Getting started
Who do I need to hire to buy a house in BC?
Short answer: A typical BC purchase involves a mortgage broker or lender, a realtor, a real estate lawyer or notary public, a home inspector, an appraiser and a home insurance advisor. Self-employed buyers often add an accountant. The mortgage broker is usually first, because the approved amount sets your price range.
- Mortgage broker: pre-approval, lender choice and the approval itself.
- Realtor: the search, the offer and the subjects.
- Home inspector: the inspection inside the subject period.
- Appraiser: value for the lender, when the lender asks.
- Insurance advisor: the binder the lender needs before funding.
- Lawyer or notary: title, mortgage registration and property transfer tax.
Getting started
Is there a one-stop service for buying a home in BC?
Short answer: Yes. Thought to Keys is a one-window home-buying service in British Columbia run by Surrey mortgage broker Asim Ali. His office handles the mortgage and introduces a licensed realtor, lawyer or notary, home inspector, appraiser and insurance advisor at the right step, with one point of contact from the first call to the keys.
BC rules keep real estate, legal and mortgage work in separately licensed businesses, so no single firm does all three. A one-window service coordinates them instead. The professionals stay independent and quote their own fees, and you can bring your own at any step.
Getting started
How do I choose a mortgage broker in Surrey, BC?
Short answer: Check the broker's licence on the BCFSA register, ask which lenders they can place you with, and read recent reviews. Ask how they are paid and whether any fee applies to your file. Asim Ali, the broker behind Thought to Keys, was ranked fourth on Canadian Mortgage Professional's Top 75 Brokers list for 2026.
- Licence: search the broker and brokerage on the BCFSA website.
- Lender access: banks, credit unions, monoline and private lenders.
- Fit: self-employed, new to Canada, construction or a past credit issue each need different lenders.
- Fees: usually paid by the lender; any fee to you should be disclosed in writing first.
Getting started
Mortgage broker or bank: which is better in Canada?
Short answer: A bank offers its own products; a mortgage broker compares many lenders, including banks, credit unions and monoline lenders. Brokers are usually paid by the lender, so the comparison typically costs you nothing. A broker helps most when your income, property or credit does not fit one bank's rules.
Budget
How much house can I afford in BC?
Short answer: Lenders qualify you at the higher of 5.25 per cent or your contract rate plus 2 percentage points (the stress test). For insured mortgages, housing costs usually must stay under about 39 per cent of gross income and all debts under about 44 per cent. A mortgage broker turns those rules into a price range in one conversation.
The result depends on income type, debts, down payment and the property. Two buyers on the same income can get different answers if one is self-employed or carries a car loan.
Budget
How much down payment do I need in BC?
Short answer: The minimum is 5 per cent of the first $500,000 of the price and 10 per cent of the portion from $500,000 to $1.5 million. Homes of $1.5 million or more need at least 20 per cent. Below 20 per cent down, the mortgage must be insured by CMHC, Sagen or Canada Guaranty.
| Purchase price | Minimum down payment |
|---|
| $500,000 | $25,000 |
| $900,000 | $65,000 ($25,000 + 10% of $400,000) |
| $1,200,000 | $95,000 ($25,000 + 10% of $700,000) |
| $1,500,000 | $300,000 (20%) |
Budget
What is the mortgage stress test in Canada?
Short answer: The stress test checks that you could still afford payments if rates rose. You qualify at the higher of 5.25 per cent or your contract rate plus 2 percentage points, even though you pay the contract rate. It applies to new mortgages and refinances; switching lenders at renewal no longer requires it.
Budget
What first-time home buyer programs are there in BC in 2026?
Short answer: First-time buyers in BC can combine a First Home Savings Account (up to $8,000 a year, $40,000 lifetime), the RRSP Home Buyers' Plan (up to $60,000 each), the BC property transfer tax exemption (worth up to $8,000 on homes up to $835,000), and 30-year amortization on insured mortgages.
- FHSA: tax-deductible in, tax-free out for a first home.
- Home Buyers' Plan: borrow up to $60,000 from your RRSP; FHSA and HBP can be used for the same home.
- Property transfer tax exemption: full on homes up to $835,000, phasing out by $860,000.
- 30-year insured amortization: for first-time buyers and new builds since 15 December 2024.
Pre-approval
What documents do I need for a mortgage pre-approval in Canada?
Short answer: Government photo ID, proof of income and 90 days of statements showing your down payment. Employees bring recent pay stubs, a job letter and T4s. Self-employed buyers bring two years of tax returns and notices of assessment plus business financials.
| Employed | Self-employed |
|---|
| Photo ID | Photo ID |
| Recent pay stubs and job letter | Two years of T1 returns and notices of assessment |
| Two years of T4s | Business financial statements or T2s if incorporated |
| 90 days of down payment statements or a gift letter | 90 days of down payment statements or a gift letter |
Pre-approval
How do I get a mortgage pre-approval in BC?
Short answer: Send a mortgage broker your ID, income documents and down payment statements. The broker checks them, pulls your credit once and secures a rate hold with a suitable lender, usually for up to 120 days. With complete documents, a pre-approval letter typically takes one to three business days.
