1. Vancouver’s Market: Budgeting & Financial Planning

Know your numbers before the hunt begins.

Vancouver's high home prices demand solid planning. Start by calculating your monthly income, expenses, and debt to understand what you can truly afford.

Key Financial Steps:

✔ Down Payment: 5% for homes under $500K; 10% on the portion from $500K to $1M; 20%+ for homes over $1M (no mortgage insurance).

✔ Mortgage Stress Test: You must qualify at the higher of 5.25% or your contract rate + 2%.

✔ Use a Tool: Try WOWA’s Mortgage Calculator to estimate your monthly costs.

✔ Property Transfer Tax (PTT): First-time buyers may get exemptions on purchases up to $500,000 in BC.

✔ Budget for Extras: Closing costs (2–5%), property taxes, insurance, maintenance, utilities.

Tip: Budgeting early helps avoid heartbreak later and makes your offer stronger when the time comes.

2. The Pre-Approval Advantage

Pre-approval is your first win in a competitive market.

Getting pre-approved shows sellers you're serious and ready to move fast. It also saves you time by narrowing your search to homes within your actual price range.

Why It Matters:

✔ Speeds up the buying process

✔ Strengthens your offer in multiple-offer scenarios

✔ Lets you know exactly what you can afford

How to Get Pre-Approved:

• Contact an Independent Mortgage Broker to assess your income, credit score, and debts.

• Independent brokers can shop across multiple lenders — including the big banks — to find the most competitive rate and mortgage structure for your specific financial situation.

Smart move: Speak to an Independent Mortgage Broker early to know if you're ready to buy now or should wait to strengthen your financial profile.

3. Choosing the Right Neighborhood

The right location = better lifestyle + stronger investment.

Vancouver is diverse and hyper-local. Explore different neighborhoods and align your search with your lifestyle and long-term plans.

Popular Picks:

✔ City Living: Yaletown, Downtown, Kitsilano

✔ Family-Friendly: Mount Pleasant, East Van, North Van

✔ Luxury: West Van, Coal Harbour

What to Look For:

• Transit access, commute time, parking restrictions

• Walkability to parks, schools, gyms, and grocery stores

• School ratings: Check Fraser Institute Rankings and BC School District List

• Safety and vibe at different times of day

• Future development that may impact views or property values

New build to watch: Wesgroup's Inlet District in Port Moody will add 2,487 homes. Major presales happening now.

4. Understanding Condo vs. Freehold Properties

Choose the ownership style that fits your lifestyle and goals.

Options:

✔ Condos/Stratas: Lower maintenance, monthly strata fees, shared amenities, bylaws to follow

✔ Townhomes: More space, often still under strata management

✔ Detached Homes: More expensive, but no strata rules, and room to build laneway or rental suites

Pro tip: Review strata bylaws, contingency reserves, and any pending special levies before buying a strata property.

5. Work With a Realtor Who Knows Vancouver

The right agent isn’t a luxury — it’s a necessity.

A seasoned local realtor helps you.

What to Expect from a Great Agent:

✔ Access off-market listings and upcoming inventory

✔ Guide you through bidding wars and counteroffers

✔ Provide insight on pricing strategy and comps

✔ Negotiate win-win deals and smooth possession dates

✔ Review contracts and ensure you're protected

Your agent should listen more than talk. Clear communication = better results.

6. Due Diligence: Inspections & Strata Reviews

Look beyond the surface. Inspect before you commit.

Inspections can reveal costly issues before it’s too late to back out.

Inspection Essentials:

• Hire a licensed home inspector to assess structure, roof, plumbing, and systems

• Get a written report for negotiation leverage

Strata Due Diligence (Condos/Townhomes):

• Review 2 years of strata minutes, depreciation report, and contingency reserve fund

• Watch for: upcoming levies, major repairs, or pending lawsuits

Always request strata docs before removing conditions.

7. Bidding War Strategy

Stay sharp, not emotional.

In hot markets, bidding wars are common. But smart buyers don’t just throw money at the problem.

Tips to Compete Without Overpaying:

✔ Do a pre-inspection if possible

✔ Offer a flexible possession date

✔ Write a personal letter to the seller (optional, but effective)

✔ Know your walk-away price and stick to it

The right offer isn’t always the highest — it’s often the cleanest and most confident.

8. What Happens After Your Offer is Accepted?

You're not done yet.

Key Steps After Acceptance:

• Submit deposit (typically within 24–48 hours)

• Conduct legal review, finalize financing

• Schedule a final walkthrough before possession

• Set up home insurance before closing

Your agent and lawyer will help you manage these timelines so nothing gets missed.

9. Move-In & Settle Into Your New Home

Small tasks = big peace of mind.

Moving To-Do List:

✔ Transfer or set up utilities (BC Hydro, Fortis, internet, etc.)

✔ Change address with Canada Post, banks, subscriptions

✔ Book movers or rent a truck early

Planning ahead = a smoother, less stressful move-in day.

10. Thinking About Buying in Vancouver? Let’s Talk!

Whether you’re a first-time buyer or investor, I’ll help you create a custom plan and make the process feel effortless.

Let’s connect and get you home.