Chris Shortt
Mortgage Broker
BRX Mortgage Inc.
BCFSA X301291
Licence MB612777
First-time buyers
I am a mortgage broker in Nanaimo helping first-time home buyers work out what they can afford, what they may get back, and what it typically costs to close. The examples below are based on rules and prices as of autumn 2026.
Under current federal rules, the minimum down payment is generally 5% of the first $500,000 of the price and 10% of the portion above that. Here is what that can look like at typical Nanaimo prices.
| Example home | Typical price, August 2026 | Example minimum down |
|---|---|---|
| Condo | $410,000 | $20,500 |
| Townhouse | $533,000 | $28,300 |
| Example purchase | $650,000 | $40,000 |
| Detached house | $820,100 | $57,010 |
With less than 20% down, your mortgage will usually need mortgage default insurance, which protects the lender. The premium is typically added to your mortgage rather than paid upfront. Some first-time buyers may qualify for a longer amortization, meaning more time to pay off the mortgage, of up to 30 years. I will confirm what applies to you.
Many first-time buyers in BC pay reduced property transfer tax, or none. Here are some examples under the current rules.
| Example price | Example transfer tax payable |
|---|---|
| $500,000 | $0 |
| $533,000 | $660 |
| $650,000 | $3,000 |
| $800,000 | $6,000 |
Above about $835,000 the exemption starts to shrink, and at higher prices it may not apply at all. In August 2026, Nanaimo's typical detached house was close to that point, so it is worth checking early if you are looking at detached homes. In Parksville and Qualicum Beach, typical detached prices were higher still.
The eligibility rules are stricter than many people expect. They generally include never having owned a home you lived in, anywhere, and moving in within a set time after you buy. If there is any doubt about whether you qualify, ask me before you write an offer.
A First Home Savings Account and the RRSP Home Buyers' Plan can both help with a down payment, and in many cases can be used together. The limits and repayment rules have changed several times in recent years, so I will walk you through what applies when we talk.
Some first-time buyers of new homes from a builder may qualify for a federal GST rebate. The details depend on the price and timing, and processing has been slow, so I would not plan on it for closing day. Ask me and we will check it together.
Your down payment is not the only cash you need. These are typical ranges, and yours will depend on the property and the people you hire.
| Item | Typical range |
|---|---|
| Transfer tax, after the exemption | about $3,000 |
| Lawyer or notary | about $1,400 to $1,800, plus tax |
| Home inspection | about $375 to $600 |
| Title insurance | about $150 to $800 |
| Home insurance, first year | varies by home, often $1,300 to $1,700 for a house |
| Moving | varies, often $950 to $3,000 |
In this example, planning on roughly $6,500 to $9,500 on top of your down payment is a reasonable starting point, plus your share of the year's property taxes. See a worked example at $700,000.
These figures are examples based on rules and typical prices as of autumn 2026. Rules change, and every file is different. I will confirm the actual numbers for your situation.
| Poly-B plumbing | Some insurers may not cover it, or may add conditions. Since a mortgage usually requires insurance, it is worth checking before your offer becomes firm. More on poly-B. |
| A buried oil tank | Many lenders will not fund while a known tank is still in the ground. |
| An older strata | Stratas may be required to have an up-to-date depreciation report. Read it, and ask about planned repairs before you buy. |
| The vacancy tax declaration | Nanaimo is in BC's speculation and vacancy tax area. Most owners who live in their home owe nothing, but you may still need to file a declaration each year. |
I help you work out what you can realistically afford before you start looking. I check the property against issues like the ones above before your offer becomes firm. And I keep you updated at every stage, including when the news is not good.
Closing cost ranges are typical local examples and will vary.
Nothing to fill in first, and no credit check to book. Bring whatever questions you have got.