STEP-BY-STEP GUIDE TO BUYING YOUR FIRST HOME IN BC
Step 1: Check Your Financial Readiness
Before you start looking at homes, understand your financial position.
Review:
• Monthly budget
• Credit score (680+ preferred)
• Existing debts
• Available savings
Minimum Down Payments:
• 5% for homes under $500K
• 10% on the portion between $500K–$999K
• 20% for homes over $1M
Pro Tip: Use a 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 rates for 90–120 days
• Strengthen your offer
Compare rates with:
• Banks
• Credit unions
• Mortgage brokers
Even a small rate difference can save thousands.
Step 3: Choose the Right Neighbourhood
Your neighbourhood impacts lifestyle and long-term home value.
Consider:
• Commute time
• Schools
• Safety and crime rates
• Amenities (shops, transit, parks)
• Future city development plans
Visit the area at different times of day for the best feel.
Step 4: Hire a Real Estate Agent
A licensed BC agent can guide you through:
• Market trends
• Negotiations
• Paperwork
• Legal requirements
Choose someone experienced with first-time buyers.
Step 5: Begin House Hunting
Tour homes within your budget and preferred neighbourhoods.
Evaluate:
• Home condition
• Layout and features
• Strata fees (condos/townhouses)
• Storage and parking
• Nearby amenities
Take your time and compare options.
Step 6: Make an Offer
When you find the right home, your agent will help draft an offer.
Your offer includes:
• Price
• Deposit
• Conditions (inspection, financing, strata review)
• Proposed dates
The seller may accept, reject, or counter.
Step 7: Complete Due Diligence
Before your offer becomes firm, complete your conditions.
Important:
• Home inspection
• Final mortgage approval
• Strata document review
• Appraisal
If everything is satisfactory, remove subjects and secure the purchase.
Step 8: Hire a Lawyer or Notary
Your lawyer/notary will:
• Prepare legal documents
• Register the title
• Handle Property Transfer Tax (PTT)
• Complete closing paperwork
PTT exemptions may apply for first-time buyers.
Step 9: Prepare for Closing Costs
Closing costs typically include:
• Legal fees
• Title insurance
• Property Transfer Tax
• Appraisal
• Inspection
• Adjustments (property tax, utilities)
Budget 2–5% of the purchase price.
Step 10: Closing Day & Move In
On closing day:
1. Funds transfer
2. Title registers in your name
3. You receive the keys
Do a final walkthrough if possible.
Buying your first home in BC is a major milestone, and with the right preparation and guidance, the process becomes much easier. Following these steps will help you make confident, informed decisions on your path to homeownership.