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How much money do I need to buy this condo?
Dated: February 2 2026
Views: 160
Understand this:
- You don’t need 20% down
- You don’t need to understand everything upfront
- First-time buyers get real advantages, especially in BC
- A lower-priced condo is one of the easiest ways to exit the rental cycle
Minimum down payment (Canada rule):
Homes under $500,000 → only 5% down
On a $224,000 condo, that’s about $11,200
👉 You do not need 20% down to buy your first home.
Who qualifies for first time buyer (Canada rule):
You’ve never owned a home before
You used to own, but it’s been 4+ years
Big BC bonuses for First Time Buyers
Normally, buyers pay a property transfer tax when they buy a home. As a first-time buyer in BC: (only if you have never owned a home before)
You pay ZERO PTT on the first $500,000
👉 On a $224K condo, you’d likely pay $0 in this tax
👉 That can save thousands right away
(Your lawyer handles this — you don’t need to figure it out yourself.)
First-Time Buyer Tax Credit
Expect to get about $1,500 back at tax time
Helps cover closing costs
Extra help from the government
First Home Savings Account (FHSA)
Save money tax-free
Use it for your down payment
Budget for closing costs (small but important)
Besides the down payment, expect:
Lawyer/notary fees
Home inspection
Mortgage insurance (only if under 20% down)
👉 Rule of thumb: 1.5–2% of purchase price
- On This $224K condo → roughly $3,500–$4,500
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