Posted on
July 9, 2025
by
Ian Iacovitti
1. Welcome & What to Expect
Buying your first home is one of the most exciting and significant decisions you’ll ever make. As a licensed REALTOR® in Greater Vancouver, I’m here to help you navigate the process with confidence, clarity, and care. This guide is designed to walk you through each stage of the home-buying journey, from financial prep to key handover.
What you’ll find inside:
A clear roadmap of the entire home-buying process
Helpful tips tailored for first-time buyers in BC
Key insights into the Greater Vancouver real estate market
Let’s get started on turning your dream of homeownership into reality.
Step 1: Assess Your Financial Readiness
Budgeting & Savings
Before diving into listings, understand how much you can afford. Take into account:
Monthly income vs. expenses
Down payment (minimum 5% in Canada)
Emergency savings
Property Transfer Tax and closing costs
Credit Score & Pre-Approval
Your credit score plays a big role in your mortgage approval. Aim for a score above 680. Then, connect with a mortgage broker or lender to get pre-approved, which:
Step 2: Define Your Needs vs. Wants
Must-Haves vs. Nice-to-Haves
List out your non-negotiables (e.g., 2+ bedrooms, parking, pet-friendly strata) vs. wishlist items (e.g., views, ensuite bathroom, fireplace).
Neighborhood Considerations
Think about:
In Greater Vancouver, you might explore areas like:
Mount Pleasant for vibrant city life
North Vancouver for outdoor access
Port Moody for family-friendly suburbs
Step 3: Get Pre-Approved for a Mortgage
Why It Matters
Getting pre-approved gives you a competitive edge in Vancouver's fast-moving market. It strengthens your offer and helps you focus on homes within your means.
What You’ll Need
Proof of income (pay stubs, T4s)
Notice of Assessment (CRA)
Down payment source (bank statements)
Employment verification
Identification
Step 4: Start House Hunting
Touring Homes
Work with your Realtor® to view listings that match your budget and needs. Be ready to act quickly—homes in Greater Vancouver can sell fast.
Open Houses & Private Showings
Attend open houses to get a feel for the market. Schedule private showings for serious consideration.
How to Keep Track
Step 5: Making an Offer
Writing a Strong Offer
Your REALTOR® will help you craft an offer that includes:
Purchase price
Deposit amount (Typically we aim for 20% but we can do as low as 5%)
Subject conditions (e.g., financing, inspection)
Closing date
Negotiations & Conditions
Offers often involve back-and-forth. Be prepared to:
Step 6: The Home Inspection
What to Expect
A professional inspection checks:
Roof, foundation, electrical, plumbing
Heating systems, windows, appliances
Dealing with Surprises
If issues arise:
Step 7: Finalizing Your Mortgage & Closing the Deal
Lawyer/Notary Process
You’ll need a real estate lawyer or notary in BC to:
Review the contract
Transfer the title
Handle disbursements
Closing Costs
Expect to pay:
Property Transfer Tax (with possible first-time buyer exemption)
Legal fees
Home insurance
Adjustments (utilities, strata fees, etc.)
Key Handover
On completion day, your lawyer/notary transfers funds and title. You'll get the keys and officially become a homeowner!
Bonus Tips for First-Time Buyers
Government Incentives
Explore programs like:
First-Time Home Buyers’ Program (Property Transfer Tax exemption)
Home Buyers' Plan (RRSP withdrawal)
First Home Savings Account (FHSA)
Mistakes to Avoid
Work With the Right Realtor®
Choose someone who:
Let’s Get Started
You don’t have to navigate this alone. I’m here to make the process smooth, informed, and even enjoyable.
Ready to take the first step?
Book your free discovery call today or sign up to receive listings tailored to your needs.
Let’s make your first home a reality.