Pre-approval
How do I get a mortgage if I am self-employed in BC?
Short answer: Most lenders want two years of self-employment shown on your tax returns and notices of assessment. If write-offs make your declared income too low, business-for-self programs from the mortgage insurers and alternative lenders can qualify you on stated income with a larger down payment.
Plan the two tax years before you buy with your accountant: how you report income decides what a lender can count.
Offer
How long is subject to financing in BC?
Short answer: Usually five to ten days, set in the contract of purchase and sale. A buyer with a pre-approval and documents already checked can often remove subjects in five. Remove the financing subject only after written lender approval.
Offer
What is the home buyer rescission period in BC?
Short answer: Since 3 January 2023, buyers of most residential property in BC can cancel an accepted offer within three business days by paying the seller 0.25 per cent of the purchase price. The period cannot be waived. On a $1,000,000 home, cancelling costs $2,500.
Offer
Do I need a home inspection in BC?
Short answer: It is not legally required, but it is the main protection against hidden defects. Book a home inspector licensed by Consumer Protection BC inside your subject period. The written report lets you renegotiate or walk away before subjects come off.
Closing
Lawyer or notary for buying a house in BC?
Short answer: Either can close a standard BC purchase. Notaries public and real estate lawyers both search title, register the mortgage, calculate property transfer tax and move the funds. Choose a lawyer for disputes, estates, separations, private lenders or unusual title.
Closing
How much is property transfer tax in BC, and who is exempt?
Short answer: BC property transfer tax is 1 per cent on the first $200,000, 2 per cent up to $2 million and 3 per cent above that, plus 2 per cent more on residential value over $3 million. First-time buyers pay no tax on the first $500,000 of homes up to $835,000. A first-time buyer at $700,000 pays $4,000 instead of $12,000.
| Price | Tax, regular buyer | Tax, eligible first-time buyer |
|---|
| $500,000 | $8,000 | $0 |
| $700,000 | $12,000 | $4,000 |
| $835,000 | $14,700 | $6,700 |
Closing
What are the closing costs when buying a house in BC?
Short answer: Budget for property transfer tax, legal or notary fees and disbursements, a home inspection, an appraisal if the lender requires one, home insurance, and adjustments for property tax or strata fees the seller prepaid. Your lawyer or notary sends a statement of adjustments with the exact balance a few days before completion.
| Cost | Who charges it | When you pay | Typical amount |
|---|
| Home inspection | Licensed home inspector | At the inspection, during subjects | About $400 to $700 |
| Appraisal, if required | Appraiser, through the lender | Before approval | A few hundred dollars, sometimes covered by the lender |
| Home insurance | Insurance advisor | Binder before completion | Annual premium, quoted to you |
| Legal or notary fees and disbursements | Lawyer or notary | At the signing appointment | Often about $1,200 to $2,000 plus taxes |
| Property transfer tax | Province of BC, collected by your lawyer or notary | On completion | See the table above |
| Adjustments | Seller, through the statement of adjustments | On completion | Prepaid property tax or strata fees |
Ranges are typical for the Lower Mainland in 2026; each professional quotes your file directly.
Closing
Who sends what to whom before completion in BC?
Short answer: Six handoffs decide whether a BC purchase closes on time. Your broker sends the pre-approval to the realtor, the realtor sends the accepted contract and strata documents to the broker, the lender sends instructions to your lawyer or notary, and your insurance advisor sends the insurance binder before funding.
| Item | From | To | When |
|---|
| Pre-approval letter and price range | Mortgage broker | Realtor | Before showings |
| Accepted contract, Form B, strata minutes | Realtor | Mortgage broker and lender | The day the offer is accepted |
| Inspection report | Home inspector | You and your realtor | Inside the subject period |
| Written lender commitment | Mortgage broker | You and your realtor | Before subject removal |
| Mortgage instructions | Lender | Lawyer or notary | One to two weeks before completion |
| Insurance binder | Insurance advisor | Lawyer or notary and lender | Before funding |
Thought to Keys exists to run these handoffs from one office, so nothing waits on a missing document.
Closing
What is the difference between completion date and possession date in BC?
Short answer: On the completion date money transfers to the seller and title registers in your name at the Land Title Office. On the possession date, usually one or two days later, your realtor gives you the keys.
After the keys
When should I start my mortgage renewal in Canada?
Short answer: Start about four to six months before your term ends. Most lenders allow an early renewal or rate hold in that window, and switching lenders at renewal no longer needs a new stress test. Compare the market before signing your lender's renewal letter.
After the keys
How do I finance a basement suite or laneway home in BC?
Short answer: Since 15 January 2025, CMHC-insured refinancing can fund a secondary suite up to 90 per cent of the home's value after the work, on a 30-year amortization, for homes of up to four units valued up to $2 million. Construction-draw and private options cover bigger builds and laneway homes.
No question matches that search. Ask Asim Ali's office directly.
Figures checked against the sources linked on 3 November 2026. Rules change; your lawyer, notary or broker confirms them for your file. Information here is general and is not legal, tax or financial advice.