There are also numerous government insentives that you can take advantage of.
I just pulled a bit of an article of my website.
First-Time Home Buyers’ (FTHB) Tax Credit
The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009. For more information click here.
Expansion of the Home Buyers’ Plan
The Home Buyer’s Plan now provides homebuyers with greater access to their RRSP savings to purchase or build a home. The Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009.
Zero Property Transfer Tax
In British Columbia the property transfer tax is 1% on the first $200,000 and 2% on the remainder. This is a significant transaction cost that you may be able to avoid entirely.
watch this video it is provided by CMHC (default insurer for lenders) but is fairly informative
http://www.cmhc.ca/sharing/en/play.html?id=1
Feel free to PM or just post if you have any other questions
Happy House Hunting!