Your Guide to Buying a Home in Vancouver

Financing and pre-approval

The first step in buying a home or investment property is gaining clarity on your financing. This includes understanding your realistic budget, down payment requirements and monthly comfort level before you begin viewing homes.

Meeting with a trusted bank or mortgage broker early allows your financing to be reviewed in detail and helps avoid surprises later in the process. A full pre-approval gives you confidence in your buying range and strengthens your position when it comes time to make an offer. In competitive markets, having your financing well prepared can make a meaningful difference: when sellers are choosing between similar offers, those that demonstrate financial readiness are often viewed more favourably.

A pre-approval helps you:

• Hold a preferred interest rate for a limited period, depending on the lender.
• Understand a realistic price range before you begin making offers.
• Estimate your potential monthly mortgage payments and overall comfort level.

Should I speak with a mortgage broker or a bank? Both are valid options. Mortgage brokers offer access to multiple lenders and products. Banks may be preferred by buyers who already have a relationship or want to keep their financing with one lender. What matters most is having your financing reviewed and understood before you begin making offers.

Budget and down payment

Your down payment is the portion of the purchase price you pay upfront, not financed through a mortgage. In Canada, minimum down payments vary by purchase price: buyers will need between 5% and 20%, depending on the value of the property.

Buyer costs

Buyer costs are set out in Fees and Closing Costs.

Timing and priorities

Market conditions shift throughout the year and timing can affect competition, pricing and availability. Rather than focusing on a specific season, we help you understand what current conditions mean for your search and how to adjust your strategy accordingly. The goal is not to time the market perfectly, but to make informed decisions based on your readiness, your priorities and the realities of the market.

Finding the right property

Once your financing is clarified, the next step is setting up your search so the right home listings are sent to you in a clear, manageable way.

MLS search setup

We will set up a personalized MLS search based on your criteria. The search delivers new and relevant listings directly to your inbox as soon as they come to market, so you see opportunities quickly and can track pricing, patterns and availability in real time.

Viewing homes

Viewing homes is where your search becomes real. This step helps you test your priorities in actual spaces and understand how different homes feel, function and compare.

When a property stands out, we coordinate showings or open house visits based on your schedule and priorities. Viewing homes helps refine your preferences and gives you clarity on what truly matters, often through elimination. Seeing homes in person builds confidence, sharpens your decision-making and helps you recognize the right opportunity when it appears.

Assessing homes and market value

We help you evaluate each home in terms of layout, light, condition, location and overall fit. As you review homes, we help you interpret what you are seeing, including pricing context, resale considerations and trade-offs that may not be obvious at first glance. This keeps the search focused and prevents decision fatigue.

As you consider properties, we help you understand value, resale considerations and potential limitations, so decisions are based on facts, not pressure. The goal is a purchase you feel good about now and later.

Writing an offer

Once you have found the right property, the next step is preparing an offer. In BC, this is done using the Contract of Purchase and Sale, which sets out the price, deposit, subject conditions, timelines and key terms of the agreement.

At this stage, we analyze market activity and the seller’s circumstances to determine how the offer should be crafted. Our role is to protect your interests while presenting terms that give you the strongest possible advantage.

Price, deposit, subjects, dates and included items

An offer sets out the key terms of your purchase, so everyone is clear on the agreement. It typically includes:

• The legal names of the buyer and seller
• The property address
• The price and deposit amount
• Any items included with the home, such as appliances or fixtures
• Subject conditions, like financing or inspection
• Completion, possession and move-in dates
• The expiry time for the offer

We walk through each of these together, so you understand what matters and why, and nothing feels rushed or unclear.

Negotiation

Once your offer is written and submitted, the focus shifts to review, negotiation and the next phase of the process. We will keep you informed at every stage, so you always know where things stand and what to expect.

Accepted offer

Once an offer is accepted, what happens next depends on the details in the contract. If your offer included subject conditions, this period is used to complete due diligence, such as inspections, financing and document review, before the deal becomes firm. If your offer was written without subjects, the deposit is typically due upon acceptance.

We track timelines, coordinate the next phase and guide you through each stage, so you always know what is required and when the agreement becomes firm.

Due diligence

Subject conditions vary depending on the property, the buyer’s situation and the market. Common examples include:

• Financing review
• Property inspection: a professional inspection to assess condition and identify potential issues.
• Review of strata documents (for strata properties): the building’s records, used to understand its financial health, management and upcoming obligations.

Home insurance is also part of your preparation: proof of insurance is required on completion day, when ownership transfers to you. We help you decide which conditions make sense for your situation and explain the implications of each before they are included in an offer.

