By Michael Goering, Realtor with FRIVE — a Fraser Valley service built only for first-time buyers, brokered by RE/MAX Magnolia in Mission, BC.
A detached house in the Fraser Valley costs $1,366,500 at benchmark. A townhome costs $769,500. That’s a $597,000 gap (FVREB, May 2026) — and for two generations, almost nothing got built in between. Since mid-2024, that’s over. Nearly every single-family lot from Surrey to Chilliwack can now legally hold three or four homes. If you’re a first-time buyer, this rezoning is the biggest thing to happen to your side of the market in decades — and most buyers I meet haven’t connected the dots yet.
I work with first-time buyers only. Not investors, not move-up sellers. So this is the playbook I walk my own clients through.
TL;DR (Key Takeaways)
- BC’s Bill 44 forced municipalities to allow 3–4 homes on most single-family lots (up to 6 near frequent transit). Surrey’s bylaw took effect July 8, 2024; Township of Langley adopted November 18, 2024; Abbotsford and Maple Ridge allow up to 4 (Maple Ridge up to 6 in spots)
- Fraser Valley prices are falling while this new supply arrives: detached down 7.9%, townhomes down 7.6%, condos down 8.8% year-over-year (FVREB, May 2026)
- First-time buyers can stack up to $100,000 in tax-sheltered down payment money (FHSA $40,000 + RRSP Home Buyers’ Plan $60,000)
- On a new multiplex unit under $1M, the federal GST rebate eliminates the 5% GST (up to $50,000, law since March 12, 2026) and BC’s newly built home exemption wipes the property transfer tax up to $1.1M
- On a $899,900 new build, those two programs alone are worth about $61,000
- Surrey’s mayor moved in May 2026 to review small-scale multi-unit rules — the political window won’t stay this open forever
What changed: lots from Surrey to Chilliwack got rezoned
In November 2023, the province passed Bill 44 — the small-scale multi-unit housing (SSMUH) legislation. It told municipalities: your single-family zones must allow at least 3 or 4 homes per lot, and at least 6 on larger lots near frequent transit. Cities had until June 30, 2024 to rewrite their bylaws. By December 2024, 162 of BC’s 188 local governments had done it.
Here’s how it landed in our valley:
| City | Status | What’s allowed |
|---|---|---|
| Surrey | In effect July 8, 2024 | 3–4 units per lot (houseplex, duplex, coach house, suites) |
| Township of Langley | Adopted Nov 18, 2024 | SSMUH zoning per provincial minimums |
| Abbotsford | Adopted 2024 | Up to 4 units per lot in most single-family zones |
| Maple Ridge | Adopted 2024 | 3, 4 or 6 units on serviced urban lots |
Surrey alone has approved roughly 1,200 building permits tied to Bill 44 as of May 2026. That’s not a policy paper. That’s foundations being poured in Newton, Whalley and Clayton right now.
Why should a first-time buyer care about a builder’s zoning rules? Because every one of those permits turns into ground-oriented homes — places with a front door and often a yard — that get priced near a townhome, not near a $1.37M detached house. This is inventory being built for you.
Why first-time buyers win this round
Two forces are pulling in your direction at the same time, and that almost never happens.
First, prices are falling. Here’s the May 2026 FVREB benchmark picture:
| Home type | Benchmark (May 2026) | Change vs May 2025 |
|---|---|---|
| Detached | $1,366,500 | −7.9% |
| Townhome | $769,500 | −7.6% |
| Condo | $483,800 | −8.8% |
Second, the new multiplex supply competes for the same buyers as townhomes and older condos. More homes chasing fewer buyers means sellers negotiate. I’ve watched my own clients get accepted offers this spring that would have been laughed out of the room in 2022.
The honest caveat: nobody rings a bell at the bottom. Prices could slide further. But you don’t buy a benchmark — you buy one home, once, and you’re going to live in it. A market where you can negotiate, inspect properly, and sleep on a decision is worth more to a first-time buyer than any forecast.
Stack the programs: six figures of help is sitting on the table
This is the part that genuinely surprises people. The federal and provincial governments have quietly built a stack of first-time buyer programs that work best on exactly the kind of home the multiplex wave is producing: new builds under $1 million.
| Program | What it’s worth | The fine print |
|---|---|---|
| FHSA | $8,000/year, $40,000 lifetime, tax-deductible in and tax-free out | Open it now even with $50 — contribution room starts when the account exists |
| RRSP Home Buyers’ Plan | Withdraw up to $60,000 tax-free | Repay over 15 years |
| Federal GST rebate (new) | Up to $50,000 — eliminates GST on new homes up to $1M, partial relief to $1.5M | Agreement signed on or after March 20, 2025; became law March 12, 2026 |
| BC newly built home PTT exemption | Up to $20,000 — no property transfer tax on new homes up to $1.1M | Partial exemption to $1.15M |
| BC first-time buyer PTT exemption | Up to $8,000 — no PTT on the first $500,000 | Home must be $835,000 or less ($860,000 partial); you pick this or the newly built exemption, not both |
Run a real example. Say you find a new fourplex unit in Willoughby listed at $899,900:
- GST rebate: 5% of $899,900 = $44,995 back
- Newly built home PTT exemption: $15,998 saved (the home is under $1.1M, so the transfer tax disappears entirely)
- Total: roughly $61,000 — before you count a dollar of FHSA or HBP room
Notice the price thresholds. The first-time buyer PTT exemption caps out at $835,000 — useless on most new builds. The newly built exemption runs to $1.1M and the GST rebate to $1M. The programs are tuned for new construction, and small-scale multiplex units are the new construction being built at those prices. That alignment isn’t an accident. Use it.
