What can I afford?
The more financial flexibility you have, the easier it is to strike the right balance between owning your own condo or townhome and independent living. You will need to estimate your income, expenses, investments, savings, and debt to determine what would be an appropriate mortgage for you. You can use our Mortgage Calculator below to estimate your monthly mortgage payments at today's interest rates.
Resources for First-Time Home Buyers
30 Year Mortgages
30 Year Mortgages allows buyers to take out 30-year loads when they purchase newly-built homes, bringing down your monthly payments. Effective Aug 1, 2024.
Home Buyers Plan
First-time home buyers may now withdraw up to $60,0000 from their registered retirement savings plans (RRSP) tax-free, increased 2024 from $35,000, to buy your first home. You have 15 years to repay the amount withdrawn.
The First Home Savings Account (FHSA)
A savings account that allows eligible first-time buyers to save up to $40,000 tax-free to buy a home, with an annual contribution limit of $8,000.
Tax Exemption
British Columbia residents may benefit in the Property Transfer Tax exemption for new homes up to $1,100,000. Qualifying buyers may be eligible for either a full or partial exemption.