Buyer Resources
Complete Buyer's Guide for
Greater Vancouver Real Estate
A step-by-step walkthrough from pre-approval to closing — with BC-specific rules, costs, and tactical advice.
Get Pre-Approved
Get a mortgage pre-approval — not just pre-qualification. Pre-approval locks your rate for 90–120 days.
In BC, minimum 5% down for homes under $500K; 10% on the portion $500K–$999,999; 20%+ for $1M+.
CMHC mortgage insurance applies to all down payments under 20% — budget 2.8–4% of the insured amount.
Stress test: qualify at your rate + 2% (or 5.25% — whichever is higher).
Budget for closing costs: 1.5–4% of purchase price (PTT, legal fees, home inspection, etc.).
Find the Right Home
Use our map search and neighbourhood guides to explore Metro Vancouver areas.
Check days on market (DOM) — longer DOM = more negotiating leverage.
Review the Deal Score on each listing — we flag value vs. market, DOM, and price reductions.
Watch for red flags: as-is listings, court-ordered sales, leasehold land, and grow-op disclosures.
Attend open houses and request the strata documents for condos/townhouses before writing an offer.
Make a Strong Offer
Use our Offer Advisor tool on each listing page for a data-backed price range.
In a hot market (Sale/List > 100%), consider offering over list price with an escalation clause.
In a cooler market (DOM > 30), start 3–8% below list and include subjects.
Key subjects: financing (7–10 days), home inspection (5–7 days), strata document review (5 days).
Deposit is typically 5% of purchase price, due within 24 hours of accepted offer.
In BC, you have a 3-business-day cooling-off period for residential properties (RCR) — this does not apply to all situations.
Remove Subjects
Hire a licensed home inspector — budget $500–$800. Always attend in person.
For strata properties: review Form B, engineering reports, depreciation report, minutes (2 years), and financials.
Confirm your financing is firm — lender approval in writing, not just verbal.
Check for special levies and outstanding repairs in the strata.
Once subjects are removed, the sale is binding. The deposit becomes non-refundable.
Close the Deal
Hire a BC notary or real estate lawyer to handle the conveyance — budget $1,200–$2,000.
Property Transfer Tax (PTT): 1% on first $200K, 2% on $200K–$2M, 3% on $2M+. First-time buyers exempt up to $500K.
Additional PTT (2%) for foreign buyers on residential property in specified zones.
New Housing Rebate: 5% GST applies to new construction; partial rebate available.
Final walk-through 24 hours before completion to verify condition.
Completion day: funds transfer through lawyer/notary; keys release upon registration.
After You Move In
Home warranty insurance: new homes in BC are covered by the Homeowner Protection Act (2-5-10 year warranty).
For strata properties, file Form K within 2 weeks — confirms you received strata documents.
Update your address: ICBC, CRA, Service BC, banks, employer.
Review strata bylaws — especially pet, rental, and renovation rules.
Consider a home warranty for older homes — covers appliances, plumbing, and electrical systems.
Typical Closing Costs in BC
| Cost | Amount | Notes |
|---|---|---|
| Property Transfer Tax (PTT) | 1–3% of price | First-time buyers exempt up to $500K |
| CMHC Insurance | 2.8–4% of mortgage | Only if < 20% down |
| Home Inspection | $500–$800 | Strongly recommended |
| Notary / Lawyer | $1,200–$2,000 | Required for conveyance |
| Title Insurance | $150–$400 | Highly recommended |
| Property Tax Adjustment | Varies | Reimburse seller for pre-paid tax |
| Strata Adjustment | Varies | Pro-rated strata fee |
| Moving Costs | $1,000–$5,000+ | Depends on distance and volume |