First-Time Buyer Checklist
Every step from your first dollar saved to your first night in your new home. Tap an item to tick it off — your progress stays saved on this device.
Facts checked October 2026
Money & savings
Check your credit score
Get your free Equifax and TransUnion reports. Aim for 680+ for the best options and dispute any errors early.
MoneyWork out your true budget
Include property tax, strata, insurance, utilities and maintenance — not just the mortgage.
MoneyOpen a First Home Savings Account (FHSA)
Save up to $8,000 a year ($40,000 lifetime). Contributions are tax-deductible and qualifying withdrawals are tax-free.
Don't skipPlan your Home Buyers' Plan (HBP)
Withdraw up to $60,000 per person from your RRSP for your first home, and repay it over time. It can be combined with an FHSA.
MoneySave your down payment
Minimum 5% of the first $500,000 and 10% above that (homes under $1.5M). Lenders want funds in your account for about 90 days or documented gifts.
Don't skipSet aside closing costs
Budget about 1.5%–4% of the price for Property Transfer Tax, legal fees, inspection and adjustments.
MoneyCheck your PTT exemption
First-time buyers may pay no Property Transfer Tax on the first $500,000 for homes up to $835,000 (saving up to $8,000). You must be a citizen or PR and meet BC residency rules.
Don't skipPre-approval
Gather your documents
Two years of T4s and Notices of Assessment, recent pay stubs, an employment letter, 90 days of bank statements and ID.
To doGet a written pre-approval
Pre-qualification is an estimate; pre-approval is a lender review of your income, credit and down payment.
Don't skipUnderstand the stress test
You'll qualify at the higher of your rate + 2% or 5.25%. That sets your borrowing limit.
MoneyAsk about 30-year amortization
First-time buyers can now get 30-year insured mortgages — lower payments, but more interest over time.
MoneyCompare fixed and variable
Fixed gives payment certainty; variable moves with the Bank of Canada. Pick based on your risk comfort.
MoneyHold your rate
Most pre-approvals hold a rate for 90–120 days.
To doYour search
Choose your REALTOR®
Review BCFSA's Disclosure of Representation form and agree in writing how your agent will work for you.
Don't skipList must-haves vs nice-to-haves
Filter by deal-breakers first. It removes most of the noise.
To doSet up listing alerts
Get matching listings the moment they're posted.
To doResearch neighbourhoods
School catchments, commute, transit, parks, zoning changes and flood maps.
To doVisit at different times
Morning, evening and weekday rush hour tell the real story.
To doCompare sold prices
Ask for the last 90 days of comparable sales — not list prices or assessments.
To doOffer & subjects
Review the comparables
Base your offer on recent sold data for similar homes.
Don't skipKeep a financing subject
Don't go firm until your lender confirms the specific property in writing.
Don't skipBook a home inspection
Budget $500–$800 for a licensed BC inspector.
Don't skipRead the Property Disclosure Statement
Question every 'do not know'.
LegalReview strata documents
Minutes, Form B, financials, bylaws and depreciation report.
LegalConfirm home insurance
Some older buildings or flood areas are harder to insure. Check before removing subjects.
To doKnow the 3-day rescission
You can cancel a resale purchase within 3 business days of acceptance for 0.25% of the price. It can't be waived.
LegalHave your deposit ready
Usually about 5%, due within the time set in the contract.
MoneyClosing
Hire a lawyer or notary
Usually $1,200–$2,000. They handle title, funds and the PTT exemption claim.
LegalGet final mortgage approval
Make sure the lender has approved the property and sent instructions to your lawyer.
Don't skipFreeze your finances
No new debt, job changes or big purchases until you have the keys.
Don't skipArrange your insurance binder
Your lender needs proof of insurance before funding.
To doSend your closing funds
Transfer to your lawyer a few business days before completion.
MoneyDo the final walkthrough
Confirm condition and included items.
To doSign your documents
Allow an hour or two at your lawyer's office.
LegalMoving in
Change the locks
On possession day, before you unpack.
To doTransfer utilities
BC Hydro, FortisBC, water and internet.
To doUpdate your address
CRA, ICBC, bank, employer and insurance.
To doClaim your Home Owner Grant
Apply every year with your property tax.
MoneyKeep living there for the PTT exemption
Move in within 92 days and live there as your principal residence for the first year, or part of the exemption is repayable.
Don't skipBook a 12-month check-in
We'll review your equity, the market and your mortgage options.
To doQuestions on any step?
First-time buyers are some of my favourite clients. Let's walk through your plan together.