Creston is a small town in the Kootenay region, known for its farmland, orchards, and mountain views, and it’s quickly becoming known as a place where you can actually afford to own a home.
Still, even in a smaller market, buying your first place comes with plenty of questions.
How much house can you afford?
What programs are available to you?
And what should you expect when it’s time to sign the papers?
This guide for first-time buyers in Creston covers the local real estate snapshot, a step-by-step breakdown of the buying process, and the provincial and federal programs designed to help you.
Creston Real Estate Market Snapshot
While Creston’s market is smaller than urban centers like Kelowna or Vancouver, it follows the same broader patterns seen across the province:
- Provincial price trends: Across British Columbia, the average residential price was down more than 4% year-over-year as of June 2025. That adjustment has provided breathing room for buyers.
- Forecasted recovery: Analysts expect a rebound in 2026, with sales activity increasing after a softer 2025.
- Stabilized inventory: After years of tight supply, B.C. has seen more listings come onto the market. Buyers in Creston are benefiting from more options than they had a few years ago.
- Regional variation: Areas outside the Lower Mainland, including the Kootenays, are showing stabilization. For Creston, this suggests modest price growth in the near future, especially in neighborhoods with strong demand.
In Creston specifically, single-family homes often sell in the $400,000–$500,000 range, with acreages and larger properties priced higher. Compared to B.C.’s provincial average (around $970,000 in 2025), this keeps Creston within reach for many first-time buyers.
Most listings are detached homes, but you’ll also see acreages and smaller townhomes depending on the area, giving buyers a mix of options from rural lots to in-town properties.
Step-by-Step Guide to Buying Your First Home in B.C.
Here’s a closer look at the major steps you’ll go through as a first-time buyer in Creston, from getting your finances in order to closing day
1. Assess Your Finances
Start by looking closely at what you can afford. Calculate your debt-to-income ratio to see how much of your monthly income can realistically go toward housing. In Canada, the minimum down payment is 5% on homes under $500,000. For homes priced between $500,000 and $1.5 million, you’ll need 5% of the first $500,000 plus 10% on the remainder.
Check your credit score early. A stronger score means a better chance of securing a mortgage at a competitive rate, which can save you thousands over time.
Don’t forget to plan for closing costs, usually 2% to 4% of the purchase price in B.C., which cover legal fees, insurance, and adjustments at the time of purchase
2. Get Mortgage Pre-Approval
Meet with a lender or mortgage broker for a pre-approval. This not only tells you what you can borrow, but also signals to sellers that you’re a serious buyer. First-time buyers in 2025 can also benefit from the 30-year amortization option, which spreads payments out longer and lowers monthly costs.
While variable-rate mortgages may look attractive at first, many new buyers prefer the stability of a fixed-rate loan, especially in a changing interest rate environment.
In Creston, many buyers also work with local credit unions, which can sometimes provide flexible terms compared to big national banks.
3. Secure a Realtor
Work with a realtor who knows Creston well. A local agent can help you find the right neighborhood, connect you with inspectors and lawyers, and guide you through negotiations. In B.C., the buyer typically doesn’t pay their agent directly, the fee usually comes from the seller’s proceeds.
An experienced Creston realtor can also help with rural property details like septic systems, well water, and farm zoning, important factors that aren’t always obvious to first-time buyers
4. Find and Make an Offer
As you view homes, make a clear list of your needs versus wants. Needs are essentials like location, number of bedrooms, or yard size. Wants are features like a finished basement or mountain views.
Once you’ve found a property, your realtor will help craft an offer that’s competitive and fair. Negotiations are common, and your agent will be key in balancing your budget with the seller’s expectations.
5. Complete the Purchase
Once your offer is accepted, there are still a few important steps to take before you officially become a homeowner
- Home inspection: After your offer is accepted, book a professional inspection. It may reveal repairs or issues you’ll want to know about before closing.
- Finalize your mortgage: Provide your lender with updated documents, including proof of income and assets.
- Close the deal: In B.C., this step is known as completion day. You’ll meet with a lawyer or notary to sign final documents, transfer the title, and officially receive your keys. Possession day usually follows shortly after completion day, this is when you actually move in and take physical control of the property.
First-Time Buyer Programs in B.C. and Canada
Several programs can help stretch your budget and lower upfront costs:
- First Home Savings Account (FHSA): Contribute up to $8,000 per year (lifetime maximum $40,000). Contributions are tax-deductible, and withdrawals for a first home are tax-free. Couples can double this benefit to $80,000.
- Home Buyers’ Plan (HBP): Withdraw up to $60,000 from your RRSP tax-free to put toward your down payment. Couples can combine for $120,000, repayable over 15 years.
- First-Time Home Buyers’ Tax Credit (HBTC): A non-refundable credit worth up to $1,500, helping with legal fees and closing costs.
- B.C. First-Time Home Buyers’ Program: Provides a full or partial exemption from the Property Transfer Tax (PTT). On a $450,000 Creston home, that could save you more than $7,000. The maximum rebate in 2025 is $8,000.
- 30-Year Amortization: Newly available for insured mortgages for first-time buyers, this longer term lowers monthly payments, making budgeting easier.
The Bottom Line
For first-time buyers in Creston, affordable home prices and more inventory on the market mean you don’t have to rush your decision. Most single-family homes here still sell in the $400,000–$500,000 range, and many fall under the provincial price cap for first-time buyer tax exemptions. That puts programs like the Property Transfer Tax rebate and the RRSP Home Buyers’ Plan within reach for local buyers.
Instead of feeling pressured, you can take the time to compare neighborhoods from houses close to downtown Creston to acreages in Erickson or West Creston and match them with a budget that works for you. With financing options and incentives available, the path to homeownership here is clearer than in larger B.C. markets.