Buying your first home in Vancouver is an exciting milestone, but navigating the mortgage process can feel overwhelming. As a Vancouver mortgage broker specializing in first-time homebuyers, I provide expert guidance to help you understand your options, access government programs, and secure the best mortgage for your situation.

First-Time Homebuyer Mortgage Basics

A first-time homebuyer mortgage is designed specifically for individuals purchasing their first property. In BC, you're considered a first-time buyer if you haven't owned a principal residence in the past four years. This status opens doors to exclusive programs, grants, and incentives that can significantly reduce your upfront costs and monthly payments.

Government Programs for Vancouver First-Time Buyers

BC First Time Home Buyers' Program: Reduce or eliminate your property transfer tax (up to $8,000 savings on a $500,000 home)

First-Time Home Buyer Incentive: Shared equity mortgage with the Government of Canada (5% or 10% of purchase price)

Home Buyers' Plan (HBP): Withdraw up to $35,000 from your RRSP tax-free for your down payment

BC Home Owner Mortgage and Equity Partnership: Additional support for qualifying first-time buyers in BC

Minimum Down Payment Requirements in Vancouver

For homes under $500,000: Minimum 5% down payment

For homes $500,000-$999,999: 5% on first $500K + 10% on remainder

For homes $1 million+: Minimum 20% down payment

In Vancouver where average home prices exceed $1.2 million, many first-time buyers focus on condos in neighborhoods like Mount Pleasant, East Vancouver, or New Westminster where prices are more accessible.

The First-Time Buyer Process in Vancouver

Step 1: Budget Assessment & Pre-Approval (1-2 Days)

We'll review your income, debts, credit score, and savings to determine your maximum purchase price. I'll secure you a pre-approval with rate protection for 60-130 days.

Step 2: Down Payment Strategy (Ongoing)

We'll explore all your down payment options including personal savings, RRSP withdrawals (HBP), gifts from family, and down payment assistance programs available in BC.

Step 3: Government Program Applications (1-2 Weeks)

I'll help you apply for applicable first-time buyer programs and calculate your potential savings on property transfer tax and other costs.

Step 4: Home Search & Offer (Varies)

With your pre-approval and budget certainty, you can confidently make offers. I'll coordinate with your realtor to ensure your financing conditions are met.

Step 5: Final Approval & Closing (2-4 Weeks)

Once your offer is accepted, I'll finalize your mortgage approval, lock in your rate, and coordinate with your lawyer for a smooth closing.

Required Documents for First-Time Buyer Mortgages

• Proof of income (pay stubs, T4s, NOAs)

• Proof of down payment funds (90-day bank statements)

• Government-issued ID

• Credit consent form

• Employment verification letter

• Gift letter (if receiving down payment assistance from family)

Why Work With a Mortgage Broker as a First-Time Buyer

I work with over 30 lenders to find you the best rates and terms. Unlike banks that only offer their own products, I can access specialized first-time buyer programs, alternative lenders for unique situations, and competitive rates that save you thousands over your mortgage term. Plus, my services are free to you—I'm compensated by the lender.

Ready to start your Vancouver homeownership journey? Call 604-265-5858 for your free first-time buyer consultation.