How much do you need to buy a home in BC?

Less than most people think. Below is a complete, honest breakdown of every dollar you need, where it can come from, and how long it realistically takes to save it. 

If you have been wondering whether buying a home in Metro Vancouver is even possible, you are not alone. The question we hear most often is, how much do I actually need to buy a home in BC?’ 

Before we get into the numbers, two things worth saying directly. 

Yes, buying a newly built home means GST applies on top of the purchase price. A resale home does not have GST. We are not hiding from that. But the math has shifted. First-time buyers of new homes under $1 million now qualify for a full GST rebate from the federal government. The good news is, GST can be financed into your mortgage and claimed back after. There is a step to claim it, but it is real money in your pocket. Below shows you how that works. 

New homes come with a second tax advantage too. First-time buyers purchasing a new home up to $1.1 million are fully exempt from BC’s Property Transfer Tax. That is two tax advantages a resale home cannot offer. 

We will use a real home throughout: the SOCO One A plan, a studio in Coquitlam available right now at $424,900. Here is the complete picture. 

The minimum down payment

Canada’s minimum down payment rules require 5% on the first $500,000 of a purchase price, and 10% on any portion above $500,000 up to $999,999. 

For a new build, your down payment is calculated on the all-in price including GST. Here is what that looks like for this home: 

That $22,307 is your floor. You can put more down to lower your mortgage and monthly payments, but that is all you need to qualify at the minimum. 

At 5% down you will be required to carry mortgage default insurance through CMHC or a private insurer. This gets added to your mortgage balance, not paid as cash on closing day. More on that below. 

GST on new builds: what it is, how it works, and what you actually pay 

GST is 5% of the purchase price and applies to newly built homes. On a $424,900 home, that is $21,245. On a resale home, there is no GST.  

The good news is that as of March 12, 2026, first-time buyers purchasing a newly built home under $1 million qualify for a full GST rebate from the federal government. The $21,245 comes right back to you. 

This means most first-time buyers do not need that $21,245 sitting in their bank account on closing day. Your mortgage broker can finance the GST into your mortgage, meaning it gets rolled into your loan rather than paid as upfront cash. Once the purchase closes, you apply to the CRA for the rebate and the money comes back to you. From there, you can use it to pay down your mortgage or cover upcoming expenses. 

Everything in this post is based on that scenario: GST financed into the mortgage. Talk to your broker early to confirm this works for your situation. 

Your total mortgage: how the numbers stack up 

With GST financed in and 5% down, here is exactly how your mortgage is calculated: 

You never write a cheque for the CMHC insurance. It gets added to your mortgage balance, so your total loan becomes $440,792. The monthly payments below are based on this number. 

Closing costs: additional fees you don’t want to forget 

Beyond your down payment, you will need cash for closing costs. For this home, budget $3,000 to $5,000. 

One thing that works in your favour with a new Anthem home: you do not need a third-party home inspection. Anthem homes are covered by the 2-5-10 new home warranty and Anthem’s Homeowner Care program, so that cost does not apply here. 

What your monthly mortgage payments look like 

Your total mortgage is $440,792, which includes the CMHC premium. Here is what your monthly payments look like at different interest rates over a 30-year amortization. First-time buyers with an insured mortgage now qualify for 30-year amortization. 

*Strata fees approximately $278/month. Property tax approximately $100–$150/month. Home insurance is additional. 

**Sample calculation(s) for illustrative purposes only. 

Even at the higher end, your total monthly mortgage for this home is likely in the $2,500 to $2,800 range, a number many renters in Metro Vancouver are already paying. 

The bottom line 

For a move-in-ready studio in Coquitlam at $424,900, the all-in number you need to close is roughly $27,307: $22,307 for your down payment and $5,000 for closing costs. The GST gets financed into your mortgage and comes back to you through the federal rebate. As a first-time buyer you pay zero Property Transfer Tax. The question of how much do you need to buy a home in BC has a real answer, and for a lot of people in Metro Vancouver right now, it is closer than they think.