1. Know Your Budget

Start with the numbers. The rest will fall into place.

Before you even step foot into an open house, you need to know what you can afford — not just monthly, but upfront and long term. It’s the first step to buying smart.

Assess your Income and Expenses

• List your monthly income and all expenses and loans, including credit cards, student loans, and car payments

• This gives you a clear idea of how much mortgage you can comfortably manage

• Use a tool like WOWA’s mortgage calculator to test different price points, interest rates, and down payment scenarios

Determine your Down Payment

In Canada, your minimum down payment depends on the home’s price:

• 5% for homes purchased under $500,000 (plus mortgage insurance)

• 10% on the portion between $500,000–$999,999 (plus mortgage insurance)

• 20% minimum for homes over $1 million (no mortgage insurance allowed)

Example — Buying a $750,000 home:

• • 5% of first $500,000 = $25,000

  • 10% of remaining $250,000 = $25,000

  • Total minimum down payment = $50,000

  
  

Tip: If you can put down 20% or more, you’ll avoid mortgage insurance and reduce your monthly payments. CMHC, Sagen, and Canada Guaranty are the main insurers when your down payment is under 20%.

Factor in Additional Costs

Beyond your down payment, don’t forget to budget for:

• Closing costs (2–5% of the purchase price)

• Property taxes and home insurance

• Moving expenses, utility setup, and potential repairs

Bottom line: Knowing your full budget upfront means less stress, better decisions, and a faster offer when the right home shows up.

2. Get Pre-Approved for a Mortgage

Serious buyers get pre-approved — not just pre-qualified.

Getting pre-approved isn't just a formality — it's your fast-pass to a smoother, more competitive buying experience in Vancouver’s high-stakes market.

Why It Matters:

✔ Sellers take you seriously — a pre-approved buyer is less likely to back out.

✔ You know your exact budget, so you’re not wasting time on homes you can’t afford.

✔ It speeds up closing and gives you an edge in bidding wars.

How to Get Pre-Approved:

• Contact an independent mortgage broker or direct lender.

• They’ll assess your income, debts, credit score, and employment status.

• You’ll get a pre-approval letter confirming the amount you’re eligible to borrow (usually valid 90–120 days).

Reality Check #1: Broker vs. Bank

Independent brokers can shop the entire mortgage market — big banks, credit unions, monolines, and private lenders — often negotiating better rates than you’d get walking into a branch.

Banks are more conservative. A broker gives you flexible options and a broader outlook.

Reality Check #2: Are You Actually Ready?

Talk to a broker early to find out if now’s the right time — or if you should wait 6–12 months.

If you just started a new job, made a large purchase, or have low equity, that can reduce borrowing power. Brokers help you plan ahead, qualify smarter, and avoid costly mistakes.

Their goal? To educate you so you make the right move — now or later.

3. Identify Your Needs and Wants

Know what matters most before you hit the open houses. Before you start scrolling listings or booking showings, take time to clearly define what you need versus what you want. It’ll save you time, stress, and help you act decisively in a competitive market.

Make Two Lists: Must-haves: Think location, number of bedrooms, parking, accessibility, or school zones

Nice-to-haves: Open floor plan, updated kitchen, a pool, hardwood floors, mountain views

Consider Your Lifestyle:

• Need a home office or space for a growing family?

• Prefer walkability, a quiet suburb, or access to transit?

• Planning for future kids, aging parents, or hybrid work?

Be Ready to Compromise:•

• Vancouver’s market is competitive — most buyers don’t get everything on their wishlist

• Focus on features you can’t change (like location or layout) versus things you can upgrade later (like paint or countertops)

Staying grounded in your priorities makes it easier to move quickly and confidently when the right property comes along.

4. Research Neighborhoods

Location matters more than square footage.

A home’s location shapes your daily lifestyle, long-term value, and resale potential. Don’t just fall for a property — fall for the area, too.

Key Factors to Consider: • Commute & transit access — Test routes to work, school, and frequently visited spots

• Parks, shops, schools, and healthcare — Check walkability and access to essentials

• Safety — Look up crime stats on municipal or police websites

• School quality — Use resources like the Fraser Institute or Wikipedia's BC school district list to evaluate your options

• Future development — Ask your agent about upcoming projects, rezonings, or towers that may impact views, density, or value

Explore the Area:

• Visit at different times — Day, night, weekends — to gauge noise, parking, and vibe

• Chat with locals or check community Facebook groups

• Take note of how it feels, not just what it has

Pro tip: Talk to your agent about neighborhood changes — like new condo towers, transit upgrades, or commercial zones. These can drastically affect resale potential and livability.

5. Work with an Experienced Realtor

Your agent should be your guide, not your boss.

A good realtor brings more than listings — they bring insight, strategy, and support to every decision you make.

Why You Need a Pro:

• Provides accurate price comparisons and market trends

• Uncovers off-market listings and hidden opportunities

• Handles complex contracts, terms, and timelines

• Negotiates on your behalf with a calm, strategic approach

Communication is Everything:

• Choose an agent who listens, explains clearly, and respects your pace

• You’re in the driver’s seat — your agent’s role is to inform, guide, and advocate

• A great agent will always make sure you understand what you're signing and never push you to act before you're ready

Your agent should specialize in your target area and understand the needs of first-time buyers — especially in fast-moving markets like Vancouver.

