first home in Coquitlam. He was incredibly friendly and responsive, always quick to answer our messages and questions. Throughout the process, he took the time to walk us through each step so my partner and I always knew exactly what was going on and what to expect next. Craig also gave us honest, helpful opinions on properties we were considering, which really helped guide us toward a place we love. On top of that, he connected us with a great broker and lawyer, making the whole process feel seamless. We're so happy in our new home and couldn't have done it without him. Highly recommend Craig to anyone buying a home!”
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5% of the first $500,000 of the price and 10% of the portion from $500,000 to $1.5 million. That works out to $35,000 on a $600,000 condo, $55,000 on an $800,000 home and $75,000 on a $1 million townhome. With less than 20% down, the mortgage must be insured, and the insurance premium is added to your loan. From $1.5 million up, you need 20% down.
Usually some, yes. The BC first-time home buyers’ exemption removes the tax on the first $500,000 of the price, which is worth up to $8,000, for homes up to $835,000. It shrinks to zero between $835,000 and $860,000. A $750,000 condo still pays $5,000 in PTT, and a $950,000 townhome pays the full $17,000. A newly built home used as your residence can be fully exempt up to $1.1 million under a separate exemption.
Yes. They can be combined on the same purchase. Each first-time buyer can withdraw up to $40,000 plus growth from a First Home Savings Account tax-free, and up to $60,000 from RRSPs under the Home Buyers’ Plan, which is repaid over 15 years. For a couple, that’s up to $200,000 of tax-advantaged savings toward a down payment and costs. Confirm your eligibility and timing with your accountant.
It depends on your down payment, debts, strata fee and the qualifying rate. Lenders generally keep housing costs (mortgage at the stress-test rate, property tax, heat and half the strata fee) at or below about 39% of gross income, and total debt at or below about 44%. Run your numbers in the affordability calculator, then get a broker to confirm. The broker’s number is the one that counts.
For an insured mortgage, at least one borrower generally needs a score of 600 or higher, and most of the best rates go to scores around 680 and up. Pull your report from Equifax and TransUnion six months before you apply. Errors can take weeks to fix, and paying down card balances is the fastest legitimate way to raise a score.
Yes. Lenders accept gifts from immediate family with a signed gift letter confirming the money doesn’t have to be repaid. The funds usually need to be in your account well before closing, so the lender can see them. If the paperwork makes the gift look like a loan, the lender counts a repayment against you and your approval amount shrinks. Have your broker review the wording first.
If you expect to stay three years or less, a well-run concrete condo near SkyTrain is usually the easier home to resell. If a child or a dog is in your five-year plan, stretching to a townhome can save you a second set of moving and transaction costs later. Run both through the cash-to-close table above before you decide.
The Form B information certificate, the last two years of council and general meeting minutes, the depreciation report, the current budget and contingency reserve fund balance, the bylaws and rules, the strata’s insurance certificate including deductibles, and any engineering or envelope reports. Read them during your subject period, before you commit. The strata document checklist walks through each one.
In August 2026, Coquitlam’s apartment benchmark was down 7.8% year over year and only 10.1% of listed apartments sold that month. That is buyer’s-market territory, so you have more choice, more time and more room for proper subject clauses. Nobody can time the bottom. The better test is whether you can carry the home comfortably and expect to stay at least five years.
You aren’t required to have one, but the listing agent works for the seller. A buyer’s agent pulls the sold comparables, reads the strata documents, sets your subject clauses and negotiates for you. How your agent is paid is set out in a written buyer agency agreement before you make an offer.
Yes, and the tax savings can be significant: the newly built home PTT exemption up to $1.1 million and the federal First-Time Home Buyers’ GST Rebate up to $1 million. But presale deposits are often 10% to 20%, paid in stages, and you have to qualify for the mortgage again at completion, possibly at a different rate and appraisal. Make sure your deposit money and the build timeline fit before you sign. You have seven days to rescind after receiving the disclosure statement.
From a real pre-approval to keys, three to six months is typical. Pre-approval takes one to two weeks, searching takes anywhere from a few weeks to a few months, subjects take five to ten days, and completion is usually 30 to 60 days after the deal is firm. Starting your FHSA and paperwork a year ahead makes the last few months much calmer.
I’ve lived in the Tri-Cities for more than 47 years. With first-time buyers, my job is mostly to slow things down at the right moments: when you’re reading strata documents, deciding whether to stretch your budget, and before you remove subjects. Some of my first-time clients decided to wait and save for another six months, and one couple searched with me for three years before the right home came up. When they did buy, the numbers worked much better.
Written and reviewed by Craig Johnston, REALTOR® V99960, Royal LePage Elite West · Last reviewed September 30, 2026. This page is general information, not legal, tax or mortgage advice. Confirm your situation with your mortgage professional, accountant and lawyer. If anything here differs from the official source, the official source is correct.
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