What programs are available to first-time home buyers in BC in 2026?

BC first-time buyers can stack five main programs: the BC Property Transfer Tax exemption (up to $8,000 savings on homes under $835,000), the RRSP Home Buyers' Plan (withdraw up to $60,000 tax-free), the First Home Savings Account (contribute up to $40,000 tax-free and withdraw tax-free for a first home), the federal First-Time Home Buyers' Tax Credit ($1,500 back on your tax return), and the GST/HST New Housing Rebate on new construction. Couples can combine HBP and FHSA limits, accessing up to $200,000 in tax-advantaged down payment money between them.

How much down payment do I need for a first home in the Fraser Valley?

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 homes at or above $1.5 million, you need 20% because CMHC mortgage insurance no longer applies. For a $700,000 Surrey townhouse, the minimum down payment is $45,000 ($25,000 on the first $500K plus $20,000 on the next $200K).

What is the first step a first-time buyer in BC should take?

Open a First Home Savings Account (FHSA) as early as possible, even if you are three to five years from buying. The $8,000 annual contribution room only accrues once the account is open, so waiting costs you real money. After that, talk to a mortgage broker 6 to 12 months before you plan to buy so there is time to fix any credit or income issues before your pre-approval.

What income do I need to qualify for a home in the Fraser Valley in 2026?

For a $700,000 townhouse with the minimum $45,000 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 applying the federal stress test at 6.5%. Most first-time buyers in Surrey and Langley reach this threshold by co-buying with a partner or including a co-signer.

Can I use the FHSA and the RRSP Home Buyers' Plan together?

Yes, they stack. On the same home purchase, you can withdraw up to $60,000 from your RRSP via the Home Buyers' Plan and up to $40,000 from your FHSA, in addition to claiming the BC Property Transfer Tax exemption. For couples where both qualify, the combined maximum is $120,000 from RRSPs and $80,000 from FHSAs, $200,000 in total tax-advantaged down payment funds.

What changed for first-time buyers in BC in 2025 and 2026?

Three significant changes came into effect: (1) The 30-year amortization became available on CMHC-insured mortgages for first-time buyers purchasing new construction (August 2024), then expanded to all insured first-time buyer purchases (December 2024). (2) The insured mortgage cap was raised from $1 million to $1.5 million (December 2024), allowing insured mortgages on higher-priced properties. (3) The GST New Housing Rebate was expanded, homes up to $1 million now qualify (Royal Assent March 12, 2026), up from the previous $450,000 threshold, potentially saving first-time buyers up to $50,000 on new construction.

Is it a good time to buy a home in the Fraser Valley in 2026?

The Fraser Valley's sales-to-active ratio was around 11% as of March 2026, placing it in buyer's market territory (under 12% is buyers' advantage). Condo and townhouse prices are softer than their 2022 peak. For buyers who can qualify and are planning to stay 5+ years, the combination of buyer-friendly conditions, a 30-year amortization on insured mortgages, and the 2026 GST rebate expansion makes the math more workable than it was in 2023 or 2024. That said, timing the market is not reliable, buy when your finances are ready, not based on a rate prediction.

What is the BC Property Transfer Tax exemption for first-time buyers?

BC's first-time home buyer PTT exemption gives a full exemption on the first $500,000 of value when the home's fair market value is $835,000 or less (effective April 1, 2024). There is a partial exemption on homes priced 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. Personal eligibility rules also apply, you must be a Canadian citizen or permanent resident, have never owned a home anywhere in the world, and intend to occupy the property as your principal residence.

How does the stress test affect first-time buyers in Fraser Valley in 2026?

The federal mortgage stress test requires lenders to qualify you at the higher of your actual contract rate plus 2%, or the Bank of Canada's benchmark rate (currently 5.25%). If you're getting a 4.5% mortgage, you qualify at 6.5%. This reduces maximum purchase price by roughly 15 to 20% compared to qualifying at the contract rate alone. For a $700,000 purchase you need approximately $135,000 to $145,000 in household income. The stress test applies to all federally regulated lenders regardless of down payment size.

Should I buy a condo or townhouse as a first-time buyer in the Fraser Valley?

Condos typically cost $150,000 to $250,000 less than comparable townhouses in the Fraser Valley, which lowers the down payment hurdle significantly. Townhouses usually have no neighbours above or below, outdoor space, and lower strata fees on average. The right choice depends on budget, lifestyle, and resale horizon. Buyers with under $60,000 saved generally start with a condo; buyers who can reach a $80,000 to $100,000 down payment have townhouse options in Langley, Abbotsford, and Chilliwack. Many first-time buyers start in a condo and move to a townhouse 5 to 7 years later.

