Port Moody First-Time Home Buyer Guide

Start with the full budget

Purchase price is only one number

A useful first-home budget combines the down payment, mortgage qualification, closing costs and the ongoing cost of the specific property. For a strata home, that means testing the mortgage payment together with property tax, strata fees, heat, insurance and any known levy—not simply comparing list prices.

Keep part of your available cash for property-transfer tax when applicable, legal fees, inspection, appraisal if required, moving costs and an emergency reserve. Do not commit every saved dollar to the down payment before the closing budget is complete.

First-home tools

Coordinate savings and mortgage rules

FHSA: CRA states that the first year you open an FHSA creates $8,000 of participation room, with a $40,000 lifetime contribution limit. Contributions are generally deductible and qualifying withdrawals can be tax-free.

Home Buyers’ Plan: the current RRSP withdrawal limit is $60,000, with repayment generally spread over up to 15 years. An FHSA and HBP may be used together when all conditions are met.

Insured financing: below $1.5 million, the minimum down payment is 5% of the first $500,000 plus 10% of the portion above $500,000. CMHC Home Start permits up to a 30-year insured amortization for a qualifying first-time buyer or a buyer of a newly built home. A longer amortization can reduce the scheduled payment but increases total interest and the insurance premium may differ.

Program eligibility is not mortgage approval. Qualification still depends on income, credit, debts, stress-test requirements, down-payment evidence, the property and the lender.

BC closing costs

Check exemptions before the offer

BC’s first-time home buyers’ program can reduce or eliminate property-transfer tax for an eligible buyer and qualifying principal residence. The maximum exemption currently applies up to $835,000 and phases out between $835,000 and $860,000. Separate thresholds apply to the newly built home exemption.

Eligibility has buyer, residency, occupancy and property requirements. Calculate the actual tax for the intended property and confirm eligibility with the conveyancing lawyer or notary before relying on an exemption.

Review BC’s current first-time buyer rules →

Neighbourhood lens

Match the location to daily life

Moody Centre: compare walkability, older and newer strata buildings, access to Moody Centre Station and the effect of planned redevelopment near the station and St. Johns Street.

Inlet Centre, Suter Brook and Newport Village: compare newer condo supply, amenities, strata fees, building services, parking and access to Inlet Centre Station.

Heritage Mountain and Heritage Woods: compare townhomes and detached properties with school, slope, commute, maintenance and suite considerations.

College Park and Glenayre: review lot, renovation and permit history, drainage, future use and access alongside comparable sales.

The City’s 2026 Official Community Plan and its development-application map are useful context, but a proposal is not a completed project. Verify the status and possible impact of nearby applications before deciding.

Condo due diligence

Read the building before buying the unit

Transit and new supply

Future density can create both value and disruption

Port Moody has designated transit-oriented areas around Moody Centre and Inlet Centre SkyTrain stations. The City explains that residential and mixed-use lands within 800 metres are subject to provincial minimum density and height frameworks.

For a buyer, this does not mean every nearby site will be redeveloped. It means future applications, construction, changing views, traffic patterns and new amenities deserve investigation. Check the City’s current application map and title information rather than relying on rumours.