Buying a home is one of the most significant financial decisions you’ll make — and in a market like Coquitlam, Port Moody, or Port Coquitlam, getting the details right matters. This guide walks you through the process from start to finish, with BC-specific numbers so there are no surprises on closing day.
Most buyers underestimate what it actually costs to get into a home. The mortgage payment is just one piece.
Down Payment — Updated 2024 Rules
Canada’s minimum down payment depends on purchase price: 5% on the first $500,000, and 10% on the portion between $500,000 and $1,499,999. Homes priced at $1,500,000 or more require a minimum of 20% down.
For a $900,000 home in Port Moody, that works out to $65,000 minimum — $25,000 on the first $500,000 and $40,000 on the remaining $400,000.
Closing Costs — Budget 1.5% to 4%
Beyond your down payment, set aside 1.5%–4% of the purchase price for closing costs. In BC, the biggest line item is the Property Transfer Tax.
Property Transfer Tax (PTT)
PTT is calculated on a tiered system: 1% on the first $200,000, 2% on $200,001–$2,000,000, and 3% on amounts above $2,000,000. On a $900,000 resale home, that’s $16,000 — paid on closing day through your lawyer or notary.
Two exemptions can eliminate or reduce this entirely:
If you’re a first-time buyer purchasing a new build, you may qualify for both — the newly built exemption has the higher threshold and typically saves more.
Other Closing Costs to Budget For
These two terms get used interchangeably, but they’re not the same thing.
A pre-qualification is a rough estimate based on information you provide verbally. It takes minutes and means very little when you’re competing for a home.
A pre-approval involves a lender reviewing your income documents, credit history, and assets to issue a formal commitment letter with a specific loan amount and rate hold. In a competitive market, sellers take pre-approved buyers far more seriously — and in some multiple-offer situations, agents won’t present unqualified offers at all.
Working with a mortgage broker gives you access to multiple lenders at once, which often means a better rate than going directly to your bank.
Once financing is in order, the search begins. The Tri-Cities offers a range of property types at different price points — each with trade-offs worth understanding before you make an offer.
Detached homes offer the most space and no strata fees, but come with higher purchase prices and full maintenance responsibility.
Townhomes sit in the middle — typically more space than a condo, often with a garage, and strata fees that cover common area maintenance.
Condos (strata properties) generally have the lowest entry price and least maintenance burden, but monthly strata fees and bylaws govern what you can and can’t do with your unit.
Pre-sale vs. resale: New construction comes with a 2-5-10 warranty and modern finishes, and may qualify for PTT and GST exemptions. Resale gives you immediate occupancy and a clearer picture of the neighbourhood and building condition.
For families, school catchment boundaries matter — check SD43’s boundary map before falling in love with a specific address.
When you find the right home, your agent will prepare a Contract of Purchase and Sale. A few things to keep in mind:
In the Tri-Cities, market conditions vary by property type and neighbourhood. Your offer strategy in a low-inventory detached market looks different than in a condo building with multiple active listings.
BC’s First Home Savings Account (FHSA) allows first-time buyers to contribute up to $8,000 per year tax-free, with a lifetime cap of $40,000 per person. If you’re 1–3 years from buying, opening an FHSA now is one of the most straightforward ways to reduce your out-of-pocket costs at purchase.
Questions about what you can afford or where to start? Reach out directly — this is what I do.
Sebastian Czarkowski | Coquitlam REALTOR® Royal LePage Elite West | sebastianrealestate.ca
Sebastian Czarkowski is a Tri-Cities REALTOR® ready to guide you through every step of the process. Get in touch for honest, expert advice — no pressure, just results.