What income do I need to qualify for a home in Surrey?

For a $600,000 condo with $35,000 down, you will need a qualifying household income of roughly $110,000 to $120,000, depending on strata fees, property taxes, and other debts. At the minimum qualifying rate set by OSFI (your contract rate plus 2%, or 5.25%, whichever is higher), the stress test pushes the required income above the actual monthly payment.

Do I qualify for the BC PTT exemption on a Surrey home?

Yes. If you are a Canadian citizen or permanent resident, have lived in BC for 12 months, and have never owned a principal residence anywhere, you qualify for the Property Transfer Tax exemption. Resale homes under $835,000 receive a full exemption, saving you up to $8,000. A partial exemption is available for properties up to $860,000.

What is the minimum down payment for a home in Surrey?

The minimum down payment is 5% on the first $500,000 of the purchase price and 10% on any amount above that, up to $1.5 million. For a $600,000 Surrey condo, that works out to a minimum of $35,000. If the purchase price is $1.5 million or higher, a 20% down payment is required.

What is the best Surrey neighbourhood for first-time buyers?

The right choice depends on your daily schedule and budget. Whalley (City Centre) offers the lowest entry price and direct SkyTrain access. Fleetwood is a quieter suburban alternative near the upcoming SkyTrain extension. Newton and Cloverdale provide deep townhouse selections and family-friendly environments, while South Surrey is a premium sub-market for budgets starting at $700,000.

Should I buy a condo or a townhouse in Surrey?

Condos represent the lowest entry price, starting in the mid-$400Ks in North Surrey. They carry monthly strata fees but require less upfront capital. Townhouses start in the low $700Ks, offering more living space, a garage, and private entries, which makes them highly popular for growing families who commute by car.

First-Time Home Buyer Surrey Guide: The 2026 Playbook

Surrey is the largest housing market in the Fraser Valley, with the deepest selection of entry-level condos and townhouses. At FRIVE, we work with a lot of first-time buyers who start their search here, the entry prices are real, SkyTrain keeps Vancouver within reach, and the city has four distinct sub-markets that behave very differently from each other. This guide breaks down the Surrey-specific numbers: PTT exemption math, qualifying income, and which neighbourhoods are actually worth the price difference.

Book a no-pressure chat Browse homes Michael Goering, BC-licensed REALTOR®Updated July 7, 2026 · 6 min read

01Navigating Surrey's first-time buyer market 02What you'll actually pay: A Surrey worked example 03Surrey neighbourhood breakdowns 04Next steps in your Surrey home search

$8K

Max BC PTT exemption

$60K

Max HBP withdrawal

$40K

FHSA lifetime limit

$850K

Insured budget limit

Navigating Surrey's first-time buyer market

Surrey is the largest city in the Fraser Valley and the deepest market for first-time buyer inventory. The FVREB tracks Surrey as four distinct sub-markets: North Surrey (Whalley and Guildford), Central Surrey (Newton, Cloverdale), Fleetwood, and South Surrey. Each sub-market has a different price floor, different transit access, and a different buyer profile. A first-time buyer who needs SkyTrain access is shopping a fundamentally different market than a buyer who drives to Langley every day, and lumping them together is the most common mistake we see in generic Surrey guides.

The active buying corridor for most first-time purchasers is $500,000 to $800,000. Within that range, North Surrey condos start in the mid-$400Ks; Newton and Cloverdale townhouses start in the low-$700Ks. Focus on properties priced under $835,000 to qualify for the full BC PTT exemption, the partial exemption phases out by $860,000, so there is a hard stop on the tax savings above that.

Live Surrey first-home inventory

Active condos and townhouses in Surrey priced at or below $850,000.

View all first-home listings in Surrey

This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.

What you'll actually pay: A Surrey worked example

When you purchase a property in B.C., you face closing costs beyond the initial down payment. Below is a realistic financial scenario for a $600,000 resale condo in North Surrey (Whalley), using today's typical first-time buyer rates and stacking incentives.

Worked example

Surrey Condo Example, $600,000 resale home

Purchase price: $600,000
Minimum down payment (5% of price): $30,000
Base mortgage loan principal: $570,000
CMHC premium (4.00%, added to loan balance): $22,800
Total mortgage amount: $592,800
BC PTT (before first-time buyer exemption): $10,000
BC Property Transfer Tax actually owed: $0 (Saved $10,000!)
BC PST on CMHC premium (due at closing): $1,596
Legal fees, inspections, & adjustments: ≈ $4,000
Estimated monthly payment (4.5% rate, 30-yr amort): ≈ $2,992 / mo
Stress-tested qualifying payment (6.5% rate): ≈ $3,707 / mo
Required qualifying household income: ≈ $120,000 to $130,000

Under the BC First-Time Home Buyers' Program, a resale property priced under $835,000 is fully exempt from the Property Transfer Tax. On this $600,000 condo, that exemption saves you exactly $10,000 in upfront cash at closing.

