First-Time Home Buyer Checklist: 10 Steps to Buying Your First Home

Buying your first home is exciting, but it can also feel overwhelming if you don’t know where to start. This first-time home buyer checklist walks you through every step, from preparing your finances to getting the keys. Whether you’re buying in British Columbia or anywhere else in Canada, this guide will help you feel confident and prepared.

1. Check Your Financial Health

Before you look at homes, understand your overall financial picture.

Checklist:

• Review your credit score

• List income, debts, and monthly expenses

• Calculate how much you can comfortably afford

• Start or maintain a down payment fund

2. Get Mortgage Pre-Approved

A mortgage pre-approval shows sellers you’re serious and gives you a clear budget.

Checklist:

• Compare lenders or work with a mortgage broker

• Submit income documents, tax returns, and employment verification

• Lock in a pre-approved rate (usually valid for 90–120 days)

3. Determine Your Home Buying Budget

Your pre-approval is your limit, not your required price.

Checklist:

• Factor in property taxes and utilities

• Consider maintenance costs

• Don’t forget closing costs (typically 1–4% of purchase price in Canada)

4. Define Your Must-Haves vs. Nice-to-Haves

Clarifying what you need helps narrow the search fast.

Checklist:

• Preferred neighbourhood(s)

• Type of home: condo, townhouse, detached

• Number of bedrooms, bathrooms

• Commute time

• School district needs

• Lifestyle preferences (walkability, outdoor space, amenities)

5. Choose a Real Estate Agent

A real estate agent helps first-time buyers avoid costly mistakes.

Checklist:

• Interview at least 2–3 agents

• Confirm experience with first-time buyers

• Ask about local market experience

• Understand agency agreements

6. Start Viewing Homes

This is the fun part, but stay focused on your goals and budget.

Checklist:

• Take notes and photos during showings

• Compare homes based on price, condition, and resale value

• Ask questions about age of roof, furnace, plumbing, and strata fees (if condo)

7. Make an Offer

Once you find “the one,” it’s time to submit an offer.

Checklist:

• Review comparable sales (comps)

• Discuss offer terms with your agent

• Include subjects/conditions (financing, inspection, strata documents)

• Negotiate price, dates, and conditions

8. Conduct a Home Inspection

A professional inspection protects you from surprise repair costs.

Checklist:

• Hire a certified home inspector

• Review the full inspection report

• Negotiate repairs or credits if needed

• Decide whether to remove subjects

9. Finalize Your Mortgage

After subjects are removed, your mortgage is confirmed.

Checklist:

• Provide lender with final documentation

• Choose fixed vs. variable rate

• Sign final mortgage approval

10. Prepare for Closing Day

This is the last big step before becoming a homeowner.

Checklist:

• Meet with your lawyer or notary

• Review and sign closing documents

• Transfer your down payment to your legal firm

• Receive your keys on possession day

You’re Now a Homeowner!

With this first-time home buyer checklist, you’ll understand every step of the home buying process and feel confident from pre-approval to possession day.