Buying your first home in Vancouver can feel overwhelming, but with the right preparation and guidance, it's one of the most rewarding decisions you'll make. Here's your complete roadmap.
Step 1: Get Your Finances in Order Before you start browsing listings, understand your financial picture. Check your credit score, calculate your savings for a down payment, and start documenting your income. In Vancouver, you'll need at least 5% down for homes under $500K, 10% for the portion between $500K-$999K, and 20% for homes $1M+.
Step 2: Get Pre-Approved A mortgage pre-approval tells you exactly what you can afford and shows sellers you're serious. It also locks in your interest rate for 60-120 days. I can connect you with trusted mortgage brokers who specialize in first-time buyers.
Step 3: Take Advantage of First-Time Buyer Programs BC and Canada offer several programs: Property Transfer Tax exemption (up to $835K), the First Home Savings Account (FHSA), the Home Buyers' Plan (HBP) for RRSP withdrawals up to $60K, and the GST New Housing Rebate for new builds.
Step 4: Define Your Must-Haves Create two lists: "must-haves" (non-negotiable requirements like number of bedrooms, commute distance) and "nice-to-haves" (features you'd love but can live without). This keeps your search focused.
Step 5: Start Searching This is where it gets exciting. I'll set you up with customized listing alerts and we'll tour properties together. I'll point out things you might miss and help you evaluate each home's true value.
Step 6: Make an Offer When you find "the one," we'll craft a competitive offer. I'll guide you on pricing strategy, subjects (conditions), deposit amount, and completion date based on current market conditions.
Step 7: Due Diligence Once your offer is accepted, you'll have a subject removal period (typically 5-10 business days) to complete your inspection, finalize financing, and review the title. I'll coordinate all of this for you.
Step 8: Close and Move In On completion day, your lawyer handles the legal transfer, you get your keys, and you're officially a homeowner!
Ready to start your journey? Let's chat about your goals and timeline.
