How to Buy a Home in Vancouver
Your complete guide to navigating Vancouver's real estate market. From pre-approval to closing, we walk you through every step.
Buying a home in Vancouver in 2026 requires a mortgage pre-approval, an experienced realtor, and a clear strategy. Budget 1.5-3% of the purchase price for closing costs (property transfer tax, legal fees, inspection, insurance). First-time buyers may qualify for PTT exemptions up to $500K and federal incentive programs.
7 Steps to Buying a Home in Vancouver
Get Pre-Approved for a Mortgage
Before you start looking, get a mortgage pre-approval from a lender. This tells you exactly how much you can afford and shows sellers you're a serious buyer. Pre-approval typically lasts 90-120 days.
Try our mortgage calculator →Choose the Right Realtor
Work with an experienced Vancouver realtor who knows the neighbourhoods, market trends, and negotiation strategies. A good agent will save you money and protect your interests throughout the process.
Meet our team →Define Your Priorities
Decide what matters most: location, size, property type, commute time, school catchments, or investment potential. Vancouver's diverse neighbourhoods each offer unique trade-offs between price and lifestyle.
Explore neighbourhoods →Search and View Properties
Your agent will set up custom searches and schedule viewings. In Vancouver's competitive market, be prepared to move quickly when you find the right property - desirable homes can sell within days.
Search listings →Make an Offer
Your agent will help you craft a competitive offer based on market analysis. Consider including subjects (conditions) for financing, inspection, and title review. In multiple-offer situations, strategy matters.
Complete Due Diligence
During the subject removal period (typically 5-7 business days), complete your home inspection, finalize financing, review the title, and check strata documents if applicable. This is your protection period.
Close and Get Your Keys
Your lawyer handles the closing paperwork, title transfer, and funds. Budget for closing costs including property transfer tax, legal fees, and adjustments. On completion day, you get the keys to your new home.
Calculate your PTT →Essential Tools for Buyers
Mortgage Calculator
Estimate your monthly payments
PTT Calculator
Calculate property transfer tax & exemptions
Neighbourhood Guides
Explore Vancouver's neighbourhoods
Property Search
Browse active listings
Featured Listings
Hand-picked opportunities
Talk to a Specialist
Get personalized buyer guidance
What Does It Cost to Buy a Home in Vancouver?
Beyond the purchase price and down payment, budget for these closing costs:
One-Time Closing Costs
- Property Transfer Tax: 1-5% tiered
- Legal fees: $1,500 - $2,500
- Home inspection: $500 - $800
- Appraisal: $300 - $500
- Title insurance: $200 - $400
- CMHC insurance: 2.8-4% if <20% down
Ongoing Costs
- Mortgage payments: Monthly
- Property tax: ~0.25% of assessed value
- Home insurance: $1,200 - $3,000/year
- Strata fees: $200 - $600/month (condos)
- Maintenance: 1-2% of home value/year
- Utilities: $150 - $400/month
First-Time Buyer Programs
- • BC PTT Exemption: Full exemption up to $500K (newly built: $750K)
- • First Home Savings Account (FHSA): Tax-free savings up to $40K for your first home
- • Home Buyers' Plan (HBP): Withdraw up to $60K from RRSPs tax-free
- • GST/HST New Housing Rebate: Partial GST rebate on new construction
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Frequently Asked Questions
How much do I need for a down payment in Vancouver?
In Canada, the minimum down payment depends on purchase price: 5% for homes up to $500,000, 10% for the portion between $500,000 and $1,499,999, and 20% for homes $1.5 million or more. For a typical $1 million Vancouver condo, you'd need at least $75,000 down (5% on first $500K + 10% on remaining $500K). Most Vancouver detached homes require 20% down ($300,000+ on a $1.5M home).
What are the closing costs when buying a home in Vancouver?
Beyond your down payment, budget 1.5-3% of the purchase price for closing costs: property transfer tax (1-5% tiered, with exemptions for first-time buyers), legal fees ($1,500-$2,500), home inspection ($500-$800), appraisal ($300-$500), title insurance ($200-$400), and CMHC insurance if your down payment is under 20% (2.8-4% of mortgage amount).
How long does it take to buy a house in Vancouver?
From starting your search to closing, the typical timeline is 2-6 months. Once you make an accepted offer, the subject removal period is 5-7 business days, followed by a completion period of 30-60 days. In a competitive market, the search phase can take longer. Having a pre-approval and an experienced realtor speeds up the process significantly.
What is the first-time home buyer's exemption in BC?
First-time buyers in BC can receive a full property transfer tax exemption on homes valued at $500,000 or less (or $750,000 for newly built homes). Additional programs include the First Home Savings Account (up to $40K tax-free), the Home Buyers' Plan (withdraw up to $60K from RRSPs), and the federal First-Time Home Buyer Incentive.
Should I buy a condo or house in Vancouver?
This depends on your budget, lifestyle, and goals. Condos ($700K-$1.2M) offer lower entry prices and less maintenance but come with strata fees and restrictions. Houses ($1.5M+) provide more space, land ownership, and potential for suites or development but cost significantly more. Townhouses offer a middle ground. Consider your 5-10 year plan when deciding.
Do I need a realtor to buy a home in Vancouver?
While not legally required, working with an experienced buyer's agent is strongly recommended. In BC, the seller typically pays both agents' commissions, so buyer representation comes at no direct cost to you. A good agent provides market knowledge, negotiation expertise, access to listings, and protection of your interests throughout the transaction.
What is a subject clause in BC real estate?
Subject clauses are conditions that must be satisfied before a sale is finalized. Common subjects include financing (mortgage approval), inspection (satisfactory home inspection), and title review. The subject removal period is typically 5-7 business days. If a subject is not removed by the deadline, the offer becomes void and your deposit is returned.
Ready to Start Your Home Search?
Our buyer specialists have helped over 1,000 clients find their perfect Vancouver home. Let us guide you through the process.