Becoming a Kamloops first-time homebuyer is an exciting milestone—and it comes with unique opportunities compared to larger cities. While housing markets in Vancouver and Kelowna often feel out of reach, Kamloops offers a balance of affordability, outdoor lifestyle, and strong long-term value. Imagine finishing a day’s hike, bike ride, or ski session and returning home to a property that’s truly yours.

If you’re considering a first-time mortgage in Kamloops, here’s a clear step-by-step guide to help you move forward with confidence.

Step 1: Get Pre-Approved

Before browsing listings, your first step is a mortgage pre-approval.

• It gives you a clear idea of what you can afford.

• Shows sellers and real estate agents you’re serious.

• Locks in a rate for 90–120 days, protecting you if rates rise.

Working with a mortgage professional means you’ll see options from multiple lenders, not just one bank—ensuring you get the best fit for your financial situation.

Step 2: Understand Down Payment Rules in BC

In British Columbia, the minimum down payment depends on the purchase price:

• 5% on the first $500,000

• 10% on the portion from $500,001–$999,999

• 20% on homes $1 million or more

For many first-time buyers in Kamloops, the 5–10% range applies, making homeownership more achievable here than in many bigger markets.

Tip: Remember to budget for closing costs on top of your down payment (we’ll cover that below).

Step 3: Explore Mortgage Programs & Incentives

The government of Canada and the Province of BC offer programs designed to help first-time buyers, including:

• Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSP tax-free to put toward your first home.

• Property Transfer Tax (PTT) Exemption: If you’re purchasing under $500,000 (with partial exemptions up to $525,000), you may be exempt from paying this tax—a huge savings.

An experienced broker can walk you through which of these apply to your situation.

Step 4: Prepare for Closing Costs

Closing costs often catch first-time buyers by surprise. In Kamloops, you should set aside 1.5–4% of the purchase price to cover:

• Legal fees & title insurance

• Appraisal fees (sometimes required by lenders)

• Property Transfer Tax (if not exempt)

• Home inspection

• Moving costs and adjustments (e.g., property taxes)

By planning ahead, you’ll avoid last-minute stress and step into your new home fully prepared.

Ready to Take the Next Step?

Buying your first home in Kamloops is about more than getting a mortgage—it’s about creating a lifestyle where affordability meets adventure. With the right guidance, your first purchase can be smooth, clear, and even enjoyable.

Schedule your free first-time buyer consultation today and let’s map out your path to homeownership in Kamloops