First-Time Home Buyers
Surrey & Fraser Valley

In Canada, the minimum down payment is 5% on the first $500,000 of the purchase price and 10% on any portion between $500,000 and $1.5 million. Homes priced above $1.5 million require 20% down. For a $750,000 Fraser Valley townhome, that's $50,000 minimum, plus closing costs. If you put down less than 20%, you'll also pay CMHC mortgage default insurance, which is added to your mortgage rather than paid up front.

Budget roughly 1.5–4% of the purchase price. The largest single item is usually BC's Property Transfer Tax — 1% on the first $200,000 and 2% above that, so $14,000 on an $800,000 home — unless you qualify for the first-time buyer exemption, which fully eliminates it up to $835,000. Beyond that: legal or notary fees, home inspection, title insurance, and adjustments for prepaid property taxes. Manan will walk through a full estimate specific to your purchase.

Yes — and you should if you can. The FHSA lets you contribute up to $8,000 per year to a $40,000 lifetime maximum, with contributions tax-deductible and qualifying withdrawals completely tax-free. The RRSP Home Buyers' Plan lets you withdraw up to $60,000 tax-free, repayable over 15 years starting the second year after withdrawal. Used together, a couple can access a substantial down payment. Start the FHSA early — contribution room only begins once the account is opened.

Pre-qualification is a rough estimate based on numbers you self-report — it takes minutes and carries little weight with sellers. Pre-approval means a lender has verified your income, credit, and down payment documentation, and typically includes a rate hold of 90 to 120 days. In a competitive situation, a pre-approval is what makes your offer credible. Get it before you start seriously viewing.

It comes down to budget, lifestyle, and how much maintenance you want. A condo gets you into the market at a lower price with exterior maintenance handled, but you pay monthly strata fees and live by strata bylaws. A detached home gives you land, freedom, and more space, with all upkeep and higher carrying costs on you. Townhomes sit in between. Given current Fraser Valley benchmarks — roughly $469,500 for apartments versus $1,350,200 for detached — the gap is significant for most first-time buyers.

From first conversation to possession, most first-time purchases run six to twelve weeks, though it varies widely. Getting pre-approved takes a few days to a week. The search itself is the most variable part — anywhere from a few weeks to several months depending on your criteria and inventory. Once an offer is accepted, subject removal typically takes one to two weeks, and completion is usually 30 to 60 days after that.