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15 Aug

First-Time Home Buyer Guide: Step-by-Step to Owning Your First Home

Mortgage Tips

Posted by: Gavin Toor

First-Time Home Buyer Guide: Step-by-Step to Owning Your First Home in Surrey, Langley & Burnaby

By Gavin Toor — Mortgage Broker, Volterra Capital Corp.

Why First-Time Buyers Need a Step-by-Step Plan

Buying your first home in Surrey, Langley, or Burnaby is exciting — but it can also feel overwhelming. There are new terms to learn, financial requirements to meet, and multiple steps before you get the keys.

This guide walks you through exactly what to do as a first-time home buyer in BC, from your initial planning to move-in day, so you can avoid costly mistakes and feel confident every step of the way.

Step 1: Decide You’re Ready to Buy

Before starting your home search, ask yourself:

  • Can you commit to living in one place for 3–5 years?

  • Is your income stable and your debt manageable?

  • Do you have enough saved for a down payment and closing costs?

💡 Tip: Even if you’re not ready yet, talking to a mortgage broker early helps you create a timeline and savings plan.

Step 2: Understand How Much You Can Afford

Your home budget depends on three factors:

  1. Income — Annual gross income for employees or adjusted net income for self-employed buyers.

  2. Debts — Monthly obligations like car loans, credit cards, or student loans.

  3. Down Payment — At least 5% for homes under $500,000, with higher requirements for more expensive properties.

💡 Tip: Online affordability calculators are a starting point, but a full mortgage pre-approval from a broker is the most accurate way to know your limit.

Step 3: Save for Your Down Payment & Closing Costs

  • Minimum down payment in Canada:

    • 5% on the first $500,000 of the purchase price.

    • 10% on the portion between $500,000 and $1,000,000.

  • Closing costs: 1.5–4% of the purchase price for legal fees, property transfer tax, inspections, and moving costs.

💡 First-Time Buyer Programs:

  • First Home Savings Account (FHSA) — Save tax-free for your first home.

  • Home Buyers’ Plan (HBP) — Withdraw from your RRSP without tax penalty.

  • BC First-Time Home Buyers’ Program — Property transfer tax exemption for eligible buyers.

Step 4: Get Pre-Approved for a Mortgage

A pre-approval:

  • Confirms your budget.

  • Locks in your interest rate for 90–120 days.

  • Shows sellers you’re a serious buyer.

💡 Pro Tip: Get a full pre-approval (credit & income verified), not just a quick online rate quote.

Step 5: Work With a Local Realtor

Choose a realtor who knows the Surrey, Langley, or Burnaby market and has experience with first-time buyers. They will:

  • Help you find homes in your budget.

  • Guide you through the offer process.

  • Negotiate on your behalf.

Step 6: Make an Offer & Pay Your Deposit

When you find the right property:

  • Your realtor prepares the offer.

  • You can include conditions like financing and home inspection.

  • If accepted, you’ll pay a deposit (often 5% of the purchase price).

Step 7: Finalize Your Mortgage Approval

  • Provide updated documents to your broker.

  • The lender completes their final review.

  • A home appraisal may be required.

Step 8: Close on Your New Home

  • Meet with your lawyer or notary to sign legal documents.

  • Pay your closing costs.

  • Funds are transferred, and you receive your keys on completion day. 🎉

Step 9: Move In & Settle

  • Set up utilities, internet, and insurance.

  • Change your address.

  • Celebrate becoming a homeowner!

Why Work With Me for Your First Home

I help first-time buyers in Surrey, Langley, and Burnaby understand their options, avoid pitfalls, and secure competitive mortgage terms. My approach combines expert mortgage advice with a clear, step-by-step process so you can buy with confidence.

📞 Book Your Free First-Time Buyer Consultation
Gavin Toor — Mortgage Broker, Volterra Capital Corp.
📱 604-835-4999 | ✉️ gavintoormortgages@gmail.com
🌐 gavintoormortgages.com