Buying a home is one of the biggest decisions you’ll make, and in Vancouver the process has a few steps that can catch first-time buyers off guard. Here’s how it works from start to finish, and where we’ll be helping you along the way.
Buyer’s guide
A step-by-step first time buyer’s guide.
Step 1
Work with a buyer’s agent.
Having a REALTOR® on your side is essential. As your buyer’s agents, we show you homes, advise you at every step, and write an offer that protects you.
Many buyers don’t realize our services are typically free to them. The seller usually pays the commission on their sale, so it makes sense to have an agent looking out for your interests.
Step 2
Get pre-approved.
We have strong relationships with some of the best mortgage brokers in the industry and can refer you to the right fit. Your broker submits your financial information, such as income, credit score and current debts, to lenders, who confirm how much they’ll lend, an estimated rate and your monthly payment.
A pre-approval sets your budget and shows sellers you’re a motivated, qualified buyer. When you plan your budget, include strata fees, property taxes and utilities, not just the mortgage.
Step 3
View properties.
Once you have a budget and a list of needs and wants, it’s time to start looking. Many homes you see online won’t have an open house every weekend, and some details aren’t public.
We check availability, book private showings, and let you know about any offer deadlines or showing restrictions. While you view, take notes and look past the décor at layout, light and condition, and spend time in the neighbourhood.
Step 4
Write an offer.
When you find a home you love, we write the offer using the Contract of Purchase and Sale. First, we prepare a detailed market analysis of comparable active and recently sold listings to assess the home’s value.
We explain every term of the offer, so you know exactly what you’re agreeing to before you sign.
Step 5
Negotiate.
The seller can accept, reject or counter your offer. Any term can be negotiated, including price, dates, subjects and the deposit amount, and we negotiate on your behalf.
A counter offer cancels the one before it, and every offer has an expiry date and time. It’s common to go back and forth a few times, and any change must be initialled by all parties.
Step 6
Remove subjects.
The subject period gives you and your lender time to do your due diligence before the sale is firm. It usually takes 7 to 10 days and covers subjects such as financing approval, a property or building inspection, the Property Disclosure Statement and strata documents, if relevant.
If you’re not satisfied, you can walk away. If you’re happy with what you’ve found, you remove subjects, pay your deposit, and the home is yours.
Step 7
Choose a lawyer or notary.
Every buyer needs a lawyer or notary to handle the closing, and we can introduce you to some of the best in the business. They work with your lender to receive the mortgage funds and prepare your Statement of Adjustments, which shows your closing costs and the cash you’ll need to complete.
Our conveyancing team sends them all the documents they need ahead of completion. Depending on your lender, you may also need to visit the branch to review your mortgage.
Step 8
Arrange your funds and insurance.
Have your down payment and closing costs ready when your lawyer or notary asks for them. Selling investments or receiving a gift of funds can take extra time, so plan ahead, and we can help with the timing.
Your lender won’t release the mortgage without proof of home insurance. Set it to start the day before completion, and if you’re buying in a strata building, make sure your policy covers any deductible the strata can charge back to you.
Step 9
Plan your move.
Whether you hire movers, rent a truck or call in friends and family, book early so you meet your dates. In a strata building, reserve your move-in date and time with the building or property manager.
Set up internet, electricity and gas at your new address, cancel services at your old one, and update your address with your bank, auto insurer, the CRA and anyone else on your list.
Step 10
Move in.
Your possession date and the time you get the keys are set in your Contract of Purchase and Sale, and we’ll review them with you so you know exactly when you can move in.
We make sure you receive the keys and that every part of the contract has been fulfilled. The home should already be clean, but a second clean before your furniture arrives is a good idea.
The next chapter
Congratulations!
Once you have found the right home, you can move forward with confidence into the next chapter of your life. Whether you are relocating to a new city, upgrading to a larger space, or downsizing to better suit your lifestyle, having a clear understanding of the buying process helps make the transition smooth and rewarding. With the right guidance and preparation, you can focus on settling into your new home and enjoying what comes next.