First-Time Home Buyer’s Step-by-Step

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:

• Shows sellers you're serious

• Locks in an interest rate for up to 120 days

• Sets a realistic budget

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:

• Commute times

• School catchments

• Walkability and amenities

• Future development plans

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

• Use a home comparison checklist

• Take photos and notes

• Rank your top choices after each tour

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:

• Negotiate price or terms

• Waive or firm up conditions after due diligence

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:

• Renegotiate the price

• Ask for repairs

• Walk away if the problems are major

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

• Overextending your budget

• Skipping the inspection

• Underestimating closing costs

Work With the Right Realtor®

Choose someone who:

• Knows the local market

• Listens to your goals

• Advocates for your best interest

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.