What does a mortgage broker in Kelowna do?

A Kelowna mortgage broker like Ash Simpson shops your mortgage application across 50+ banks and lenders to find the best rate and terms for your situation. Unlike going directly to one bank, a broker gives you access to the full market — at no cost to you, since brokers are paid by the lender.

Can self-employed people get a mortgage in BC?

Yes. Self-employed Canadians in BC can qualify for mortgages through stated income programs, bank statement mortgages, and Alt-A lenders. Traditional banks often decline self-employed applicants because their taxable income appears low on paper. Ash Simpson at Insight Mortgage specializes in self-employed mortgage solutions that work around this.

Can I get a mortgage in BC with bad credit?

Yes. Ash Simpson works with alternative and private lenders in BC who offer mortgages to borrowers with damaged or limited credit. These solutions can also help you rebuild credit over time and transition back to a traditional lender at renewal.

What areas does Insight Mortgage serve?

Insight Mortgage is based in Kelowna, BC, and serves clients throughout British Columbia and Alberta. Ash Simpson is a licensed mortgage broker in both provinces and works with clients remotely across the country.

How much does it cost to use a mortgage broker in BC?

In most cases, using a mortgage broker in BC is completely free to the borrower. Ash Simpson is paid a commission by the lender when your mortgage closes. For certain alternative or private lending situations, a broker fee may apply — this would always be disclosed upfront.

What is the difference between a mortgage broker and a bank?

A bank can only offer its own mortgage products at its own rates. A mortgage broker like Ash Simpson has access to dozens of lenders — banks, credit unions, trust companies, and alternative lenders — and can shop your application across all of them to find the best fit.

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Ash Simpson
June 8, 2026
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Complete BC First-Time Home Buyer Mortgage Guide 2026

The Complete BC First-Time Home Buyer Mortgage Guide (2026)

Key Takeaways
– The stress test requires you to qualify at approximately 6.04–6.29% even if your actual rate is 4.04% (June 2026).
– CMHC insured mortgages now cover purchases up to $1.5 million, which matters directly in Kelowna where the average single-family home hit $1,134,500 in Q1 2026.
– Combining an FHSA and the Home Buyers’ Plan gives each buyer up to $100,000 in down payment savings — $200,000 for a couple.
– BC’s Property Transfer Tax exemption covers first-time buyers fully on homes up to $835,000, with a partial exemption to $860,000.
– 30-year amortization is now available to all first-time buyers on insured mortgages — not just new construction — effective August 2024.

Step 1: What Does a First-Time Home Buyer Mortgage in BC Actually Mean?

A first-time home buyer mortgage in BC is a standard mortgage where the borrower qualifies for specific government programs — FHSA withdrawals, the Home Buyers’ Plan, the BC PTT exemption, and access to 30-year amortization on insured loans — because they have not previously owned a principal residence anywhere in the world.

That definition matters. If you owned a property in another country, you are not a first-time buyer for most of these programs. If your spouse previously owned a home and is on the application, you lose access to the PTT exemption as a household.

Step 2: Build Your Budget Before You Search

At June 2026 rates, a household earning $100,000 gross qualifies for roughly $480,000–$520,000 in mortgage, depending on debt load and down payment. Add your down payment to get your maximum purchase price. Most buyers are surprised at how much the stress test trims that number.

Step 3: The Mortgage Stress Test

The stress test requires you to qualify at your contract rate + 2% or 5.25%, whichever is higher. In June 2026, with best insured 5-year fixed at 4.04%, the qualifying rate is approximately 6.04%. See: mortgage stress test Canada 2026.

Step 4: Down Payment Requirements

Minimum down payment: 5% on first $500K, 10% on remainder up to $999,999, 20% on $1M+. CMHC now insures up to $1.5M. See our full down payment guide for BC buyers.

Step 5: FHSA and Home Buyers’ Plan

FHSA: up to $8,000/year, $40,000 lifetime, tax-deductible contributions, tax-free withdrawals. HBP: up to $60,000 per person from RRSP. Combined per buyer: $100,000. Per couple: $200,000. See our full FHSA guide.

Step 6: BC Property Transfer Tax Exemption

First-time buyers are fully exempt on homes up to $835,000. Partial exemption on $835,001–$860,000. No exemption above $860,000. Kelowna condo median is $491,300; townhomes run $720,000–$780,000 — most first-time buyers here access the full exemption.

Step 7: Get Pre-Approved

Get a mortgage pre-approval in Kelowna before making offers. Pre-approval locks a rate for 90–120 days and confirms your maximum purchase price.

Step 8: Choose Your Mortgage Product

5-year fixed at 4.04% (best insured, June 2026) gives certainty. First-time buyers using insured mortgages can access 30-year amortization since August 2024 — extends to all property types, not just new construction.

Step 9: Making an Offer and Closing

Budget $4,000–$6,000 for closing costs (legal fees, inspection, title insurance, property tax adjustments, moving). Keep your financing condition — waiving it under competitive pressure is one of the most common costly mistakes.

FAQ

Credit score needed for a mortgage in BC?
Minimum 680 for most insured lenders, 650 for some. Below 680 doesn’t disqualify you — B-lenders and credit unions can help at higher rates.

Can I use gifted money for my down payment?
Yes — gift from immediate family with a signed gift letter. Lenders verify the deposit in your account.

Does 30-year amortization apply to all first-time buyers?
Yes, since August 2024, for all first-time buyers using insured mortgages on any property type.

BC PTT exemption threshold in 2026?
Full exemption up to $835,000. Partial exemption $835,001–$860,000. No exemption above $860,000.

What if I open an FHSA but don’t buy?
Transfer to RRSP or RRIF without tax consequences — no penalty for opening early.

As a Kelowna mortgage broker with access to 50+ lenders, Ash Simpson works with buyers at every price point. Call 250-859-2100 — the service is free to borrowers.