Step 1: Get Pre-Approved
Before you start looking at homes, get a mortgage pre-approval. This tells you exactly how much you can borrow, makes you a serious buyer in the eyes of sellers, and speeds up the process when you find the right home.
Step 2: Define Your Must-Haves
List your non-negotiables — number of bedrooms, school catchment, commute requirements — separately from your nice-to-haves. North Vancouver offers everything from waterfront condos to mountain-view detached homes, so knowing your priorities saves time.
Step 3: Understand the Costs
Beyond the purchase price, budget for: property transfer tax (1% on first $200K, 2% on $200K-$2M), home inspection ($400-600), legal fees ($1,500-2,500), and moving costs. First-time buyers may qualify for the BC PTT exemption on homes under $835,000.
Step 4: Make a Strong Offer
In a competitive market, your offer needs to be clean and compelling. Work with your agent on appropriate subjects, deposit amount, and completion date to make your offer stand out without unnecessary risk.
Step 5: Complete Due Diligence
Once your offer is accepted, use the subject removal period to complete your home inspection, finalize your mortgage, and review the title. Do not skip the inspection even in a hot market.