You can stack your down payment resources by using the First Home Savings Account (FHSA) and the RRSP Home Buyers' Plan (HBP). An individual can pull up to $60,000 from their RRSP and withdraw any accumulated FHSA balance (up to $40,000 lifetime) completely tax-free. For a couple co-buying, this stacks up to $200,000 in tax-sheltered down-payment funds.

Surrey neighbourhood breakdowns

Surrey is geographically large and contains several distinct sub-markets. We help our buyers choose a neighbourhood based on their daily commute and space requirements:

City Centre (Whalley)

Direct SkyTrain access. Tower condos starting in the mid-$400Ks.

Guildford

Established sub-market with strong transit and retail amenities.

Fleetwood

Quiet suburban community along the upcoming Surrey-Langley SkyTrain line.

Newton

Deep inventory of mature townhouses offering negotiating room.

Cloverdale

Townhouse-dense neighbourhood bordering Langley.

Next steps in your Surrey home search

If you are planning to purchase your first home in Surrey, the FRIVE team is here to assist. We can connect you with trusted local mortgage brokers to lock in a pre-approval, and help you evaluate Surrey strata councils to avoid buildings with deferred maintenance.

You can book a chat with the FRIVE team or start exploring the live listings above. We never use high-pressure sales tactics, our goal is to help you make an informed decision.

Want a full walkthrough of the buying process? Our step-by-step guide to buying a home in Surrey covers pre-approval through closing day. Before you hire a REALTOR®, read our breakdown of how buyer representation fees work in BC in 2026 the rules changed in 2024 and most buyers still don't know what they're agreeing to.

Are schools part of your decision? See our guide to Surrey schools, top-rated schools, how catchments work, and what a school zone means for where you buy.

Questions we get

Frequently asked questions

The questions we hear most often from first-time buyers in actual FRIVE meetings.

What income do I need to qualify for a home in Surrey?: For a $600,000 condo with $35,000 down, you will need a qualifying household income of roughly $110,000 to $120,000, depending on strata fees, property taxes, and other debts. At the minimum qualifying rate set by OSFI (your contract rate plus 2%, or 5.25%, whichever is higher), the stress test pushes the required income above the actual monthly payment.
Do I qualify for the BC PTT exemption on a Surrey home?: Yes. If you are a Canadian citizen or permanent resident, have lived in BC for 12 months, and have never owned a principal residence anywhere, you qualify for the Property Transfer Tax exemption. Resale homes under $835,000 receive a full exemption, saving you up to $8,000. A partial exemption is available for properties up to $860,000.

Sources

Where these numbers come from

1First time home buyers' program Province of British Columbia. Accessed May 28, 2026.
2Fraser Valley Real Estate Board Monthly Market Report Fraser Valley Real Estate Board. Accessed May 28, 2026.
3First Home Savings Account (FHSA) Canada Revenue Agency. Accessed May 28, 2026.

Tax thresholds, program limits, and rates change. We update this page when we notice a change. Before signing anything, verify the current figure with the linked source, or ask your mortgage broker.

Ready when you are

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.

Explore Listings

One reply, that's it Within 24h, usually faster BC-licensed humans

First-Time Home Buyer Surrey Guide: The 2026 Playbook

Navigating Surrey's first-time buyer market

Live Surrey first-home inventory

What you'll actually pay: A Surrey worked example

Surrey neighbourhood breakdowns

City Centre (Whalley)

Guildford

Fleetwood

Newton

Cloverdale

Next steps in your Surrey home search

Frequently asked questions

Where these numbers come from

Stop paying off
someone else's mortgage.

First-time buyer guides

Guides for your situation

Buyer guides by city

Calculators

Compare

Homes for sale

Service areas

Fraser Valley schools

Explore

Navigating Surrey's first-time buyer market

Live Surrey first-home inventory

What you'll actually pay: A Surrey worked example

Surrey neighbourhood breakdowns

City Centre (Whalley)

Guildford

Fleetwood

Newton

Cloverdale

Next steps in your Surrey home search

Frequently asked questions

03What is the minimum down payment for a home in Surrey?

04What is the best Surrey neighbourhood for first-time buyers?

05Should I buy a condo or a townhouse in Surrey?

Where these numbers come from

Stop paying off someone else's mortgage.

Stop paying off
someone else's mortgage.