Buying a home in Vancouver is a major life milestone — but it can also be a minefield if you’re not properly prepared. With higher prices, fluctuating inventory, and fierce competition, the process can feel overwhelming, especially for first-time buyers. Whether you’re purchasing a condo in Downtown Vancouver or a single-family home in Burnaby, avoiding key mistakes could save you thousands of dollars, months of stress, and even buyer’s remorse.
Here are 10 of the most common — and costly — mistakes homebuyers make in Greater Vancouver, and how to avoid them:
1. Not Getting Pre-Approved Early Enough
In competitive neighbourhoods like Kitsilano or Brentwood Mall, listings can go fast — sometimes within days if prices aggressively. Without a mortgage pre-approval in hand, you risk missing out entirely. Pre-approval gives you a clear budget, helps you shop realistically, and strengthens your offer in multiple-offer scenarios. The last thing you want is to put on offer on your dream home and realize it’s out of reach due to lack of lender funding.
Tip: Don’t confuse pre-qualification with pre-approval. Only a pre-approval includes a full credit check and a conditional mortgage commitment!
2. Falling in Love with the Aesthetic — Not the Structure
A staged condo with quartz counters and designer lighting can distract you from underlying issues like poor strata financial health or bad soundproofing. The same goes for detached homes that look charming but hide problems like an aging roof or aluminum wiring. Vancouver homes are older on average, especially in neighbourhood areas like Dunbar, Renfrew, or Strathcona.
Solution: Look beyond the cosmetics. Always assess age of major systems such as the roof, plumbing, electrical, foundation, and strata docs for condos or townhouses before letting your emotions take over because the property looks pretty.
3. Underestimating Total Monthly Carrying Costs
You may be able to afford the mortgage, but what about everything else? In Vancouver, many buyers overlook recurring costs like:
- Strata Fees – which can be $500+ per month in newer buildings and depends on amenities offered in the strata building or complex
- Property Taxes – although it’s an annual fee, it’s still advisable to set aside this money monthly so you don’t overwhelm yourself at the end of the year. Remember that property taxes will be much higher for a detached home in comparison to a condo or townhouse
- Home Insurance – Having home owners content insurance is one of the most advisable items to purchase, in order to protect your belongings inside the home. If you live in a strata, the building will only carry insurance for the building itself, but NOT the contents inside your unit.
- Utilities – essential utilities such as electricity, heat or natural gas could be extra depending on the type of home you buy, so double checking what is included will help you estimate these extra monthly costs
- Reoccurring Monthly Fees – Payments for items such as internet, cable and subscriptions
Pro move: Work with your agent or mortgage broker to build a full monthly cost breakdown before writing an offer to avoid becoming house poor.
4. Ignoring Strata Documents and Financials
This is a silent dealbreaker. You may fall in love the property, but if the building has a failing roof, a depleted contingency reserve fund, or a history of lawsuits, you’re potentially walking into a financial nightmare.
What to review:
- Depreciation Report
- Engineers Report
- AGM/SGM minutes and all monthly council meeting minutes
- Strata bylaws (especially pet or rental restrictions)
- Insurance premiums and deductible info
These are especially important in older condo buildings across Mount Pleasant, Metrotown, or Lower Lonsdale areas.
5. Skipping the Home Inspection — Especially in Hot Markets
Even in bidding wars, waiving a home inspection can backfire badly. Vancouver homes, especially those built pre-1980, may have knob-and-tube wiring, asbestos in the walls or ceiling, or foundation cracks, which are all major ticket items to replace.
Tip: In a fast-moving market, consider paying for a pre-inspection before making an offer. Yes, it’s a risk, but it’s better than buying blind.
6. Writing an Offer Without Understanding the Market
Don’t go in blind. Every micro-neighbourhood, from Brentwood to South Cambie to Downtown Port Coquitlam, behaves differently. Some listings are priced very low to incite crowds of people viewing the property and create bidding wars, while others are priced optimistically. Your agent should run a comparative market analysis (CMA) so you can put your offer in confidently.
Rule of thumb: Price strategy varies by area, product type, and seller motivation. There’s no one-size-fits-all approach, so it’s always important to ask for market data in order to understand how each neighbourhood is performing.
7. Chasing the ‘Perfect’ Property Instead of the Right Fit
Many buyers wait endlessly for the “unicorn” home, the perfect home at the perfect price in the perfect location. In the Greater Vancouver real estate market, perfection is rare and can often be overpriced. Focus on the fundamentals instead, such as a great floorplan and layout, natural light, good bones, and of course location.
Instead, ask: Can I grow into this home? Will it hold value? Is it livable now, with potential to improve later?
8. Not Thinking Long-Term (Resale, Transit, Schools)
Whenever you purchase, you always need to think 5–10 years ahead. Is this home near a future SkyTrain station (like the Broadway Extension)? Is it in a strong school catchment? Could it be zoned for density or future re-development?
These factors matter whether you stay long-term or plan to sell later. Buyers often overlook long-term value when short-term emotions take over.
9. Overlooking Closing Costs (and Budget Shock After Move-In)
Many buyers max out their down payment, leaving little room for:
- Property Transfer Tax (can be tens of thousands)
- Lawyer/notary fees
- GST on new builds
- Moving costs and furnishings
Tip: Budget 3–5% of the purchase price for closing and move-in expenses. If you’re buying new, factor in the 5% GST unless it was negotiated into the final purchase price.
Final Thoughts on Buying a Home in Greater Vancouver.
Buying a home in Greater Vancouver is one of the biggest financial decisions you’ll ever make, but it will also be one of the most rewarding. Every city within Greater Vancouver has its own pricing, inventory and nuances, so be sure to understand the real estate data your agent should be providing. Always try to avoid the common pitfalls as it’s just as important as finding the right property.
Whether you’re a first-time buyer looking for their perfect Downton Vancouver starter condo or a downsizer buyer heading to North Burnaby, the Doma Group is here to help you navigate the Greater Vancouver real estate market with confidence, clarity, and strategy.
Let’s make your next move the right one!