Step-by-Step: The Home Buying Journey around Greater Vancouver, BC

1. Start with a REALTOR® Consultation

This initial meeting is where you outline your goals, budget, and timeline. A REALTOR® will help you:

• Understand what’s realistic in your price range
• Clarify your wants vs. needs
• Get a rough sense of closing costs and monthly carrying costs

Tip: If you’re feeling overwhelmed, don’t stress—this is where the learning begins!

2. Get Pre-Approved for a Mortgage

Before you fall in love with a home, make sure you know how much you can actually borrow. A pre-approval helps you:

• Understand your max purchase price
• Lock in an interest rate for 90-120 days
• Strengthen your position when making offers

Your REALTOR® can refer you to a reputable mortgage broker who will compare multiple lenders and find the best fit.

3. Tour Properties & Compare Options

Now the fun begins. You’ll work with your agent to:

• Explore neighbourhoods that match your lifestyle
• Attend showings and open houses
• Learn what’s typical for your budget

You’ll also start developing a gut instinct for market value and how fast homes are moving.

4. Make an Offer

When you find the right home, your REALTOR® will help you:

• Draft a strong offer with appropriate subjects (like financing, inspection, and strata review)
• Determine a competitive offer price
• Navigate counteroffers and negotiation

This is where having an experienced agent really counts.

5. Due Diligence & Subject Removal

Once your offer is accepted, you’ll typically have 5-10 business days to complete your due diligence. This may include:

• Home inspection
• Reviewing strata documents
• Securing final mortgage approval
• Checking city permits and zoning (for houses)

Once everything checks out, you remove subjects and pay the deposit (usually 5%).

6. Prepare for Closing

Leading up to the possession date, your REALTOR® will help you coordinate:

• Hiring a lawyer or notary for conveyancing
• Setting up utilities and insurance
• Finalizing your mortgage
• Planning your move

On closing day, funds are transferred, and the home officially becomes yours!

Other Costs to Expect When Buying

In addition to your down payment, there are one-time costs every buyer should budget for:

• Home inspection: $450 – $800
• Legal/notary fees: $1,200 – $2,200
• Title insurance: ~$250
• Property Transfer Tax (PTT): If you qualify as a first-time buyer, you may be exempt (homes under $500,000 fully exempt; partial between $500,000-$860,000)
• Moving costs: $500 – $2,000 depending on distance and services

Ask your REALTOR® for a cost breakdown customized to your situation.

Bonus Tips from Local REALTORS®

• Interview more than one agent. Not all REALTORS® specialize in working with first-time buyers. Look for someone who’s patient, knowledgeable, and communicative.
• Don’t skip the fine print. Your agent should walk you through the Contract of Purchase and Sale, PDS (Property Disclosure Statement), and any applicable strata documents.
• Check eligibility for rebates. From the First-Time Home Buyers’ Tax Credit to the BC Home Owner Grant, there are several programs you might qualify for.
• Stay flexible. In competitive markets, you may need to compromise on features or act quickly. Lean on your REALTOR® to strategize and stay calm.

Ready to Find the Right REALTOR®?

Buying your first home doesn’t have to be scary. With the right REALTOR® by your side, you’ll gain the knowledge, tools, and confidence you need to succeed.

If you’re looking for a REALTOR® who specializes in working with first-time buyers in BC, reach out today—we’d love to help you get started on your homeownership journey.

Frequently Asked Questions (FAQ)

What’s the difference between a REALTOR® and a real estate agent?

In Canada, all REALTORS® are licensed real estate agents, but not all real estate agents are REALTORS®. The REALTOR® designation means the agent is a member of the Canadian Real Estate Association (CREA) and adheres to a specific code of ethics and standards of practice.

Should I use the same agent as the seller?

Not recommended. This is called dual agency and can lead to a conflict of interest. It’s better to have your own dedicated buyer’s agent who represents only your interests.

Do I need a REALTOR® to buy a pre-construction property?

Yes. In fact, it’s even more important to have a REALTOR® when buying pre-sale. They can help you understand the developer’s contract, ensure you know your rights, and negotiate for incentives like upgrades or discounts.

How much should I budget for closing costs?

A good rule of thumb is to budget an additional 1.5% to 4% of your purchase price for closing costs, including legal fees, inspections, and taxes.

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If you’re looking to hire a realtor with experience to help guide you through the process of buying a house in Vancouver BC (and surrounding areas!) or help estimate the cost of buying a home, reach out to us today at 604-319-0200 or email hello@bridgewellgroup.ca for realtor representation!