RefinanceBC
Contact
← All articles

RefinanceBC

5 Tips to help you to stop paying your landlord and become a homeowner in 2025!

Simon Bilodeau · Published 2025-01-13



  1. Leverage First Time Home Buyer Programs

    1. Home Buyers’ plan (HBP). This program allows you to take out up to $60,000 from your RRSP to use as a down payment. More info here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

    2. FHSA , the first home saving account allows you to save $8,000 per year and all profits are tax free. The account gives you a tax deduction similar to the RRSP. More information here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

    3. BC First Time home buyers’ program. This program from the BC government allows you to avoid paying the Property transfer tax if the property is below $835,000. There are many conditions that apply. More information here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers


  1. Start with a lower priced home, many people wish to buy their first property as a single family home (SFH). Since SFH are expensive on the lower mainland and around Victoria it is difficult for First Time Home Buyer (FTHB) to achieve the 1.5M + for a SFH around the main centres in the province. So, defining your needs and not necessarily your wants may help you find your first home. 

    1. It is also easier to start with a condo, townhouse or other property sharing 1 or more walls with the neighbour's property. 

    2. Moving away from a large centre such as Vancouver and Victoria will also reduce prices. The suburbs or even rural areas can make it a lot easier to find a property that fits your budget.

    3. Buying a home that needs renovation/updates can also be a good idea


  1. Increase your down payment faster. This one is going in the same direction as having a budget and paying yourself first. 

    1. You can have a second job or a side hustle such as driving an uber/ uber eat, waiting tables at a nearby restaurant or starting a small business. What you do does not matter. Every dime you make is acceptable as down payment. The trick is to use 100% of this money for your down payment and nothing else. If you have credit card debt you may use this to pay them faster.   

    2. Sell old stuff you no longer need or care for. The amount of money sitting in your closets may be much larger than you think. 

    3. You can ask for help from your parents, siblings or grand-parents.  

 

I hope those tips will help you become a homeowner in 2025! If you have any questions about those tips or about mortgages in general or if you would like to start a pre-approval process, please contact me at simon@refinancebc.ca or schedule an appointment on the link below. 


https://calendly.com/d/5hq-dsk-w4q


Sincerely,


Simon Bilodeau and Gina Lopez

Mortgage Broker

DLC-Mortgage Negotiators

Phone : 604-828-9864

email : simon@refinancebc.ca