Buying your first home in Vancouver is one of the most exciting and potentially overwhelming milestones you’ll ever reach. With high property values, fast-moving inventory, and evolving mortgage rates and regulations, first-time home buyers face unique challenges when trying to break into the Vancouver real estate market. But with the right guidance and preparation, you can set yourself up for success and make confident, informed decisions.
In this guide, we’ll walk you through the top 15 tips for first time home buyers in Vancouver. Whether you’re just starting to save or you’ve already been pre-approved for a mortgage, these steps will help you better understand the process, avoid common mistakes, and get you one step closer to owning your first home in one of Canada’s most desirable cities.
Getting Started for First-Time Buyers
1. Know Your Financial Readiness (Before You Even Look!)
Before you start browsing listings on REW or attending open houses, it’s critical to understand what you can realistically afford. Vancouver real estate isn’t cheap, and buying a home comes with more than just a down payment, as there are closing costs, ongoing maintenance, property taxes, and insurance to consider.
Start by reviewing your income, current monthly expenses, existing debts (credit cards, car loans, student loans), and current savings. Then, speak to a mortgage broker or bank to get a clear picture of what you can borrow.
A good rule of thumb: your total housing costs shouldn’t exceed 32–40% of your gross monthly income. Budget wisely, and leave a cushion for unexpected expenses.
2. Explore First-Time Home Buyer Programs in BC
The provincial and federal governments offer several programs to help first-time home buyers:
- First-Time Home Buyers’ Program (BC) – Offers a full or partial exemption on the Property Transfer Tax (PTT) for homes priced under a certain threshold (currently $835,000, with partial exemption up to $860,000 as of 2024).
- First Home Savings Account (FHSA) – Save up to $8,000 per year (max $40,000) tax-free toward your first home.
- Home Buyers’ Plan (HBP) – Withdraw up to $35,000 from your RRSP tax-free to use as a down payment. The funds used must be paid back within 15 years.
- GST/HST New Housing Rebate – If you’re buying a newly built home or presale condo, you may qualify for a rebate on GST.
Understanding these programs can shave thousands off your total purchase costs — make sure you apply early if you’re eligible.
3. Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage should be one of your very first steps. A pre-approval doesn’t lock you in, but it does give you:
- A clear budget range
- Confidence when making offers
- Leverage in competitive markets
A lender will assess your credit score, income, debts, and down payment. Aim for a credit score of 680+ to secure the best interest rates. If you’re not quite there, a mortgage broker can help you with a credit improvement plan.
Bonus tip: Ask for a rate hold during pre-approval (typically 90–120 days). This protects you if interest rates go up while you’re still house hunting.
4. Work with a Real Estate Agent Who Specializes in First-Time Buyers
The right Realtor can make or break your experience. First-time buyers need extra support, clear explanations, and honest advice — not pressure to close quickly.
Choose an agent who knows Vancouver’s market intimately, especially the neighbourhoods that match your lifestyle and budget. They should also walk you through things like:
- Understanding strata minutes (if condo or townhouse)
- Reviewing contracts
- Connecting you with lawyers, inspectors, and mortgage brokers
- Writing competitive but safe offers
Pro tip: As a buyer, your agent is paid by the seller, so there’s no direct cost to you.
5. Research Neighbourhoods Based on Lifestyle, Not Just Price
Yes, affordability matters, but don’t overlook lifestyle. A slightly smaller home in the right neighbourhood can make a world of difference in your daily happiness.
When researching areas, consider:
- Proximity to transit (Skytrain stations are gold!)
- Walkability to groceries, parks, and cafes
- School catchment zones
- Future development (positive or negative impact?)
- Commute times to work
Some popular areas for first-time buyers include: Mount Pleasant, Hastings-Sunrise, East Vancouver, New Westminster, and Brentwood. If you’re buying a condo, think ahead, will it still suit your life in 5–10 years?
6. Understand the True Costs of Buying a Home
The purchase price is just the beginning. Here’s what you also need to factor in:
- Property Transfer Tax (unless exempt under $500,000)
- Legal fees ($1,000–$2,000)
- Home inspection ($500+)
- Appraisal (if required by your lender)
- Strata fees (if buying a condo or townhouse)
- Moving costs & utilities
- Home insurance
You’ll also need a deposit when your offer is accepted (usually 5% of the price, held in trust), and the down payment on completion day (minimum 5–20%, depending on price). Make sure your savings plan covers it all and leave a little extra in case for a rainy day.
