Guide
BC first-time home buyer checklist
Seven steps, from saving to getting the keys.
Short answer: Save, check your minimum down payment, get pre-approved, budget closing costs, then make an offer with subjects. After acceptance, BC gives you a three-business-day rescission period on most resale homes. Remove subjects, then your lawyer or notary handles completion.
Start with the numbers: your minimum, your gap and a closing costs range.
1. Work out your money
- Know your minimum down payment. On a $650,000 condo it’s $40,000.
- Open an FHSA early, since room only starts once it’s open.
- Check your RRSP for the Home Buyers’ Plan, and top it up at least 90 days before you’ll withdraw.
- If you’re putting less than 20% down, budget for mortgage insurance.
2. Get pre-approved
A pre-approval from a lender tells you roughly what you can borrow and holds a rate for a while. It’s not a final approval. You’ll need to pass the stress test at the higher of 5.25% or your rate plus 2%. Compare a few lenders yourself.
3. Budget closing costs
Plan for 1.5% to 4% of the price on top of your down payment. In BC that covers property transfer tax, legal or notary fees, title insurance, an inspection, strata documents and adjustments. The closing costs calculator gives a range, and the closing costs guide explains each one. Check the first-time buyer and newly built exemptions.
4. Make an offer
- Deposit: the contract sets the amount and when it’s due, usually soon after acceptance. Have it ready in your bank account.
- Subjects: common ones are financing, inspection and, for strata, reading the minutes, bylaws and depreciation report.
- Dates: completion, possession and adjustment dates. Leave time for your lawyer or notary.
5. The rescission period
For most resale homes in BC, you can cancel within three business days after your offer is accepted, by written notice. It costs 0.25% of the price, so $1,625 on a $650,000 condo. You can’t waive it. It doesn’t cover leasehold or leased land, auctions or court-ordered sales.
Presales work differently. Under BC’s Real Estate Development Marketing Act, you get seven days to cancel after the later of signing and getting the disclosure statement.
6. Remove subjects
Once your financing is confirmed and you’re happy with the inspection and documents, you remove subjects in writing. After that the deal is firm, and backing out can cost you your deposit and more.
7. Completion and moving in
- Your lawyer or notary registers the transfer and pays the transfer tax from your funds.
- Withdraw your FHSA (Form RC725) and HBP money (Form T1036) in time. Both need a written agreement first.
- Arrange home insurance before completion. Lenders need it.
- Get keys on possession day, usually after the money and title have moved.
Common questions
Can I back out after my offer is accepted in BC?
For most resale homes, yes, during the Home Buyer Rescission Period: three business days after acceptance. You give written notice and pay a fee of 0.25% of the price. Some sales, like leasehold or court-ordered ones, aren’t covered.
Can I waive the rescission period?
No. It can’t be waived or changed in a contract for the homes it covers.
How long do I have to cancel a presale in BC?
Seven days after the later of the day you sign and the day you get the developer’s disclosure statement, by written notice.
How much cash do I need to buy a home in BC?
The minimum down payment plus closing costs. FCAC suggests 1.5% to 4% of the price for closing costs. Transfer tax is the big BC one, unless an exemption applies.
Sources
- Home Buyer Rescission Period, BC Financial Services Authority. Checked October 2026.
- Home Buyer Rescission Period Regulation, BC Reg 175/2022, BC Laws. Checked October 2026.
- Real Estate Development Marketing Act, SBC 2004, c. 41, BC Laws. Checked October 2026.
- How much you need for a down payment, Financial Consumer Agency of Canada. Checked October 2026.
- Preparing for a mortgage, Financial Consumer Agency of Canada. Checked October 2026.
- Buying a home, Financial Consumer Agency of Canada. Checked October 2026.
- Withdrawals and transfers out of your FHSAs, Canada Revenue Agency. Checked October 2026.
- How to make withdrawals under the Home Buyers’ Plan, Canada Revenue Agency. Checked October 2026.
Same rules as the calculators. Rules last verified: . See how the calculators work.
Keep reading
Estimates only. Not tax, legal or financial advice.
Rough numbers, not a quote or a lender’s decision. Check with a lawyer or notary and your lender before you rely on them. See Disclosures and Methodology.