1. Get Real About Your Budget (And Hidden Costs)
You’ve probably used a mortgage calculator, but that’s just the start. Vancouver has extra costs like the Property Transfer Tax (PTT), Strata fees, and Speculation & Vacancy Tax (if applicable). And don’t forget closing costs, which can add another 2-4% to your budget.
???? What nobody tells you: Banks might pre-approve you for more than you can realistically afford, especially given Vancouver’s cost of living. Be conservative with your budget.
2. Mortgage Pre-Approval: Don’t Trust Just One Lender
A pre-approval sets your maximum purchase price, but not all lenders are equal. Banks can have strict lending criteria, while mortgage brokers can shop around for better rates and terms.
???? What nobody tells you: A lower rate doesn’t always mean a better deal—some mortgages have restrictions on extra payments or portability, which could cost you later.
3. Choose the Right Neighborhood (Not Just the Hottest One)
Kitsilano, Mount Pleasant, and Yaletown are trendy, but does that mean they’re right for you? Think about future resale value, schools, and transit access.
???? What nobody tells you: Certain areas have leaky condo issues (especially 1980s/90s builds) or upcoming rezoning that could affect property values. Check city plans before buying.
4. Work with a Realtor Who Understands Vancouver’s Market
A good realtor won’t just find listings—they’ll identify underpriced gems, warn you about red flags, and negotiate strategically.
???? What nobody tells you: Some realtors push properties they want off their hands. Look for one who prioritizes your goals, not their commission.
5. Master the Art of Competitive Offers
Bidding wars are common in Vancouver. If you love a home, act fast, but smart. Have your financing in order, and be strategic with your conditions.
???? What nobody tells you: Some sellers reject offers with too many conditions—even home inspections. But waiving them is risky. Try a pre-offer inspection (before submitting your bid) to stay competitive while protecting yourself.
6. Know the Strata Rules (Before You Buy a Condo or Townhouse)
Strata properties come with bylaws, fees, and financial reports that can impact your living situation.
???? What nobody tells you: Some stratas don’t allow rentals, limit pets, or have upcoming special assessments that could cost you thousands. Read the depreciation report carefully.
7. Closing Costs & Final Walkthrough Surprises
Once your offer is accepted, you’ll pay the deposit (often 5% of the price). Then, you’ll need to budget for:
✅ Lawyer/notary fees
✅ Property Transfer Tax
✅ Home insurance
✅ Moving costs
???? What nobody tells you: Some buyers skip the final walkthrough—big mistake. Make sure appliances, fixtures, and agreed-upon repairs are in place before you take possession.
8. The Move-In Reality Check
You finally get the keys, but… now comes the real cost of homeownership: utilities, property taxes, maintenance, and surprise expenses.
???? What nobody tells you: Vancouver’s older homes may need immediate upgrades—like plumbing, wiring, or insulation—that cost more than you expected. Always have a home maintenance fund ready.
Final Thoughts:
Buying a home in Vancouver is an exciting but complex process. Knowing what to expect beyond the basics can save you money, stress, and regret down the line.
Want help navigating your home search? Let’s chat!