A clear starting point for your first home purchase
A confident first purchase starts with a plan that separates your budget, your down payment, and your closing costs. This guide helps you organize those decisions before the market asks you to move quickly.
Set your all-in budget
Your purchase price is only one part of the decision. Build a monthly budget that includes housing costs, property taxes, strata fees where applicable, utilities, insurance, and a reserve for repairs.
- Use the payment calculator to test a conservative rate
- Set a maximum monthly payment before shopping
- Leave room for everyday savings and lifestyle costs
Plan your cash to close
A down payment is not the same as closing cash. In British Columbia, legal costs, inspection costs, insurance, taxes, adjustments, and moving expenses should be estimated before you make an offer.
- Use the down-payment planner
- Run the BC closing-cost calculator
- Keep a contingency after your deposit
Build a clean application file
Lenders review income, credit, debt, assets, and the property. Getting your documents together early lets you understand your options before the offer stage.
- Gather income and down-payment documents
- Avoid taking on new debt before closing
- Ask for a tailored pre-approval strategy
This guide is educational and general in nature. A full mortgage strategy depends on your income, credit, property, lender, and timeline.