Condos near SkyTrain
Metrotown and Brentwood in Burnaby, the Canada Line in Richmond, and Lower Lonsdale on the North Shore hold the deepest supply of first homes, with transit that keeps daily life simple without a second car.
Home / First Time Buyer in Vancouver
First time buyer, Vancouver BC
Your first home in Vancouver, explained in plain steps.
Buying your first home here is the largest purchase of your life so far, and the process is more learnable than it looks. This page walks the whole route: what you need saved, the tax breaks built for first time buyers, where starter homes actually exist in this market, and how an offer works in BC. Mike Dirks has been a licensed realtor since 2015 and works with first time buyers across Vancouver, the North Shore, Richmond, and Burnaby.
Regional market stats
Greater Vancouver home prices, September 2026.
Benchmark prices for a typical home across Greater Vancouver, from the Greater Vancouver Realtors MLS Home Price Index.
$1,075,900Composite benchmark, all home types across the region
$682,500Apartment benchmark, the first step onto the ladder for many buyers
$1,016,700Townhouse benchmark, for buyers who need more room
10.9 percentSales to active listings ratio, a pace that favours buyers
Source: Greater Vancouver Realtors, September 2026. A benchmark price describes a typical home in each category, and the ratio compares homes sold with homes listed across the region that month.
The money
What you need, and the breaks that help.
Your minimum down payment in BC depends on the price: 5 percent on the first $500,000, 10 percent on the portion above that up to $1,500,000, and 20 percent on homes priced at $1,500,000 and above. On an $800,000 condo, the minimum is $55,000. Below 20 percent down, you also carry mortgage default insurance, which your lender adds to the mortgage.
Budget for closing costs on top: roughly 1.5 to 3 percent of the price for property transfer tax, legal fees, inspection, and adjustments. Then use every break built for you. BC gives first time buyers a full property transfer tax exemption on homes up to $835,000 in fair market value, with a partial exemption up to $860,000.
Two savings plans stack together. The First Home Savings Account lets you save $8,000 a year, $40,000 in total, with tax deductible contributions and tax free withdrawal for your first home. The Home Buyers Plan lets you withdraw up to $60,000 from your RRSP toward the purchase and repay it over time. First time buyers can also qualify for a 30 year amortization on an insured mortgage, which lowers the monthly payment, and a federal GST rebate applies to newly built homes bought by first time buyers.
Before you view a single home, get a mortgage pre approval in writing. It confirms your real budget, and sellers take your offer more seriously with it in hand.
Starter homes
Where starter homes exist in this market.
A starter home in Metro Vancouver usually means a condo, a townhome, or a smaller older detached home in a less central area. The honest map looks like this.
Townhomes for growing room
Townhome complexes in Richmond, Burnaby, and the North Shore give a family a front door and a small yard at a price below detached. Strata fees and rules vary widely, and the documents deserve a careful read.
East Vancouver character
Older condos and the occasional small detached home east of Main offer character and community. Older buildings need sharper questions about maintenance history and upcoming costs.
Newly built homes
Presale and newly built condos and townhomes add the GST question to the math, balanced by the first time buyer GST rebate on qualifying homes and a building with warranty ahead of it.
The apartment benchmarks below show where a first purchase is most realistic across the areas Mike works. A benchmark is the price of a typical apartment in that area. It is a guide for planning, not a promise about any one listing.
Lower Lonsdale, North Vancouver
Apartment benchmark in North Vancouver: $769,000. Condos near the SeaBus, the Shipyards, and Lonsdale Avenue put downtown within an easy commute while daily life stays on the North Shore.
Fairview and Kitsilano, Vancouver West Side
Apartment benchmark on the Vancouver West Side: $761,800. Older buildings and concrete towers near the beaches, the hospitals, and the Broadway corridor are the realistic first step in this part of the city.
Richmond Centre area, Richmond
Apartment benchmark in Richmond: $635,600. Condos near Richmond Centre and the Canada Line carry the lowest apartment benchmark on this page, with a direct ride downtown and flat, walkable streets at home.
Metrotown, Burnaby South
Apartment benchmark in Burnaby South: $723,000. Towers and smaller buildings around Metrotown and Royal Oak place a first home beside SkyTrain, shopping, and Central Park.
Brentwood and Burnaby Heights, Burnaby North
Apartment benchmark in Burnaby North: $662,400. Condos around Brentwood and along Hastings Street pair a lower benchmark with a growing town centre and a simple commute west.
The offer
How buying actually works in BC.
Your offer is a Contract of Purchase and Sale. It sets the price, your deposit, the dates, and your subjects: the conditions that protect you while you confirm financing, book an inspection, and read the strata documents on a condo or townhome. A deposit, commonly around 5 percent of the price, is paid when the offer is accepted or shortly after.
BC also gives home buyers a three business day rescission period after an accepted offer, a cooling off window with a set fee if you walk away. Once your subjects are removed, the sale is firm, and completion follows on the agreed date when title transfers and you get your keys.
