How much deposit is required when buying a home in BC? 

In most Fraser Valley transactions, the deposit is typically 5% of the purchase price and is due within 24 hours of subject removal.

What happens if I don’t remove subjects?
If subjects are not removed by the agreed deadline, the contract collapses unless agreed upon in writing by both parties.

What is the minimum credit score needed to buy in BC?
Most lenders require a minimum credit score around 600–680, depending on the mortgage program and down payment amount.

Can I buy a home in Abbotsford with 5% down?
In Canada, buyers must put 5% down on the first $500,000 of the purchase price, 10% on the portion between $500,000 and $999,999, and 20% if the purchase price is $1,000,000 or more.

What is mortgage stress testing in Canada?
All buyers must qualify at a higher “stress test” interest rate to ensure they can afford payments if rates increase.

Do I need a home inspection as a first-time buyer?
A home inspection is strongly recommended to identify potential structural, roofing, plumbing, or electrical issues before the sale becomes firm.

What are closing costs in British Columbia?
In addition to your down payment, buyers should budget for legal fees, property transfer tax (if applicable), inspection costs, and moving expenses.

What is Property Transfer Tax in BC?
Property Transfer Tax is calculated based on purchase price. First-time buyers may qualify for exemptions depending on eligibility and price thresholds. 

Can I use my RRSP to buy my first home?
Yes. Under the Home Buyers’ Plan, eligible buyers can withdraw funds from their RRSP to use toward a down payment.

Should I buy a condo or a townhouse as my first home?
The right choice depends on budget, lifestyle, strata fees, and long-term equity goals. Faeine can help evaluate which option aligns best with your plans.