Subject removal

Subject removal is the step where your purchase becomes legally binding. Once you are satisfied that your conditions have been met, subjects are removed in writing and the contract becomes final.

Subject periods are typically around seven days but can vary depending on the terms of your offer and current market conditions. We track deadlines carefully and confirm each step with you before anything is finalized.

After subject removal, your file is forwarded to your lawyer or notary, who will prepare the transfer documents, manage the funds and outline any remaining costs in advance so there are no surprises. We coordinate with them to ensure a smooth transition to the final stage.

Cooling-off (rescission) period

In BC, buyers also have a mandatory three-day cooling-off period after acceptance, during which the contract is not yet firm. If the buyer chooses to rescind during this period, the deposit is returned less a rescission fee equal to 0.25% of the purchase price, paid to the seller.

Completion and possession

At this stage, the process moves into completion, where we remain closely involved behind the scenes, coordinating with all parties to keep timelines on track and ensure every detail is handled.

On completion day, ownership of the property officially transfers to you. Possession typically occurs later that day or on a date specified in your contract. Once possession takes place, you receive the keys and can begin moving in.

Legal coordination, funds and adjustments

Your lawyer or notary handles the transfer of ownership, registration of title, funds and closing documents on completion. They also prepare the adjustments: the final calculations that ensure property taxes, utilities and strata fees are fairly divided between buyer and seller based on ownership dates. Property transfer tax is paid at completion; see Fees and Closing Costs.

Who handles the final steps

• Your lawyer or notary completes the legal transfer of ownership.
• The seller’s listing agent releases the keys.
• We coordinate communication and confirm timelines.
• You focus on preparing for your move.

Getting ready to move

As you prepare for your move, this checklist helps ensure the details are handled for a smooth transition into your new home. Follow these steps where applicable to stay organized as moving day approaches.

1. Hire movers: research and book a reputable moving company in advance. Consider extra insurance for valuable items.
2. Confirm moving day access: coordinate access for moving day, including parking arrangements, loading areas or elevator reservations if required.
3. Utilities and services: arrange to disconnect utilities at your current home and connect them at the new one, including electricity, gas, water, internet and cable.
4. Address change: update your address with Canada Post for mail forwarding and notify government agencies, banks, employers and subscription services.
5. Home insurance: set up home insurance to begin on completion day, when legal ownership transfers to you.
6. Cleaning: schedule professional cleaning for the old home at least 24 hours before possession occurs.

• Utilities and services: confirm that electricity, gas, water, internet and cable are connected in your name at the new home.
• Address and records: update your address with Canada Post, government agencies, banks, employers and subscription services, and keep the closing documents from your lawyer or notary.
• Ownership responsibilities: keep your home insurance in place and plan for property taxes and, for strata properties, monthly strata fees.

Our role does not end when the sale is complete. We remain a steady point of contact, available whenever questions arise or perspective is helpful.

See Buyer Stage 6 in the Buyer Resource Library.

Down payment and deposit

Minimum down payments vary by purchase price; buyers will need between 5% and 20%, depending on the value of the property. The deposit is paid as part of the offer to demonstrate commitment and is typically due upon subject removal, or upon acceptance for subject-free offers, depending on the contract terms.

Property transfer tax

Property transfer tax is a provincial tax paid by the buyer at completion, calculated on a sliding scale:

Some buyers, including first-time buyers or purchasers of new homes, may qualify for exemptions or reductions, which are confirmed by the lawyer or notary prior to completion.

GST

A 5% federal tax that may apply to newly constructed or substantially renovated homes, some assignment sales and certain other transactions. In some cases, rebates may be available. Always confirm with your accountant or lawyer.

Legal fees and adjustments

Your lawyer or notary handles the transfer of ownership, registration of title, funds and closing documents. Their final accounting divides property taxes, utilities and strata fees between buyer and seller based on ownership dates, so you may owe or be credited amounts at completion.

Inspection and insurance

Home inspection fees typically range from $500 to $900+, depending on the size and scope of the inspection. Home insurance must be in place, with proof provided, on completion day.

Strata fees and moving costs

For strata-titled properties, owners pay monthly strata fees to cover shared expenses such as maintenance, insurance and amenities. Also budget for movers (and extra insurance for valuable items, if you choose) and cleaning.

Buyer remuneration

As a buyer, you typically do not incur direct costs for REALTOR® services, as commission is usually paid by the seller upon completion of the sale.

Rescission fee

If you rescind during the three-day cooling-off period, a fee equal to 0.25% of the purchase price is paid to the seller.