Working with a buyers agent costs you nothing out of pocket in most sales, because the seller pays the commission through the listing agreement. What you get for it is comparable sales analysis before you offer, a subject strategy that protects you without weakening the offer, and someone watching every deadline. That is the work Mike does with first time buyers every week.
The map
Vancouver, on the map.
The map runs from downtown and False Creek across to East Vancouver and down to the southern shore. Transit lines, beaches, and village streets decide how a first home feels day to day, so start here and then match the pocket to your budget.
Map data from OpenStreetMap contributors. Zoom and drag to explore the areas named on this page.
Listings
Homes for sale across Metro Vancouver right now.
Every active listing in the region is published on REALTOR.ca, the national MLS listing site. Browse the current listings there, then come back to Mike for the story behind the ones you like: the sales on the street, the health of the strata, and whether the asking price holds up.
Browse Metro Vancouver listings on REALTOR.ca
Prefer a shortlist built for you? Ask Mike for the newest listings by area and he will send the homes that match your budget and your chosen areas, with his notes on each.
Watch
The latest Vancouver market update.
Mike publishes plain spoken market updates on the Vancouver Family Living channel: what the newest numbers mean for buyers and sellers across the region, including first time buyers.
In this update: rents softening across Metro Vancouver, what that signals for investors and for owners thinking of selling, and how a softer rental market changes the math on holding a second property. For first time buyers, softer rents can ease the pressure while you save, and they shape how sellers price the condos you will be looking at.
The market right now
A buyer favouring moment, used well.
According to Greater Vancouver Realtors, September 2026 data showed a composite benchmark price of $1,075,900, with a sales to active listings ratio of 10.9 percent, which favours buyers. For a first time buyer that means more choice, more time to inspect properly, and more room to negotiate than this market usually allows. It rewards preparation over speed.
Start with the free family buyer guide, or book a short call and bring your numbers. Mike will tell you honestly what your budget buys in each area, and where it buys the most.
Common questions
First time buyer questions, answered.
How much do I need for a down payment on a first home in Vancouver?
The minimum is 5 percent of the first $500,000 of the price, plus 10 percent of the portion up to $1,500,000, and 20 percent at $1,500,000 and above. On an $800,000 home that is $55,000. Add closing costs of roughly 1.5 to 3 percent, and remember that a larger down payment lowers both your mortgage insurance cost and your monthly payment.
Do first time buyers pay property transfer tax in BC?
Often, no. First time buyers qualify for a full exemption on homes with a fair market value up to $835,000, and a partial exemption up to $860,000, when they meet the residency and ownership conditions. On a qualifying $800,000 purchase the exemption erases a tax bill of about $14,000 entirely, leaving nothing owing. Between $835,000 and $860,000 the exemption is partial, and tax applies on the value above the exempt portion. Your notary or lawyer confirms your eligibility at completion.
What is the First Home Savings Account?
A registered account built for first homes. You can contribute $8,000 a year up to $40,000 in total, deduct the contributions from your income, and withdraw the money tax free when you buy a qualifying first home. It stacks with the Home Buyers Plan, so a couple saving in both plans can put together a serious down payment.
How does the Home Buyers Plan work?
It lets you withdraw up to $60,000 from your RRSP toward a first home without paying tax on the withdrawal, as long as you repay it to your RRSP over the years that follow. Two buyers purchasing together can each use their own plan room. Your mortgage broker will confirm the current repayment start date for your withdrawal year.
What counts as a starter home in Vancouver?
In practice, a condo or townhome in a transit served area, or a smaller older home further from the core. The right starter home is the one that fits your budget with room to spare, in a building or on a street you have checked carefully, that you can hold for at least five years. Mike helps you judge buildings and areas against that standard before you offer.
How much down payment does a first time buyer need in BC?
The minimum follows the price: 5 percent on the first $500,000, 10 percent on the portion up to $1,500,000, and 20 percent on homes priced at $1,500,000 and above. On an $800,000 home the minimum is $55,000. Closing costs sit on top of that, and mortgage default insurance applies when your down payment is under 20 percent.
How does the first time buyer property transfer tax exemption work?
When you qualify, the province removes the property transfer tax on homes with a fair market value up to $835,000, and a partial exemption applies up to $860,000. You must meet the residency and ownership conditions and live in the home as your principal residence. Your notary or lawyer confirms your eligibility and claims the exemption when the purchase completes.
Can a first time buyer get a 30 year amortization?
Yes. First time buyers can qualify for a 30 year amortization on an insured mortgage that meets the program rules. A longer amortization lowers the monthly payment and raises the total interest paid over the life of the mortgage, so run both payment versions with your mortgage broker before you offer.
Keep exploring
The areas Mike works.
Buying your first home? Start with an honest read on your numbers.
Whether you are ready now or a year out, a short call will show you exactly what your budget buys and what to do next.
Call or text 778 997 1890 or email dirksrealestate@gmail.com.