First Time Home Buyers

20 Most Frequently Asked Questions for First Time Home Buyers

Posted on May 01, 2024 in First Time Home Buyers



Here are 20 frequently asked questions by first-time home buyers in British Columbia, along with their answers:

1. What is the first step in buying a home in BC?

Get pre-approved for a mortgage to understand your budget and the loan amount you might receive.

2. Are there any programs for first-time home buyers in BC?

Yes, BC offers the First Time Home...

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First Time Home Buyer's Program

Posted on Apr 19, 2024 in First Time Home Buyers



The First Time Home Buyers' Program in British Columbia provides significant benefits to individuals purchasing their first home, primarily aimed at reducing the financial burden associated with acquiring real estate. Here are the key benefits of the program:
  1. Property Transfer Tax Exemption:
    • Full Exemption: For homes valued at $835,000 or less, but l...

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Canada to Increase Mortgage Amortization for First Time Home Buyers

Posted on Apr 11, 2024 in First Time Home Buyers

Visit Janine Thomson Realtor Victoria BC

First Time Home Buyers Mortgage Rules

As of April 2023, in Canada, the maximum amortization period for a mortgage with less than a 20% down payment and hence requiring mortgage loan insurance (typically from the Canada Mortgage and Housing Corporation, CMHC) is 25 years. This is due to regulations meant to ensure financial stability and manage the risk associated with longer loan terms...

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