Whether you're a first-time homebuyer or moving into your next dream property, purchasing real estate in British Columbia (BC) involves a number of important steps — from mortgage pre-approval to closing day. This guide walks you through the entire process so you can feel informed and confident every step of the way.
Step 1: Determine Your Budget
Before you even start browsing listings on REALTOR.ca or booking showings, it's crucial to know how much you can afford. That includes both upfront costs and ongoing monthly expenses.
💸 Upfront Costs to Plan For:
Down Payment: Minimum 5% for homes under $500K, 10% for amounts over $500K, and 20% to avoid CMHC mortgage insurance.
Property Transfer Tax (PTT):
1% on the first $200,000
2% on $200,001 – $2 million
3% on amounts over $2 million
First-Time Buyers may be exempt (conditions apply).
Legal/Notary Fees: ~$1,000–$2,000
Inspection Fees: ~$400–$700
Appraisal (sometimes required): ~$300–$500
Title Insurance & Land Title Registration Fees
Moving Costs & Utility Setups
Step 2: Get Pre-Approved for a Mortgage
Getting pre-approved gives you a clear idea of your borrowing power and signals to sellers that you're serious.
What You Need for Mortgage Pre-Approval:
Personal Information
Legal name, DOB, SIN
Address history (past 3 years)
Marital status & dependents (if applicable)
Employment & Income
Employer info and job title
Pay stubs (last 2–3)
T4s or NOAs (last 2 years)
Letter of employment
Business financials (if self-employed)
Assets & Liabilities
Bank statements (last 90 days)
RRSPs, TFSAs, investment accounts
Vehicle ownership
Existing debts (loans, credit cards, lines of credit)
Property Information (if already selected)
MLS listing
Offer details
Strata fees, property taxes
Once pre-approved, you’ll receive a maximum purchase price and an interest rate hold (usually 90–120 days).
Step 3: Choose a REALTOR®
Working with a licensed real estate professional in BC ensures you:
Gain access to accurate listings and off-market opportunities
Receive expert guidance through negotiations and paperwork
Understand the complexities of local zoning, strata rules, and disclosure laws
Tip: Choose a REALTOR® familiar with the areas you’re looking in — like North Vancouver, Burnaby, Kitsilano, or the Tri-Cities.
Step 4: Start the Home Search
This is where the fun begins! Based on your budget and lifestyle, your REALTOR® will help you explore:
Detached homes, townhouses, or condos
Neighbourhood safety, schools, transit access
Age and condition of the property
Strata fees and rules (for condos/townhomes)
Use tools like MLS® search portals, private showings, and open houses to narrow down your options.
Step 5: Make an Offer
Once you find the right home, your REALTOR® will guide you through writing an offer, which typically includes:
Price and deposit amount
Subject conditions (financing, inspection, strata review, etc.)
Desired possession date
Inclusions (appliances, blinds, etc.)
Step 6: Due Diligence (Subject Removal Period)
During the conditional period (usually 7–10 days), you’ll work with your team to investigate:
Financing
Final mortgage approval based on the specific property
Property appraisal (sometimes required)
Home Inspection
Hire a certified inspector to review the home's condition
Strata Document Review (for condos/townhomes)
Minutes from AGM and council meetings
Financial statements and contingency reserve fund
Depreciation report
Bylaws and rules (e.g., pet restrictions, rentals)
Title Search & Legal Review
Check for liens, easements, or other red flags
If everything checks out, you remove subjects, submit your deposit (typically 5%), and the deal becomes firm.
Step 7: Hire a Lawyer or Notary
A legal professional will handle:
Title transfer and registration
Adjustments (property tax, utilities, strata)
Reviewing the mortgage and legal documents
Preparing your Statement of Adjustments (final numbers)
Step 8: Finalize Your Mortgage
Leading up to closing, your lender will:
Finalize the loan amount
Send funds to your lawyer
Review property insurance (mandatory)
Confirm that your income and job status haven’t changed
Tip: Avoid large purchases or taking on new debt during this period (e.g., don’t finance a new car before closing).
Step 9: Completion Day
This is when ownership officially changes hands. Your mortgage funds are released, the property is transferred to your name, and you get the keys.
Step 10: Possession Day — Move In!
Congrats! This is the day your contract states you take possession (often 1–3 days after completion). Your REALTOR® will give you the keys and do a walk-through if requested.
FAQs for Home Buyers in BC
Q: Do I need a 20% down payment in BC?
A: No. The minimum is 5% for homes under $500,000. However, anything below 20% will require mortgage insurance (CMHC, Sagen, or Canada Guaranty).
Q: How long does the home buying process take?
A: Anywhere from 30 to 90+ days depending on your financing, offer conditions, and possession schedule.
Q: Can I buy a home with someone else?
A: Yes, co-ownership is common. Make sure legal agreements are clear about who owns what % and who’s responsible for the mortgage.
Ready to Begin Your Home Search?
Whether you're buying a downtown condo, a family home in East Van, or an investment property in Burnaby, I’d love to walk you through the process.
📞 Contact | 778-836-8965 | Ian Iacovitti
REALTOR® | Coastal Key Homes