Buying your first home in the Fraser Valley.
Most of the buyers we work with are doing this for the first time. They have specific questions about specific dollars, what programs they qualify for, what the down payment actually has to be, what changes when rates move. These pages are our running answer to those questions, updated when the numbers change.
Written and reviewed by Michael Goering, BC-licensed REALTOR® · Last full review: July 6, 2026
Three things changed since 2024 that matter for Fraser Valley buyers: (1) The 30-year amortization is now available on all insured mortgages for first-time buyers (December 2024). (2) The insured mortgage cap rose from $1M to $1.5M (December 2024). (3) The GST New Housing Rebate now covers new homes up to $1M, saving up to $50,000 on new construction (Royal Assent March 12, 2026). Full 2026 update →
What every BC first-time buyer can access in 2026
There are five programs that stack. Most buyers can combine at least three; couples buying together can combine all five and access up to $200,000 in tax-advantaged down payment funds before putting a dollar of regular savings toward the purchase.
Full program breakdown with eligibility rules and dollar examples →
When both partners qualify as first-time buyers, the stacking math changes significantly. Each person can withdraw $60,000 from their RRSP via the Home Buyers' Plan and $40,000 from their FHSA, that's $200,000 in combined tax-advantaged down payment funds, plus the BC PTT exemption on top. Most of the first-time buyers we work with in Surrey and Langley reach the $45,000 to $80,000 threshold faster this way than they expected. The couples buying guide →
The Fraser Valley First-Time Buyer Guide
A plain-English walk through BC's first-time buyer programs, the Property Transfer Tax exemption, the FHSA, and the Home Buyers' Plan, and how they stack. No jargon, no sales pitch, just the programs laid out the way we'd walk a first-time buyer through them.
- How the BC Property Transfer Tax first-time buyer exemption works, and who qualifies
- The FHSA and the Home Buyers' Plan, and which ones you can use together
- A plain-English checklist to take into your first lender conversation
Put together by the FRIVE team with Michael Goering, BC-licensed REALTOR®.
Tell us where to send it, you'll get it right away.
How much does your target price actually cost?
Pick a purchase price and see the minimum down payment, BC PTT savings, CMHC premium, and an approximate qualifying income, all in one place.
Move the slider to your target price. Numbers update instantly.
These are estimates based on minimum down payment and standard qualifying assumptions. Your actual numbers depend on your debts, credit score, and lender. Talk to a mortgage broker before relying on any figure here. Full down payment guide →
Check which programs you qualify for
The guides
Who Qualifies in BC, and What It Gets You
The full overview, who qualifies, what it costs, the programs that stack, and the timeline from pre-approval to keys.
Every BC + federal incentive in one place
PTT exemption ($8K), HBP ($60K), FHSA ($40K), GST rebate, HBTC, with dollar values and how they stack.
Multi-Generational Buying Guide
How Fraser Valley families pool incomes, stack tax exemptions, and navigate joint homeownership.
New Canadian Home Buyer Playbook
A complete guide for immigrants and newcomers: CMHC newcomer programs, foreign buyer exemptions, and credit history.
Condo-to-Townhouse Move-Up Plan
Unlocking condo equity, bridge financing, strata Depreciation Reports, and Highway 1 transit planning.
Young Couple's First-Home Playbook
How professional couples stack $200k in savings accounts, register titles, and plan joint finances.
Solo & Co-Buyer Independence Manual
Qualifying on one income, using parent guarantors, and setting up co-buying contracts with friends or siblings.
First Home Savings Account (FHSA)
$8K/year, $40K lifetime. Tax-deductible going in, tax-free coming out. Usually the best account a future buyer can open.
How long does it take to buy a home in BC?
The rescission window, subject removal, and the 30 to 60 day completion rhythm, from accepted offer to keys.
The RRSP Home Buyers' Plan (HBP)
$60K tax-free withdrawal from your RRSP. The 90-day rule, 15-year repayment math, and when to use it.
BC Property Transfer Tax exemption
$835K full / $860K partial. Save up to $8,000 in PTT on a qualifying purchase. The 92-day move-in rule and what trips people up.
How much down payment do you actually need?
The 5/10/20 rule explained, with worked examples for $400K to $1.2M Fraser Valley first homes.
The mortgage stress test, decoded
Why you qualify at 6.5% when the rate is 4.5%, what it does to your buying power, and the four real levers.
CMHC FTHBI Repayment Guide
Navigating your active shared-equity incentive: repayment calculations, the 8% cap, and voluntary payoff triggers.
Every program we cover has a calculator behind it. See what you'll owe with the BC property transfer tax calculator, plan your down payment savings with the FHSA calculator, or browse all 25 Fraser Valley buyer calculators →
Then you're almost certainly buying a strata property, and the building's paperwork matters as much as the unit. Our BC strata guide covers the Form B, strata fees, depreciation reports, bylaws, and the insurance deductible problem, everything we check in a strata package before a buyer removes subjects. Start with the documents guide →
The order we tell first-time buyers to do things in
If you have time, this is the path that produces the best result. None of these steps require a real estate agent; we'd rather you do the homework first and bring questions to a free conversation than be sold something you weren't ready to buy.
