For the first time in years, first-time home buyers across British Columbia are negotiating from strength. Here’s where your leverage comes from, the one risk you can’t negotiate, and what to do next.
The short answer: BC home sales are running about 26% below normal, listings are near decade highs, and first-time buyer programs can be worth tens of thousands of dollars. The catch is rising rates, and a pre-approval with a rate hold protects you.
Apply for your free pre-approval online from anywhere in BC: Apply Now
1. More choice, softer prices:
About 5,250 homes sold in BC in September 2026, down 9% from a year earlier and roughly 26% below the 10-year average. The average price slipped 2.4% to just over $924,000, while active listings sit at their highest level since 2015. More homes competing for fewer buyers puts you in control. (BCREA via The Canadian Press)
2. Real negotiating power:
Write subjects for financing and inspection, so you’re protected if something goes wrong.
Negotiate on price, especially on homes that have been listed for a while.
Ask for more, like a flexible completion date, repairs or a credit toward closing costs.
3. Programs built for first-time buyers
30-year amortization
GST/HST rebate
BC Transfer Tax Exemption
First Home Savings Account
RRSP Home Buyers’ Plan
The Risk- Interest Rates:
You have leverage on price, not on rates. On October 28, the Bank of Canada raised its overnight rate to 2.50%, its first increase in about a year. No one can promise where rates go next, but you can protect yourself. A pre-approval with a rate hold locks today’s rate for up to 120 to 130 days with many lenders, and if rates fall, a broker can get you the lower one.
Lock in your rate before the Bank of Canada’s next decision on December 9. It’s free and doesn’t commit you to anything. Apply now online or call (604) 813-5326: Apply Now
Your 5-step game plan
1. Get pre-approved and lock a rate hold before you look at listings.
2. Open an FHSA now, even if you plan to buy soon.
3. Map out your down payment from savings, your FHSA, the Home Buyers’ Plan and any family gift.
4. Budget for closing costs, including legal fees, inspection and any transfer tax.
5. Offer with subjects, and confirm your financing before the deal goes firm.
Quick FAQs
How much do I need for a down payment in BC?
– A minimum of 5% of the first $500,000 and 10% of the portion up to $1.5 million.
– Homes at $1.5 million or more need 20% down.
Can I get the GST rebate on a resale home?
No. It only applies to newly built or substantially renovated homes.
Does a pre-approval affect my credit?
It involves one credit check with a small, temporary effect. Through a broker, that one check lets you compare many lenders.
Do I need to meet my broker in person?
No. I’m licensed across British Columbia, and your application, documents and approval can all be handled online.
Ready to use your leverage?
Wherever you’re buying in BC, I’ll help you get pre-approved, lock a rate hold and find every program you qualify for, at no cost to you.
Apply for your pre-approval online now, or reach me at:
Satinder Grewal
Mortgage Broker – DLC A Better Way
Satinder.Grewal@DominionLending.ca
(604) 813-5326.
Apply Now
For general information only, not financial, legal or tax advice. Market figures from the British Columbia Real Estate Association as of September 2026. Program details can change. All mortgages are subject to lender approval.