5 Things First-Time Homebuyers in BC Need to Know
Buying your first home is a big deal—and here in beautiful British Columbia, it comes with its own unique set of challenges and quirks. While there’s no shortage of info online about saving for a down payment or getting a mortgage, there are a few lesser-known (but super important) things that first-time buyers should keep in mind.
As a mortgage broker who’s helped dozens of BC residents make the leap into homeownership, here are five things I wish more first-time buyers knew:
1. Pre-Approvals Aren’t Just a “Nice to Have”—They’re Your Secret Weapon
A pre-approval is more than just a number—it’s your competitive edge. Especially in BC’s fast-moving markets, being pre-approved shows sellers you’re serious and ready to go.
Plus, it helps you set a realistic budget so you’re not falling in love with homes just out of reach. Yes, it means gathering a few documents early—but trust me, your future self will thank you when you’re not scrambling during offer time.
Think of it like your qualifying lap in Formula 1—you’re setting yourself up to win the race when the right home shows up.
2. Closing Costs Can Surprise You—Plan for 1.5–4% of Your Purchase Price
Most people focus so much on their down payment that they forget about the closing costs. These include legal fees, property transfer tax (though BC offers a First-Time Home Buyers' Program that might exempt you!), inspections, title insurance, and more.
Pro tip: Start budgeting for these early so they don’t throw off your plans at the last minute.
3. You’re Not Just Buying a Home—You’re Buying a Lifestyle
Location matters. And not just for resale value.
Ask yourself: Can you picture yourself here for the next 3–5 years? What's the commute like? Is there transit access? What’s the vibe of the neighbourhood?
BC is full of amazing pockets—from family-friendly Coquitlam to the trendy areas in East Van—so make sure you’re picking a place that fits your life, not just your loan.
4. The Cheapest Rate Isn’t Always the Best Deal
I know rates are the first thing on everyone’s mind (and yes, I’ll help you find a competitive one!), but there’s so much more to a mortgage than just the number.
Think:
Can you make lump-sum payments?
Can you port your mortgage if you move?
What happens if you break the term early?
Your life will change—your mortgage should have the flexibility to change with it.
5. You Don’t Have to Do It Alone (That’s What I’m Here For)
Real talk: mortgages can feel overwhelming. But you don’t need to navigate it by yourself.
My job is to simplify the process, advocate for your best interests, and save you both time and money. Whether it’s walking you through your options or flagging a red flag in a mortgage contract, I’m in your corner—every step of the way.
Final Thoughts
Becoming a homeowner in BC is exciting—but it’s also a big financial decision. The more you know going in, the better prepared (and less stressed!) you’ll be.