6. Conduct a Home Inspection

What you don’t see can cost you — inspect before you commit.

A home inspection is one of the most important steps in the buying process. It protects you from costly surprises and gives you leverage to negotiate.

What an Inspection Covers:

• Foundation, roof, and structure integrity

• Plumbing, electrical, and HVAC systems

• Signs of mold, water damage, or pest infestations

• Appliances, windows, insulation, and general safety

Hire a Qualified Inspector:

• Choose someone licensed, experienced, and with great reviews

• A thorough inspector will test all systems and provide a detailed written report

• Ask your realtor for trusted referrals — don’t just grab the cheapest name off Google

Review the Inspection Report:

• Even brand-new homes will show some issues — that’s normal

• Sellers often agree to fix small problems or offer credits to close the deal

• Use the findings to negotiate price reductions, repair requests, or walk away if needed

For Condos & Townhomes – Don’t Skip This:

• Review strata documents (2 years of meeting minutes, bylaws, depreciation report, budget, insurance certificate)

• Watch for: pending lawsuits, low financial reserves, and upcoming special assessments

• Ask: Are major repairs coming up? Any big-ticket levies planned? How healthy is the contingency fund?

Pro tip: The inspection almost always pays for itself — either through negotiated repairs or peace of mind. Think of it as financial armor.

7. Negotiate Smartly

Winning doesn’t always mean offering the highest price.

Understand Market Conditions:

• In a seller’s market: Expect multiple offers and fast sales. You’ll likely need to come in strong with your best offer up front — including deposit, timeline, and limited conditions.

• In a buyer’s market: There’s more room to negotiate on price, repairs, inclusions, or even covering some of your closing costs.based on comparable sales in the area. Avoid lowball offers that may deter the seller.

Go Beyond Price:

• Consider negotiating the closing date, included appliances or furniture, or repairs

• Sellers may prioritize flexibility on move-out dates or certainty over price — especially if they're buying another home

How Realtors Create Win-Win Closings:

A good buyer’s agent collaborates with the listing agent to figure out what really matters to the seller — and then crafts your offer around it. That might mean:

• Offering a flexible possession date so the seller can align with their next move

• Removing small barriers (like junk removal or covering minor repairs) to show goodwill

• Structuring clean, respectful offers that avoid lowball tactics — while still protecting your interests

Make a Competitive Offer:

• Your agent will run comparables (comps) to assess fair market value

• They’ll help you write an offer that’s strong, but not reckless

• If an inspection uncovers issues, they’ll guide you on requesting repairs or price adjustments without killing the deal

The goal isn’t just to win — it’s to get the right home, at the right price, on the right terms.

8. Plan for Closing Costs

Don’t get blindsided at the finish line — plan ahead.

Closing costs typically range from 2% to 5% of the home’s purchase price. These are due on or before possession and can’t be rolled into your mortgage, so they need to be in your budget from day one.

Common Closing Costs: ✔ Land Transfer Tax — Varies by province (BC: 1–2%, with rebates for first-time buyers up to $8,000) ✔ Legal Fees — $1,500–$3,000 for a real estate lawyer or notary to handle title transfer, contract review, and disbursements

✔ Title Insurance — One-time cost to protect against fraud or title issues (often bundled with legal fees)

✔ Property Tax & Utility Adjustments — You may reimburse the seller for prepaid amounts

✔ Home Insurance — Must be in place before your lender funds the mortgage

✔ Moving Costs — Truck rental, movers, utility hookups, cleaning — it adds up fast

Pro tip: Ask your realtor or mortgage broker for a closing cost estimate early in the process so there are zero surprises when you get that final statement of adjustments

9. Secure Homeowners Insurance

Protect your property. Protect your peace of mind.

Before your mortgage can fund, your lender will require proof of homeowners insurance — and it’s in your best interest to shop around and compare.

What You Need to Know: • Your policy should cover the replacement cost of the home, not just the market value

• Coverage includes fire, weather damage, liability, and theft

• For strata properties, you’ll still need coverage for your unit’s interior, contents, and personal liability

Save Money:• Bundle with your auto insurance to get a multi-policy discount• Increase your deductible to lower monthly premiums• Ask about added protection like earthquake insurance (a smart add-on in BC)

Start the insurance process early — last-minute scrambling can delay your closing

10. Stay Organized & Patient

Real estate isn’t just a transaction — it’s a journey.

Buying a home is exciting, but it can also feel overwhelming. The key? Stay organized, informed, and keep your eyes on the big picture.

What Helps:

• Keep a checklist of every step (your agent should provide one!)

• Set calendar reminders for deadlines (inspection, financing, insurance, deposit, etc.)

• Stay flexible — surprises happen, and the best deals often take a few twists and turns

• Communicate with your realtor regularly — even just to check in or ask questions

Thinking about buying? Let’s chat. Whether you're ready now or just starting to plan, I’ll walk you through every step — no pressure, just strategy.