First-time buyers
Buying your first home in the Comox Valley
The first purchase can feel overwhelming. It does not have to. Ray has walked first-time buyers through it for decades, from the pre-approval to the day the keys are in your hand, with straight answers at every step.
The path
Four steps to your first keys
Nothing here is complicated once someone explains it in order. For the long version, read the buyer's guide; most first purchases in the Valley are condos and townhomes, so it is worth knowing how strata documents read before you write an offer.
Know your number
A written pre-approval from a lender or broker who understands BC programs for first-time buyers. Ray can introduce you, and you can run the numbers yourself first.
Pick your places
Cumberland village, a Courtenay condo, a Comox townhome near the base. Ray helps you weigh price, commute and lifestyle, and the community pages show homes in Courtenay and everywhere else in the Valley.
Tour with a checklist
The dos and don'ts below, plus Ray's eye for what the photos hide and what a home will cost to run. It helps to set up alerts so you see new homes the morning they list.
Offer, subjects, keys
A protected offer, a thorough inspection, subject removal, and Ray at the door on possession day.
Keep a level head
Dos and don'ts when you tour homes
When you are shopping for a first home it is easy to let emotion take over. This list keeps you honest while you look, so there is no buyer's remorse later.
Do
Do a drive-by
Check out the exterior, the street and the neighbourhood at different times of day. See how it feels walking around, and how long the drive to work really takes.
Do
Come prepared
Bring a list of questions, take photos, sketch layouts and measure. After a few showings homes blur together; your notes will not.
Do
Look in your price range
It is easy to fall in love with a home you cannot afford. Stay inside your pre-approval and you will judge each home on its merits.
Don't
Forget storage
Closets, crawl space, garage, shed. Where does the vacuum go, the bikes, the skis and the off-season clothes?
Don't
Sweat the small stuff
Dated fixtures and a bold paint colour are cheap to change. Old wiring, a failing roof or a bathroom that needs a gut are not.
Do
Check the water
Run the taps, flush the toilets, see how fast the water heats. On rural properties ask about the well flow rate and the septic inspection.
Don't
Overestimate your DIY skills
A leaky tap, sure. A kitchen renovation or rewiring is a contractor and a budget. Be honest about what you will actually do.
Don't
Be afraid to move on
New listings come every day. If the numbers or the inspection do not work, walk away. Another home as good as this one will come along.
Programs that help
Money on the table for first-time buyers
Three programs are worth checking before you write an offer. The calculator on this site applies the first-time buyer exemption to a real purchase price.
BC Property Transfer Tax exemption
A full exemption on the first $500,000 of value for homes up to $835,000 (partial to $860,000) under the rules since April 2024. On a $700,000 home that is $12,000 you do not pay at closing.
First Home Savings Account
A federal registered account that combines an RRSP-style deduction with tax-free withdrawals for a first home. Ask your bank about contribution room.
Home Buyers' Plan
Withdraw from your RRSP toward a first home and repay it over time. Often paired with the FHSA to build the down payment faster.
Program limits change with federal and provincial budgets. Ray keeps current, and your lender or accountant confirms eligibility.
First-time buyer FAQ
Common questions
Do first-time buyers pay Property Transfer Tax in BC?
Under the rules in effect since April 2024, qualifying first-time buyers get a full exemption on the first $500,000 of value for homes up to $835,000, with a partial exemption up to $860,000. You must be a Canadian citizen or permanent resident, have lived in BC for at least a year (or filed two BC returns in the last six years), never have owned a principal residence anywhere, and live in the home for the first year. Confirm the current thresholds with the Province before you write an offer.
How small can my down payment be?
Five percent on the first $500,000 and ten percent on the portion above that for an insured mortgage. Under 20% down, mortgage default insurance is added to your loan. The First Home Savings Account and the Home Buyers' Plan (RRSP withdrawal) are two federal programs that can help fund the down payment; ask your lender or accountant which fits.
What is a subject-to-inspection offer?
An offer that gives you a set number of days to have the home inspected and to walk away or renegotiate if something serious turns up. Almost every first-time buyer should include it. Ray recommends inspectors who know Comox Valley housing stock.
Should I buy a condo or a house first?
It depends on your budget, how long you plan to stay, and how much maintenance you want. Condos are the lower entry price and come with strata fees and rules; houses give you land and control and more upkeep. Ray will lay out the real numbers for both in your price range.
Ask Ray anything
Not sure whether you are ready? That is a fine place to start. Ray will tell you honestly where you stand and what to do next.
Courtenay, Comox, Cumberland, Campbell River
Ready to Make Your Next Move?
Whether you're buying your first home, selling the family house or relocating to the Island, Ray is here for every step. No pressure, just honest, experienced guidance.