Use registered money deliberately
FHSA and HBP can close a down-payment gap, but the order matters and HBP repayments need to fit your cash flow.
First-Time Buyer Money Map
Buying your first North Vancouver home without guessing the cash
PTT, first-time-buyer exemption, FHSA, RRSP Home Buyers' Plan, inspection, legal, and the cash reserve most buyers forget. This is the money map before the tour list.
Book a 15-minute buyer call
Free. You leave with a written next-steps list.
Figures current as of July 2026
Program thresholds change. Verify BC PTT, first-time-buyer exemption, FHSA, and RRSP HBP limits with official sources and your lender/accountant before writing an offer.
Cost Stack
The five numbers to stack before you shop
Item
What it means
Buyer move
BC Property Transfer Tax
Budget 1% on the first $200,000 and 2% on the portion up to $2,000,000 for typical first-time-buyer price points.
Run this before you write. It is usually one of the largest cash-at-completion costs.
First-time-buyer PTT exemption
Eligible buyers may receive up to $8,000 of exemption on principal residences at or below the current threshold, with a partial phase-out above it.
Check eligibility and price thresholds before relying on it; North Shore prices often still leave some PTT payable.
FHSA
Tax-deductible contributions, tax-free qualifying withdrawal, currently capped at $8,000 annually and $40,000 lifetime.
Use it first if you qualify, especially if you have taxable income and time before completion.
RRSP Home Buyers' Plan
Eligible first-time buyers can withdraw up to $60,000 from RRSPs toward a qualifying purchase, with repayment rules.
Useful bridge money, but it is not free money. Map the repayment plan before pulling it.
Inspection, legal, insurance, adjustments
Inspection, conveyancing, title insurance if applicable, moving, strata document review, and closing adjustments all add up.
Keep a separate closing-cost reserve instead of spending every dollar on the down payment.
Worked example: $775,000 North Vancouver condo
This is not advice or a promise that you qualify. It shows how the major programs can stack so you know what to ask your lender, accountant, and lawyer before you write.
Owner review required: confirm all program thresholds before this page moves from draft to ready.
Target condo price$775,000
10% down payment$77,500
Potential FHSA savings used$24,000
Potential RRSP HBP withdrawal$35,000
Additional cash needed for down payment$18,500
Estimated PTT before exemption$13,500
Illustrative first-time-buyer exemptionup to $8,000
PTT after illustrative exemption$5,500
Inspection/legal/adjustments reserve$3,000-$6,000
Keep closing cash separate
A strong offer can still fail if PTT, legal fees, inspection, insurance, or adjustments surprise you at completion.
Write from a ceiling
Know your walk-away number before showings. It is easier to avoid overpaying when the number is decided before the room gets emotional.
First-Time Buyer FAQ
Practical Questions Before You Tour
Can a first-time buyer still use the BC PTT exemption in North Vancouver?
Sometimes. Eligibility depends on buyer status, property use, citizenship or residency requirements, and the current price threshold. Many North Shore purchases are above the full-exemption amount, so you may still owe part or all of the PTT.
Should I use the FHSA or RRSP Home Buyers' Plan first?
For many buyers, FHSA money is cleaner because qualifying withdrawals are tax-free and do not need to be repaid. RRSP HBP can still help, but it should be paired with a repayment plan.
How much should I keep aside after the down payment?
Keep a closing reserve for PTT, legal fees, inspection, insurance, moving, strata document review, and completion adjustments. The exact reserve depends on your purchase price and building, but spending every dollar on the down payment is usually risky.
What do I get from the 15-minute buyer call?
You leave with a written next-steps list: what to confirm with your lender, what price band is realistic, which programs matter, and what to prepare before touring seriously.