Complete Home Buying Guide for British Columbia

Whether you’re a first-time buyer or investing in your next property, this guide walks you through every step of buying a home in BC — from pre-approval to closing. Click into any section to explore further.

1. Get Pre-Approved for a Mortgage

Before you start searching, it’s essential to know your buying power. A mortgage pre-approval helps you set a realistic budget and strengthens your offer when negotiating. Connect with a mortgage broker or your bank to get started.

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2. Understand All Buying Costs

The cost of buying a home goes beyond the sticker price. Expect fees for Property Transfer Tax, GST (on new homes), legal services, inspections, insurance, and possibly strata fees. Understanding these ensures you're not caught off guard at closing.

See All Costs

3. 📊 Financial Tools & Incentives

Take advantage of programs like the Home Buyers' Plan (HBP), First Home Savings Account (FHSA), GST/HST rebates, and RRSP strategies to lower your home buying costs. These government-backed options can significantly boost your financial readiness.

Explore Incentives & Tools

4. Choose the Right Type of Ownership

In BC, home ownership can be freehold, leasehold, strata, or co-op — each with different responsibilities and legal structures. Learn which type fits your lifestyle and long-term plans best.

Compare Ownership Types

5. Drafting Offers and Legal Process

Once you’ve found the right home, your REALTOR® will help you submit a formal offer. This phase includes reviewing subject clauses, understanding the rescission period, and doing due diligence such as:

Explore Full Contract Process

6. Ready to Begin?

Now that you're prepared, start browsing listings across British Columbia and take the first step toward your new home.

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❓ Frequently Asked Questions About Buying a Home in BC

Q: What is the minimum down payment in BC?

A: The down payment depends on the price of the home:

5% for homes up to $500,000
5% on the first $500,000 + 10% on the portion from $500,001 to $999,999
20% for homes priced at $1 million or more (no mortgage insurance available)

If your down payment is under 20%, mortgage default insurance is required.

Q: Is the Property Transfer Tax (PTT) always required?

A: Yes, unless you qualify for an exemption such as the First-Time Home Buyer Program. Learn more at the BC Government site.

Q: What is the Home Buyer Rescission Period?

A: It’s a 3-day period allowing buyers to back out of a signed contract with a 0.25% penalty. It applies to most residential purchases in BC.

Q: Should I get a home inspection?

A: Absolutely. It helps identify hidden issues and is often a subject clause in the offer process.

Q: What is included in closing costs?

A: Legal fees, taxes (like GST or PTT), appraisals, insurance, and possibly strata fees. Always consult a mortgage broker or legal advisor.