7. Decide Between Presale or Resale
Each property type comes with trade-offs:
- Presale condos offer brand-new finishes and staggered payment schedules but come with risk such as delays in project completion dates and market shifts when it’s time to actually close
- Resale homes give you certainty and quicker possession dates but may require renovations or larger amounts of deposits to obtain
Your agent should walk you through the pros and cons of each and help you weigh your tolerance for risk vs. reward.
8. Prioritize Must-Haves vs. Nice-to-Haves
First-time buyers often dream big, but Vancouver’s market may require some compromises. Sit down and clearly define:
Must-Haves:
- 2+ bedrooms
- Pet-friendly strata
- Walking distance to transit
- In-suite laundry
Nice-to-Haves:
- View
- Gym or rooftop patio
- Underground parking
Knowing your non-negotiables ahead of time helps you move quickly when the right listing hits the market, while it avoids wasting time on properties that aren’t a fit.
9. Read Strata Documents Like a Pro
If you’re buying a condo or townhouse, strata documents are non-negotiable reading. Pay special attention to:
- Recent strata meeting minutes (for red flags or major issues)
- Depreciation report (shows future repair costs)
- Engineers Report
- Strata bylaws and rules (pet restrictions, rental policy, noise rules)
- Financials (healthy contingency fund?)
Ask your agent to summarize the key takeaways or request a review from a strata lawyer if needed. You don’t want surprise levies or special assessments in your first year of ownership.
10. Always Get a Home Inspection
Even if the home looks perfect on the surface, a professional inspection can uncover hidden issues like mold, roof problems, outdated wiring, or foundation concerns.
For condos, the inspection will focus on the unit’s interior, but it’s still worth it, especially if the building is older. In multiple offer scenarios, you may need to complete an inspection before making an offer, so plan accordingly.
11. Understand Your Contract and Subjects
The Contract of Purchase and Sale is a legally binding document, so it’s critical to understand what you’re signing.
Most offers include subject conditions like:
- Subject to financing
- Subject to home inspection
- Subject to strata document review
- Subject to property title review
These conditions give you time to do your buyers due diligence. Typical subject removal periods are approximately 7 days and your Doma Group realtor will help you review and navigate this safely.
12. Don’t Forget to Budget for Closing Day
Your down payment isn’t the only expense due on closing day. Other closing costs include:
- Legal or notary fees
- Title insurance
- Adjustments (for taxes, utilities, etc.)
- Moving costs
- Utility hook-ups
Plan for roughly 1.5–4% of the purchase price in closing costs and have that money easily accessible in your bank account prior to completion.
13. Prepare for a Competitive Market
In hot areas, you’ll often face multiple offers. To stay competitive:
- Get pre-approved
- Act quickly on new listings
- Offer a clean contract with minimal subjects (only if safe and discussed with your realtor)
- Consider writing a personal buyer letter (optional, but it can help!)
Let your agent guide you on offer strategy. It’s okay to lose a few battles before you win the war, just stay patient and strategic!
14. Think Long-Term and Not Just Right Now
When you’re buying your first home, it’s easy to focus only on the present, but don’t forget to think long-term:
- Will you outgrow this space in 2–3 years?
- Can you rent it out in the future?
- Is it a good resale investment?
- Will upcoming developments impact value?
Even if this isn’t your forever home, buying wisely can be a springboard to your next property down the road.
15. Surround Yourself with the Right Team
Real estate is a team sport — and your success depends on having the right professionals around you:
- Mortgage broker
- Real estate agent
- Home inspector
- Real estate lawyer or notary
- Insurance advisor
Don’t DIY the biggest purchase of your life. A trusted team will help you avoid costly mistakes and feel supported from start to finish.
Final Thoughts on the Top 15 Tips for First Time Home Buyers
Buying your first home in Vancouver is a big deal, but it doesn’t have to be scary! By preparing ahead of time, educating yourself on the process, and working with the right people, you’ll be in a strong position to make a smart and rewarding purchase.
Have questions or need help getting started? Reach out to the Doma Group! We’ve helped hundreds of first-time buyers across Greater Vancouver find their dream homes.
Let’s make yours a reality too!