- Step 1 · NowOpen an FHSA. Even if you're 3 to 5 years from buying. The contribution room only accrues once the account is open. Read the FHSA guide →
- Step 2 · 6 to 12 months outTalk to a mortgage broker. Brokers see issues a bank won't flag, credit score gaps, weird income patterns, debt ratios, that take months to fix.
- Step 3 · 3 to 4 months outGet pre-approved with a 90 to 120 day rate hold. This locks your max budget and protects you from rate increases during the shopping window. How the stress test affects your number →
- Step 4 · 1 to 3 months outPick a neighbourhood, not a listing. Drive the commute, walk the streets, sit at the coffee shop on a Saturday. Most first-time-buyer regret is about location, not the home itself.
- Step 5 · The offerSubjects matter for first-time buyers. Inspection, financing, document review. Subject-free offers are a tool experienced investors use, not a good idea for a first home.
- Step 6 · ClosingMove in within 92 days and live there at least a year to keep the PTT exemption. PTT exemption rules →
Find a first home in your Fraser Valley city
City-specific guides with FVREB benchmark prices, neighbourhood breakdowns, and the programs that apply where you're buying.
Benchmark prices: FVREB MLS® HPI, June 2026. Surrey and Langley are FVREB data; Chilliwack is covered by CADREB and not shown. Prices change monthly, confirm current figures with the FRIVE team before writing an offer.
In-depth guides for Fraser Valley first-time buyers
Plain-English walkthroughs of the decisions every first-time buyer faces, data sourced from FVREB, the Bank of Canada, and government program pages.
Questions we hear from every first-time buyer
How much down payment do I need for a Fraser Valley first home?
The minimum is 5% on the first $500,000 of the purchase price, then 10% on the portion between $500,000 and $1.5 million. For a $700,000 Surrey townhouse, that's $45,000 minimum ($25K on the first $500K + $20K on the next $200K). For homes above $1.5M, you need 20%, CMHC insurance doesn't apply. Full down payment guide with worked examples →
What income do I need to qualify in the Fraser Valley?
For a $700,000 townhouse with the $45,000 minimum down payment, a 30-year amortization, and a 4.5% fixed rate, you need roughly $135,000 to $145,000 in qualifying household income after the federal stress test at 6.5%. Most first-time buyers in Surrey and Langley reach this by co-buying with a partner. How the stress test works →
Can I use the FHSA and the Home Buyers' Plan together?
Yes, they stack. On the same purchase you can withdraw up to $60,000 from your RRSP via the HBP and up to $40,000 from your FHSA. For couples where both partners qualify, that's $120,000 from RRSPs and $80,000 from FHSAs, $200,000 in tax-advantaged down payment funds, in addition to the PTT exemption and HBTC. See the full stacking breakdown →
What programs are available to BC first-time buyers in 2026?
Five programs can stack: the BC PTT exemption (saves up to $8,000 on homes under $835,000), the RRSP Home Buyers' Plan (up to $60,000 tax-free per person), the First Home Savings Account (up to $40,000 lifetime, tax-deductible contributions), the First-Time Home Buyers' Tax Credit ($1,500 back at tax time), and the GST New Housing Rebate on new builds (up to $50,000 on homes under $1M, effective March 2026). Couples who both qualify can access up to $200,000 in tax-advantaged down payment funds combined. Full BC programs guide →
What is the BC Property Transfer Tax exemption for first-time buyers?
The BC first-time buyer PTT exemption waives the full property transfer tax on homes valued up to $835,000, saving up to $8,000. There's a partial exemption between $835,000 and $860,000. For new construction the thresholds are higher: full exemption up to $1,100,000, partial between $1,100,000 and $1,150,000 (effective April 1, 2024). You must be a Canadian citizen or permanent resident, have never owned a home anywhere in the world, and plan to live in the property. PTT exemption full guide →
How does the stress test work for Fraser Valley buyers in 2026?
The federal stress test qualifies you at the higher of your contract rate plus 2%, or 5.25%. At a 4.5% mortgage, you qualify at 6.5%. This reduces your maximum borrowing by roughly 15 to 20% versus qualifying at the actual rate. It applies to all federally regulated lenders regardless of how large your down payment is. The FRIVE team runs the numbers on specific properties during your consultation so you know exactly where you stand before making an offer. Stress test calculator →
Condo or townhouse, which should a first-time Fraser Valley buyer choose?
Condos typically cost $150,000 to $250,000 less than comparable townhouses in the Fraser Valley, which lowers the down payment hurdle significantly. Townhouses offer no shared walls above or below, outdoor space, and often lower strata fees. Buyers with under $60,000 saved generally start with a condo; those reaching $80,000 to $100,000 have townhouse options in Langley, Abbotsford, and Chilliwack. Many FRIVE clients buy a condo first and move to a townhouse 5 to 7 years later. Condo vs townhouse comparison →
About these guides, FRIVE is a BC-licensed real estate team serving Fraser Valley buyers. We're members of the Fraser Valley Real Estate Board (FVREB). The program details and dollar thresholds on these pages are sourced directly from Province of BC, CRA, and CMHC. Brokerage details in the site footer.
Stop paying off
someone else's mortgage.
Drop your email. We'll send one honest reply, no funnel, no upsell, no agent assistant blasting you at 7am on a Sunday.