Three moves to ride the multiplex wave
There’s no single right answer here — it depends on your savings, your household, and how much project you can stomach. These are the three plays I actually present to clients.
Move 1: Buy the new multiplex unit instead of the old condo. For a similar monthly payment, a new SSMUH unit gets you a front door at grade, often a garage or yard, 2-5-10 new home warranty coverage, and the full new-build incentive stack above. An older condo gets you none of that, plus whatever special levies the building votes on next year. The trade-off is real too: new units are smaller per dollar than 1990s condos, and you’re often buying from plans.
Move 2: Buy the tired house on a now-multiplex lot. If you can stretch to an older detached home — and in Mission and parts of Abbotsford and Chilliwack, some still trade well below the valley benchmark — you’re buying two things: a place to live with a basement suite to help the mortgage, and land that’s now zoned for 3–4 homes. You live in it for five or ten years, then sell to a builder, partner with one, or build for family. First-time buyers almost never think of themselves as future land sellers. The zoning just made you one.
Move 3: Co-buy with family and use the lot. Bill 44 makes the multigenerational play concrete: parents and adult kids pool down payments on one SSMUH-eligible lot, live in the existing house, and hold the option to add units later — a coach house for the parents, a suite for a sibling. It’s not for everyone (get a co-ownership agreement drafted by a lawyer, not a handshake), but it turns one unaffordable purchase into a property with room for the whole family’s next decade.
What can go wrong — read this before you write an offer
I’d be running the “aggressive funnel” playbook I built FRIVE to get away from if I didn’t give you the other side.
The GST math only works if you qualify. The rebate is for first-time buyers, on agreements signed on or after March 20, 2025, for homes you’ll occupy as your primary residence. Buy at $1.2M and the rebate shrinks; at $1.5M it’s zero.
You choose one PTT exemption, not two. On a new home over $835,000, that choice is easy (newly built exemption). Under $835,000, do the math both ways with your lawyer or notary.
Small multiplexes are usually strata. A fourplex on one lot typically sells as four strata units. That can be fine — but a four-unit strata has no professional management and a tiny contingency fund. Read the strata plan and budget before you fall in love with the kitchen.
The political window can narrow. On May 25, 2026, Surrey’s mayor put forward a motion to review the city’s small-scale multi-unit zoning and servicing rules, citing parking, garbage, and infrastructure strain. The provincial law isn’t going away, but cities control the details — parking minimums, servicing costs, approval speed — and those details set prices and supply. The current setup is about as buyer-friendly as it’s been. I wouldn’t assume it stays that way for five years.
Presale deposits are real money. Buying from plans usually means staged deposits and a completion date that can slip. Make sure your rate hold, FHSA timing, and HBP withdrawal all line up with the actual completion, not the brochure date.
Common questions from Fraser Valley first-time buyers
How many homes are allowed on a single-family lot in the Fraser Valley now?
At least 3–4 on most lots in Surrey, Langley, Abbotsford, Maple Ridge, Mission and Chilliwack under Bill 44, and at least 6 on larger lots near frequent transit. The exact count depends on your city’s bylaw, lot size, and servicing — check the specific address before assuming.
Can I combine the FHSA, the Home Buyers’ Plan, the GST rebate, and a PTT exemption?
Yes — with one catch. The FHSA ($40,000 lifetime) and HBP ($60,000) stack on the same purchase. The federal GST rebate applies on a qualifying new home. For BC property transfer tax, you pick either the first-time buyer exemption or the newly built home exemption, whichever saves more.
Does the first-time buyer PTT exemption work on a $900,000 new build?
No — it caps at $835,000 ($860,000 partial). But the newly built home exemption covers new homes to $1.1M, which on a $899,900 purchase saves you $15,998. Same buyer, same house, $16K difference for ticking the right box.
Is a multiplex unit a worse first home than a condo?
Neither is “worse” — they’re different products. A new multiplex unit gives you a ground-level entrance, new-home warranty, and the full incentive stack; an older condo usually gives you more square footage per dollar and an established (if imperfect) strata. What I push back on is buyers comparing only list prices. After $61,000 in new-build incentives, the more expensive home is often the cheaper purchase.
Curious what the multiplex zoning means for a specific lot or listing? VanPlex screens addresses against zoning, lot size, and transit rules and runs the development math in about two minutes — try it with any address. And if you’re a Fraser Valley first-time buyer who wants a second set of eyes instead of a sales funnel, that’s exactly what FRIVE exists for.
— Michael Goering, Realtor | FRIVE, a first-time-buyer-only real estate service for Surrey, Langley, Abbotsford, Chilliwack, Maple Ridge and Mission, brokered by RE/MAX Magnolia. Free consultations at frive.ca.
