BC’s First-Time Home Buyers’ Program can fully or partially exempt eligible buyers from PTT, provided you’re a Canadian citizen or permanent resident, have lived in BC for at least a year (or filed two BC income tax returns in the last six years), have never owned an interest in a principal residence anywhere, and the property falls under the program’s price threshold and will be your principal residence.

Yes — most lenders accept down payment funds gifted from an immediate family member (parent, sibling, grandparent, or spouse). You’ll need a signed gift letter from the donor confirming the money is a true gift.

Budget for more than just the down payment. A common rule of thumb is to budget 1.5% to 4% of the purchase price for closing costs on top of your down payment — the exact figure depends heavily on your specific transaction.

A pre-approval gives you a solid estimate of the maximum mortgage you qualify for, along with a rate guarantee — typically for 90 to 120 days. A pre-approval isn’t an absolute guarantee of funding — your final approval is still subject to the property itself and your overall financial picture.