Your first home in the Fraser Valley, uncomplicated.

Questions we hear from every first-time buyer.

How much do I need saved to buy a first home in the Fraser Valley?

For a home under $500,000, you need a minimum 5% down payment, so $25,000 on a $500,000 place, plus roughly 1.5% in closing costs (about $7,500). Above $500,000, the rules shift: 5% on the first $500K and 10% on the portion above. For a $700,000 Surrey townhouse, minimum down is about $45,000.

Surrey, Langley, or Abbotsford, which city is best for a first-time buyer?

Surrey has the best transit access in the Fraser Valley. Langley is the townhouse hub, deep inventory of modern three-bedroom layouts. Abbotsford gives you the most square footage for your dollar. The right choice depends on your commute, the community you want, and how long you plan to stay.

Should I wait for interest rates to drop before buying?

Probably not. When rates drop, buyer demand typically rebounds and prices rise, so what you save on monthly interest you tend to pay on the purchase price. The honest advice: buy when your finances are ready and you plan to stay five or more years, not when the market feels right.

Does buying a home cost anything in realtor fees as a buyer in BC?

As a buyer, you do not pay realtor commission in BC, the seller's side covers the buyer's agent fee. Your out-of-pocket costs are your down payment, closing costs (roughly 1.5% to 2% of the purchase price), and any inspection or appraisal fees.

Where do I start if I have no idea what I can afford?

Start with the mortgage calculator to get a rough monthly number, that takes about 30 seconds. Then book a call. We'll factor in your savings, debts, and timeline to give you a real budget number, not just the maximum a bank would approve.

Is buying in the Fraser Valley a good idea right now?

For most first-time buyers in the Fraser Valley in 2026, honestly yes. The market has shifted in buyers' favour, inventory is above the 10-year seasonal average and benchmark prices are down year-over-year. Rent doesn't build equity, and waiting for a perfect market typically costs more than acting on a good one. We'll tell you straight if your specific situation says wait.

What is a First Home Savings Account, and how much can it save me?

A First Home Savings Account (FHSA) lets a first-time buyer contribute up to $40,000 tax-free toward a first home. Contributions reduce your taxable income like an RRSP, and withdrawals for a home purchase are tax-free like a TFSA. A couple who both qualify can combine two FHSAs for up to $80,000 in tax-advantaged down payment money.

Can I combine the FHSA with the RRSP Home Buyers' Plan?

Yes, the two stack on the same home purchase. You can withdraw up to $60,000 from your RRSP through the Home Buyers' Plan and up to $40,000 from your FHSA, on top of the BC Property Transfer Tax exemption. A couple where both people qualify can access up to $200,000 combined between the two programs.

More questions? Browse our full first-time buyer guides →