Your Trusted Mortgage Partner in Surrey
Located in the heart of Surrey and Abbotsford, Sandhu & Sran Mortgages has helped hundreds of new buyers successfully transition from renting to owning. Our licensed mortgage specialists have access to Canada’s top banks, credit unions, and private lenders. We compare multiple first-time buyer mortgage options, negotiate better rates, and guide you through each step—from pre-approval to possession.
We also help you understand the government-backed programs available to first-time buyers in British Columbia, ensuring you don’t miss out on incentives, tax exemptions, or special insured lending benefits.
Government and Provincial Programs for First-Time Buyers (2025)
First Home Savings Account (FHSA): Tax-Deductible Savings + Tax-Free Withdrawals
- Contribute up to $8,000 per year, to a lifetime maximum of $40,000.
- Contributions are tax-deductible (similar to RRSPs).
- Withdrawals to buy or build your first home are tax-free (like a TFSA).
- Unused contribution room carries forward for future years.
- You can combine the FHSA with the Home Buyers’ Plan (HBP) for greater buying power.
Example: If you contribute $8,000 annually for five years, you could save $40,000 tax-free. Combined with your partner’s FHSA, that’s $80,000 toward your down payment—potentially enough to qualify for your first condo or townhome in Surrey’s growing communities like Clayton Heights or Fleetwood.
Home Buyers’ Plan (HBP): Use RRSPs Toward Your Down Payment
Funds withdrawn under the HBP must be repaid to your RRSP over 15 years, starting two years after the withdrawal. Our mortgage specialists help you strategically plan your repayment schedule while maintaining long-term financial balance.
When combined with FHSA savings, the HBP can provide significant upfront capital without taking on additional debt—making it ideal for professionals and families with existing RRSP portfolios.
B.C. First-Time Home Buyers’ Program: Property Transfer Tax (PTT) Relief
Effective April 1, 2024, qualifying buyers may receive:
- Full exemption for homes valued up to $500,000.
- Partial exemption for homes priced between $500,000 and $835,000.
- Proportional reduction for homes up to $860,000.
- The home must be your principal residence and located in British Columbia.
- You must be a Canadian citizen or permanent resident and meet B.C. residency rules.
Example: On a $700,000 home in Surrey, the FTHB relief can reduce your PTT by $8,000 (from $12,000 down to $4,000). That’s money you can redirect toward closing costs, furnishings, or upgrades.
Recent Federal and Provincial Mortgage Updates (2024–2025)
The federal government has introduced several updates that benefit first-time buyers in 2025, including:
- 30-Year Insured Amortization: Now available for all first-time home buyers and for all buyers of newly built homes. This longer amortization lowers monthly payments and helps more buyers qualify under the mortgage stress test.
- Increased Insured Purchase Cap: The insured mortgage limit has been raised from $1 million to $1.5 million, allowing insured financing for homes in high-demand markets like Surrey, Langley, and Burnaby.
- Discontinued Shared-Equity Program: The former First-Time Home Buyer Incentive (FTHBI), which offered a government equity share in exchange for lower monthly payments, has been officially discontinued. The program saw limited uptake due to its complexity and repayment conditions, and the focus has now shifted to more flexible affordability measures like extended amortizations and higher insured purchase limits.
Together, these updates make it easier for qualified buyers to secure larger properties while keeping payments affordable.
Eligibility Criteria for First-Time Home Buyer Mortgages in Surrey
General requirements include:
- You have not owned a home in the past four calendar years (for federal programs).
- You intend to occupy the property as your primary residence within one year of purchase.
- You are a Canadian citizen or permanent resident (for B.C. programs) or have legal status in Canada (for federal programs).
- Your household income and property value fall within program limits.
- You meet lender-specific qualification rules under CMHC, Sagen, or Canada Guaranty.
- The property is located within British Columbia.
Documents Required for First-Time Home Buyer Mortgage Applications
Typical documents include:
- Government-issued ID and proof of residency.
- Employment letter and recent pay stubs or two years of tax returns (for self-employed applicants).
- Bank statements showing available down payment funds.
- FHSA and/or RRSP (HBP) account statements.
- Notice of Assessment (for income verification).
- Purchase agreement and MLS listing for the property.
- Pre-approval letter from your selected lender.
Why Work with Sandhu & Sran Mortgages
Personalized Pre-Approval
Access to Multiple Lenders
Program Coordination
Local Expertise
Ongoing Support
Case Study: A Surrey Couple’s First Home Success
Meet Harpreet and Simran, a young couple buying their first townhome in South Surrey. With a combined income of $140,000, they contributed $16,000 to their FHSAs and withdrew $60,000 each from their RRSPs under the HBP. By qualifying for the B.C. PTT exemption and a 30-year insured mortgage, they lowered their monthly payments by nearly 12% compared to a standard 25-year term—saving thousands over the first five years.
Start Your First-Home Journey Today
- Review your eligibility for all federal and provincial programs.
- Estimate your maximum purchase price and payment options.
- Compare rates and amortizations across multiple lenders.
- Provide a tailored step-by-step plan from pre-approval to possession.
Call us today or visit our Surrey office to get started on your path to homeownership.