STEP-BY-STEP GUIDE TO BUYING YOUR FIRST HOME IN BC

Step 1: Check Your Financial Readiness

Before browsing listings, review your finances.

• Calculate your monthly budget (mortgage, utilities, property taxes, and insurance).

• Check your credit score most lenders prefer 680+ for better rates.

• Save for a down payment (minimum 5% for homes under $500K, 10% between $500K–$999K).

• Don’t forget closing costs typically 2–5% of the purchase price.

Pro Tip: Use the First Home Savings Account (FHSA) to grow your down payment tax-free.

Step 2: Get Pre-Approved for a Mortgage

A mortgage pre-approval helps you:

• Know your price range

• Lock in an interest rate for up to 120 days

• Show sellers you’re a serious buyer

Shop around between banks, credit unions, and mortgage brokers for the best terms. Even a small rate difference can save thousands over time.

Step 3: Choose the Right Neighbourhood

Location is everything. When evaluating areas, consider:

• Commute times

• Schools and parks

• Access to transit and amenities

• Future development plans

If you’re buying a strata property, research the strata’s history, rules, and financial health.

Step 4: Work with a Real Estate Agent

A professional real estate agent can guide you through pricing, negotiations, and paperwork.

Choose someone experienced with first-time buyers in BC and familiar with the local market.

They’ll also help you interpret comparable sales to make a strong, fair offer.

Step 5: Make an Offer

When you’ve found the perfect home, your agent will help you draft an offer to purchase.

It typically includes:

• Offer price

• Deposit amount

• Closing date

• Conditions (financing, inspection, etc.)

Once the seller accepts your offer, you’ll enter the subject removal phase.

Step 6: Do Your Due Diligence

Before the deal becomes firm:

• Get a home inspection to uncover hidden issues.

• Finalize your mortgage approval with your lender.

• Review strata documents (if applicable) especially the depreciation report and bylaws.

If everything checks out, you’ll remove conditions and move toward closing.

Step 7: Understand the Legal Process

Your real estate lawyer or notary will:

• Review the contract of purchase and sale

• Handle the title transfer

• Register your mortgage

• Manage property transfer tax (PTT) and any applicable exemptions (like the First-Time Home Buyers’ Program).

Step 8: Prepare for Closing Costs

Common costs include:

• Property transfer tax

• Legal fees

• Title insurance

• Appraisal and inspection fees

• Property tax adjustments

Have these funds ready before Completion Day to avoid delays.

Step 9: Closing Day

On closing day:

1. Your lawyer or notary transfers the funds to the seller.

2. The property title is officially registered in your name.

3. You get the keys and take possession of your new home!

Tip: Do a final walkthrough to ensure the home’s condition matches what was agreed upon.

Step 10: Move In and Maintain Your Investment

Celebrate you’re a homeowner!

Keep your investment strong by:

• Scheduling regular maintenance

• Building an emergency repair fund

• Reviewing your mortgage every few years for better rates

Buying your first home may feel overwhelming, but breaking it into steps makes it manageable. With the right preparation, a solid team, and a clear plan, you’ll move from renter to proud homeowner with confidence.