Buying your first home in BC: the steps, in order

1 · Get pre-approved for a mortgage

Before you start viewing homes, find out how much a bank or mortgage broker will lend you. Pre-approval tells you your real budget, and it makes sellers take your offer seriously.

2 · Choose a REALTOR® and review the disclosure of representation

In BC, a real estate licensee must explain their relationship with you before providing services. This step tells you who the licensee represents and what duties they owe you.

For first-time buyers, the costliest mistake usually isn’t the price. It’s the order.

3 · View homes, and read the strata documents

For condos and townhomes, look closely at strata meeting minutes, the contingency reserve fund and any recent special levies. [Avery’s note: what she most often asks clients to check.]

4 · Make an offer with subjects

Common subjects include financing, a home inspection and document review. They give you time to check everything carefully before a set deadline.

5 · Remove subjects and pay the deposit

Once everything checks out, you remove subjects, the contract becomes firm, and you pay the deposit as agreed.

6 · Your lawyer completes the sale, and you get the keys

A lawyer or notary handles the transfer and the property transfer tax (PTT). First-time buyers may qualify for a full or partial PTT exemption — check the current BC government rules for the thresholds.