Access Properties 48 hours sooner, New Listings by Email, Create personalized custom searches Register for an Account Log In

Dee Hnatko 604.831.3215

Your Real Estate Provider in the Tri-Cities Area                                      Contact Dee Hnatko

Dee Hnatko - Tri-City Real Estate
Toll Free:888-942-0606
RE/MAX Sabre Realty Group
#102 - 2748 Lougheed Highway
Port Coquitlam, BC
V3B 6P2 CA

Search Listings Now!

Search Listings Now
Whether it is you are a first time buyer or looking for your dream home, it has never been easier! Search Now »

Free Home Evaluation

Free Home Evaluation
Thinking of selling? Find out what your homes market value would be with Dee Hnatko's free home evaluation. Find Out Now »

Client Testimonials

Client Testimonials
Dee Hnatko prides herself in providing her clients with the best service possible. Here's what others have said about her. More Info »

First Time Home Buyer's 5% Down Program


Did you know that first time buyers can purchase a home with only 5% down?
  1. Price of property purchased is $475,000 or less (in the Lower Mainland) - with a sliding scale between $475,000 and $500,000. Effective February 19, 2014.
  2. Home must be your principal residence-this does not apply to investment property.
  3. Buyers must not have owned a home as a principal residence in the past 5 years.
    a) Only one buyer has to qualify for 2 and 3.
    b) Harship due to homeowner having had to sell their principal residence.
    i) due to formal marital break up (includes common law)
    ii) for emloyment reasons and moved to a new geographic area.
    iii) and sustained a loss of equity. Provided that the net proceeds from the sale are applied to the purchase of subsequent principal residence as part or all of the down payment.
  4. Payment for principal, interest, property tax, heating and 50% of any condominium fees can't exceed 32% of your gross family income.
  5. Your total debt load can't exceed 40% of your gross family income.
  6. CMHC Mortgage insurance must be purchased at a cost of 3.15% of the mortgage balance. This insurance is for the sole benefit of the lender but is required by law.
  7. Down payment must be from your own resources or a gift. Financial gift from family must be in the buyers possession at least 30 days before making an offer.
  8. Mortgage term must be at least 3 years but must be qualified at five years or longer.
  9.  At least one year on your current job.
  10. Clean credit rating.
  11. Buyers are required to demonstrate at the time of application their ability to cover closing costs of at least 1.5% of the purchase price in addition to the 5% down payment.
  12. Maximum amortization period is 25 years.
Others conditions may apply. For more information on this or for any Vancouver MLS Real Estate inquiries call your Tri-City, Vancouver & Greater Vancouver Real Estate Agent, Dee Hnatko at 604.831.3215 or E-Mail Dee Hnatko 

First Time Buyer Property Purchase Tax Exemption

First time buyers are exempt from paying the property purchase tax under the following conditions:
  • Price of property purchased is $475,000 or less. A partial exemption is available if the purchase price is more than $475,000 but less than $500,000. 
  • If price of home is over $500,000 then the full tax amount will apply. Tax amount is 1% on the first $100,000 and 2% on the balance For example a home worth $500,000 will have a tax of $8,000.
  • Buyers must not have owned a house anywhere in the world before. If only one client qualifies then only their portion of the purchase will be eligible for the exemption.
  • Buyers must have been a resident of B.C. for at least one year prior to purchase.
  • Buyers must reside in the home for a minimum of one year following completion. Exemption applies only on residential properties up to 1.24 acres.
  • Other conditions may apply.
This information is believed to be accurate but is not guaranteed to be so. More information can be found on

Using Your RRSP's For Your Down Payment:

The down payment is that portion of the purchase price you furnish yourself. The balance is obtained from a financial institution in the form of a mortgage. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting. But even with a mortgage, you will need to raise the money for a down payment. The larger the down payment, the less your home costs in the long run. With a smaller mortgage, interest costs will be lower and over time this will add up to significant savings. For a conventional mortgage, you will need a down payment of 25% or more of the purchase price of the home. Regardless of the type of mortgage you choose, you still need to come up with a down payment of at least 5%.

A couple of common practices for raising a down payment include:
  • Getting a "nest egg" from a parent or relative
  • RRSP's
Funds may be withdrawn tax free from you RRSP up to a maximum of $25,000 per person or $50,000 per couple for a down payment on your first home under the following conditions:
  1. If married couples are considered first time buyers and if neither has owned a principal residence in the last five years. * Buyers may own or have owned investment property & In certain cases only one spouse may qualify.
  2. Cannot have participated in the Plan previously. *You can only use the plan once.
  3. Must be a resident of Canada. (You do not have to be a Canadian Citizen).
  4. The home must be located in Canada and be your principal place of residence.
  5. You must repay your RRSP withdrawal over a period of 15 years.
Also, more relief for first-timers is offered in a form of a 15% tax credit to help defray closing costs such as legal fees, property transfer tax and other disbursements. This credit is applied on closing costs up to $5,000, which equates to a maximum tax savings of $750.

Now all you need is a Mortgage Advisor? Give Dee Hnatko a call and she will connect you with a Mortgage Specialist that will be able to help you and answer any questions you may have.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.