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Saving to buy a home is more than just putting together a down payment. Even though the down payment gets all the focus and planning, there are additional costs you'll incur and need to cover. We walk you through those other costs and fees, allowing you the opportunity to both plan for them and more importantly not be surprised by the actual amount needed to pay for them.

New for 2021, applications for the BC Home Owner Grant must all be submitted directly to the province, either online or by phone. Your municipality can no longer accept your home owner grant application.

We originally let you know in April 2021 that the mortgage stress test was going to be increasing for uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that as of June 1, 2021 all uninsured mortgages will be qualified at a minimum rate of 5.25%.

As of April 2021, the changes to the First-Time Home Buyer Incentive program the federal government announced as part of the Fall Economic Statement on November 30, 2020 are in effect.  The eligibility for the program has been expanded in the higher priced housing markets of Victoria, Vancouver, and Toronto.

What Is Changing For Uninsured Mortgages?

The qualifying rate for uninsured mortgages will be the higher of:

The Speculation and Vacancy Tax (SVT) was introduced by the B.C. government in 2018 as part of the plan to address affordable housing. Property owners must make a declaration by March 31, 2021 for their 2020 tax status.

When the year started, forecasters didn't predict any major changes to mortgage financing or the real estate market. After several years of new qualifying regulations and government taxes to attempt to address skyrocketing property prices, 2020 should have been relatively stable and calm.