Buyer guide
First-Time Home Buyer Guide for BC
Buying your first home in Vernon, Kelowna or the North Okanagan? Here's a simple overview of the programs and steps — no jargon.
Take the free Buyer Readiness CheckPrograms that can help
Amounts and eligibility rules change. Always confirm current details on the official government pages linked below.
First Home Savings Account (FHSA)
A registered account that lets you save for your first home with tax benefits on contributions and qualifying withdrawals.
Official detailsHome Buyers' Plan (HBP)
Lets you withdraw from your RRSP to buy your first home, then repay it over time.
Official detailsBC First-Time Home Buyers' Exemption
Can reduce or remove BC Property Transfer Tax for eligible first-time buyers, depending on price and other rules.
Official detailsFirst-Time Home Buyers' Tax Credit
A federal tax credit you may be able to claim in the year you buy your first home.
Official detailsSteps to buying your first home
- 1
Check your readiness
Look at your savings, credit, and monthly budget. Our free Buyer Readiness Check takes about 2 minutes.
- 2
Talk to a mortgage professional
Get pre-approved so you know your price range and which programs you may qualify for.
- 3
Plan for closing costs
Beyond the down payment, budget for legal fees, inspection, insurance, moving, and any Property Transfer Tax.
- 4
Choose your area
Vernon, Kelowna and the North Okanagan each feel different. Visit neighbourhoods at different times of day.
- 5
Make an offer with conditions
Common conditions include financing and inspection. Your REALTOR® explains each one before you sign.
- 6
Close and move in
Your lawyer or notary handles the transfer. Then you get the keys.
Common questions
Who counts as a first-time home buyer in BC?
Each program has its own definition, usually based on whether you (or your spouse) have owned a home you lived in recently. Check the official rules for each program, or ask a mortgage professional.
Should I get pre-approved before looking at homes?
Yes. A pre-approval tells you a realistic price range and makes your offer stronger when you find the right place.
Can newcomers to Canada buy a home in BC?
Often, yes. Rules depend on your residency situation and the lender. A mortgage professional can tell you what applies to you.
Not sure where you stand?
Answer a few quick questions and get a clear next step — free, no pressure.
General information only, not financial, legal or tax advice. Edmer Gatchalian Personal Real Estate Corporation, eXp Realty.