Buying your first home is one of life’s biggest milestones—and doing it in Kamloops comes with its own unique perks and considerations. Whether you’re coming from another city or have been renting locally, knowing how the process works will help you buy with confidence.

This guide walks you through everything you need to know as a first-time home buyer in Kamloops.

Why Kamloops Is a Great Place to Buy Your First Home

Value, Lifestyle, and Community

Kamloops continues to attract first-time buyers for a reason. Here’s what makes it so appealing:

• Affordability: More home for your money compared to larger BC markets
• Diverse neighbourhoods: From downtown condos to family homes in the suburbs
• Nature and recreation: Trails, ski hills, lakes, and parks are all nearby
• Educational and job opportunities: Thompson Rivers University and local industry growth
• Community atmosphere: Events, local businesses, and a laid-back pace

Whether you’re looking for a starter home, townhouse, or condo, Kamloops has options for a variety of budgets and lifestyles.

Step-by-Step Buying Process for First-Time Buyers

Your Roadmap to Ownership

Buying your first home doesn’t have to feel overwhelming when you break it down. Here’s the basic timeline:

1. Get pre-approved for a mortgage
   Know your budget before you start shopping.
2. Work with a Kamloops real estate agent
   Choose someone who understands first-time buyer needs.
3. Start your home search
   Define your must-haves: location, space, layout, and condition.
4. Make an offer
   Include conditions like financing and a home inspection.
5. Do your due diligence
   Inspection, strata review (for condos), and finalize financing.
6. Close and move in
   Sign the paperwork, pay closing costs, and celebrate!

What You’ll Need Financially

Budgeting Beyond the Down Payment

As a first-time buyer, it’s easy to focus on your mortgage. But there are other costs to be ready for:

• Down payment: Minimum of 5% for homes under $500,000
• Closing costs: Usually 1.5–4% of the purchase price
• Legal fees: Expect $1,000–$1,500
• Property transfer tax: May be exempt as a first-time buyer
• Home inspection: ~$400–$600
• Home insurance and utilities setup

Consider opening a First Home Savings Account (FHSA) and explore the Home Buyers’ Plan (HBP) to access RRSP funds.

Common Mistakes First-Time Buyers Make

Learn from Others Before You Buy

It’s easy to get caught up in excitement, but avoiding these mistakes can save you time and money:

• Skipping the inspection
• Overextending your budget
• Ignoring future resale value
• Underestimating monthly carrying costs
• Not asking enough questions during the process

Don’t be afraid to lean on your agent and mortgage broker. That’s what they’re there for.

Resources and Support for Kamloops Buyers

You’re Not Alone

BC and Canada both offer programs to help first-time buyers:

• First-Time Home Buyers’ Program (BC): Potential PTT exemption
• Home Buyers’ Plan (Federal): Withdraw up to $35,000 from RRSP
• First Home Savings Account (FHSA): New tax-free savings tool

Local professionals can walk you through what applies in your situation.

Final Thoughts: Start with a Plan, Buy with Confidence

Buying your first home in Kamloops is exciting—but preparation is key. By learning the steps, setting a budget, and working with professionals, you’ll be ready to make a smart purchase you’ll feel good about for years to come.

Kamloops is a great city to plant roots—and this could be the first step in your real estate journey.