Mortgage Broker

604 353 5809

1665 kingsway Vancouver BC, V5N 2S2
600-1200 W 73rd Avenue, Vancouver BC, V6P 6G5

©2019 by Brandon Nishi Mortgages

Tips for

First-Time Homebuyers

5 Minutes of reading can save you thousands! 

Downpayment: 5% vs 20%

In BC, the minimum downpayment to purchase a home is 5%. On a $500,000, that's around $25,000. A big difference than the hefty 20% ($100,000) that most people suggest putting down. Why not put 5% downpayment then? The main difference is the mortgage insurance premium that is added to your mortgage if downpayment is below 20%.

Ex: Purchase price of $500,000.  Downpayment of 5%. Interest Rate of 2.99%

With CMHC insurance, you could be looking at an extra $20,000 on top of your mortgage. Although this doesn't have to be paid right away, interest will be accumulating on this amount as well.

Remember, mortgage insurance covers the lender. Not you. 

To learn more about insured, insurable, and uninsurable mortgages, click here.

5 Incentives for First-Time Homebuyers


First-Time Home Buyer's Program

Save up to $5,000 on your property transfer tax, on your first home purchase!


First-Time Home Buyer's Incentive

Have a minimum down payment of 5% or more? You may be eligible to finance a portion of your home to get 5%-10% extra downpayment! Although it has to be paid back, it's a cheaper option since you don't need to pay interest on it.


Home Buyers plan

This program allows you to withdraw up to $25,000 in a calendar year from your registered savings plan.  Repay over the course of 15 years, interest free.


First time home buyer Tax credit 

You may be eligible for a $750 rebate as a first time homebuyer. This  program is to help recover from the closing costs: legal expenses, expenses, land transfer tax


GST/HST New Housing rebate

Possible rebate on part of  your GST/HST that you paid on the purchase price of the house, cost of renovating, or building a major building on the propety

Let's Chat