Ready to Stop Renting? What to Know Before You Make the Move
Thinking about buying your first home? Learn about mortgage qualifications, closing costs, and the expenses that come with homeownership.
Rita Soni
By Rita Soni | Vancouver City News | July 24, 2026 Editor: Karalee Greer
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If you’re thinking about moving from renting to owning, you’re not alone—and for many buyers, the monthly mortgage payment isn’t actually that different from what they’re already paying in rent.
The difference comes in everything around it.
Beyond your mortgage, there are upfront costs to be aware of, like closing costs, legal fees, property transfer tax, and moving expenses. The good news is that some first-time buyers may qualify for a partial or even full exemption on Property Transfer Tax, depending on the purchase price and eligibility.
This is where working with a mortgage broker early on can really help—you’ll get a clearer picture of what you can actually afford, and what programs or incentives might be available to you.
How Lenders Actually Qualify You
When you apply for a mortgage, lenders don’t just look at income and credit score. Two key ratios come into play:
Gross Debt Service (GDS) looks at your housing costs as a percentage of your income. That includes your mortgage payment, property taxes, heating, and sometimes a portion of strata fees. Lenders want to see this number stay within a comfortable range.
Total Debt Service (TDS) takes it a step further. It includes everything in your GDS, plus other monthly debts like car payments, credit cards, student loans, or lines of credit.
So even if the mortgage payment feels manageable on its own, other debts can change how much you’re actually approved for.
Don’t Forget the Monthly “Extras”
Homeownership also comes with ongoing costs that renters don’t always think about upfront—things like property taxes, heating, and strata fees if you’re buying a condo or townhome.
It’s not meant to discourage you—it’s just about being prepared so there are no surprises later.
Taking a bit of time to look at your income, spending, and savings before you start shopping can make the whole transition feel a lot smoother.
And, teaming up with a mortgage broker can help you pull all of this together so you know exactly where you stand before you start seriously looking with a Realtor.
Why It Matters
Buying your first home is one of the biggest financial decisions you'll make.
Understanding the full picture—not just the mortgage payment—can help make the transition from renting to homeownership smoother and far less stressful.
With the right planning and professional guidance, you'll be better prepared to make confident decisions when the right home comes along.
By Rita Soni | Vancouver City News Here to guide you, to make sense of the market with data, facts and honesty...
Editor: Karalee Greer
Subscription to Vancouver News is Free Being a Contributor is Free
Tags: #Rita Soni #Vancouver City News #First Time Home Buyers #Mortgage Tips #Metro Vancouver Real Estate #Property Transfer Tax #Financial Planning