First Time Home Buyer Mortgage in Burnaby, BC
I'll guide you through every step — from pre-approval to keys in hand.
Buying your first home in Burnaby, Vancouver, or anywhere in BC is one of the biggest financial decisions you'll ever make. The process can feel overwhelming — stress tests, CMHC insurance, down payment rules, property transfer tax — but it doesn't have to be. I work with first-time buyers every day and I know how to make it simple.
As your mortgage broker, I shop the market across a wide range of lenders to find you the best rate and terms for your situation. My services are free to you — the lender pays my fee when your mortgage funds.
Understanding everything involved in buying your first home can seem overwhelming. No need to worry,
I have a plan for you to follow.
Start Now
There is a lot of information you need to know when buying your first home. The earlier you start the process, the better prepared you'll be to actually make your homeownership dreams a reality. Contact me directly to get started.
Get a Preapproval
Income, credit and downpayment are what lenders look at when assessing you for mortgage financing. By working through these ahead of time, you'll know exactly where you stand when it comes time to buy your first home.
Trust your professionals
Once you've been preapproved, you can start looking for your first home. Through the process, you'll use services from many professionals, such as Realtors, Lawyers, Home Inspectors, and Appraisers. I'll guide you every step of the way.
First-Time Buyer Programs in BC You Should Know About
Canada and BC offer several programs specifically designed to help you get into the market sooner. Here's a quick overview:
- First Home Savings Account (FHSA): Contribute up to $8,000/year (max $40,000 lifetime) in tax-deductible savings. Withdrawals for a qualifying first home purchase are completely tax-free.
- RRSP Home Buyers' Plan: Withdraw up to $60,000 from your RRSP tax-free toward your first home. Repayment begins two years after withdrawal.
- BC Property Transfer Tax Exemption: Full PTT exemption on homes under $500,000, with a partial exemption up to $525,000. Must be your principal residence.
- CMHC Insured Mortgages: A down payment as low as 5% allows you to enter the market sooner. Mortgage default insurance is added to your mortgage — a small cost in exchange for getting in earlier.
What I Help First-Time Buyers With:
Here's what we'll work through together:
- Getting you pre-approved so you know your real budget before you start shopping
- Explaining the stress test and exactly how it affects what you can borrow
- Walking you through down payment options — savings, FHSA, RRSP Home Buyers' Plan, gifted funds
- Identifying every first-time buyer program you qualify for in BC
- Reviewing your credit profile and addressing anything that could slow down approval
- Comparing lenders and rates across the full market — not just one bank's options
- Handling all the paperwork and lender communication so you can focus on finding your home
How Much Down Payment Do You Need?
The minimum down payment in Canada depends on the purchase price:
• Homes under $500,000 — 5% minimum• Homes $500,001 to $999,999 — 5% on the first $500K, 10% on the remainder• Homes $1,000,000+ — 20% minimum
I'll help you figure out the best down payment strategy for your situation — not just the minimum.
Buying your first home is an exciting life milestone
I'll handle all the details so you can focus on what really matters most to you.
Mortgage resources to help you buy your first home!
4 Signs You’re Ready for Homeownership
If you’ve got at least 5% saved up for a downpayment, if you’ve established your credit profile, and you have the income to support mortgage payments, the best place to start the home buying process is with a preapproval. Learn more about the path to homeownership here.
Unsure About The Housing Market? Let's Talk.
There’s no doubt that buying your first home can be stressful, but it doesn’t have to be. Having a plan in place is the best course of action to help you make good decisions and alleviate that stress.
Learn more about getting credit to buy your first home
How to Establish New Credit
If you’re new to managing personal finance and you want to learn about credit, you’ve come to the right place. Establishing credit is simple when you have a plan to follow. Learn more here.
Will Collections Impact Your Mortgage?
Did you know that over 20% of credit reports contain some level of inaccuracy? If you have a collection account outstanding, even if it’s an error, your mortgage application will be held up until the problem is solved. Learn more here.
Learn more about your downpayment
How to save money for a downpayment
The key to saving money is getting clarity - clarity around your income and your expenses, developing and following a clear plan, and seeking help from professionals who can help you see the big picture as well as the details.
Downpayment Options
If you’re looking to buy a property, you’ll be required to come up with at least 5% of the property value for the downpayment. There are several ways you can come up with the funds. Learn more about your downpayment options here.
Getting the mortgage process started
Protect Yourself with a Pre-approval
One of the biggest mistakes when shopping for property is falling in love with something you can’t afford. Learn more about how a pre-approval can protect you.
Costs Associated with Buying Property
When purchasing property, in addition to the downpayment, you’ll be required to come up with the money to cover closing costs. There’s a lot to consider. Learn more about the costs associated with buying property.
Frequently Asked Questions
What is the mortgage stress test and how does it affect first-time buyers?
The stress test is a federal rule that requires lenders to qualify you at a higher rate than your actual mortgage rate — specifically at your contract rate plus 2%, or 5.25%, whichever is higher. This ensures you could still afford your mortgage if rates rise. It affects the maximum amount you can borrow, which is why getting a pre-approval before you start house hunting is so important. I'll run the numbers with you upfront so you know exactly where you stand.
How does the First Home Savings Account (FHSA) work?
The FHSA lets you contribute up to $8,000 per year to a registered account, up to a lifetime maximum of $40,000. Contributions are tax-deductible — just like an RRSP — and withdrawals for a qualifying first home purchase are completely tax-free. If you're not ready to buy yet but you're planning to, opening an FHSA as early as possible is one of the best moves you can make.
How much can I borrow as a first-time buyer in BC?
Your maximum mortgage depends on your income, existing debts, credit score, and down payment. Every file is different. I run your numbers across multiple lenders to find your real purchasing power — which often turns out to be different from what an online calculator or a single bank tells you. Reach out and I'll work through it with you at no cost.
Do I need a pre-approval before I start looking at homes?
I strongly recommend it. A pre-approval confirms how much you can borrow, locks in an interest rate for 90–130 days while you shop, and shows sellers and realtors that you're a serious, prepared buyer. In Metro Vancouver's competitive market, showing up without a pre-approval puts you at a real disadvantage.
What is CMHC mortgage insurance and do I have to pay it?
If your down payment is less than 20%, your mortgage must be insured by CMHC, Sagen, or Canada Guaranty. The insurance premium is typically added directly to your mortgage balance rather than paid upfront. It's a cost, but it's also what makes it possible to buy a home in BC without a 20% down payment — which on a $800,000 home is $160,000. For most first-time buyers, the insured route is the right one.
