Buyer's Guide · Value-First Home Team
The Home Buyer's Guide
A plain-language walkthrough of the buying process — from getting your finances in order to getting your keys. What to expect, what to watch for, and how to make informed decisions at every step.
Derek Vanderkooy PREC* · 604-379-0616
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David Maitre PREC* · 604-340-9809
info@valuefirstcanada.com · valuefirstcanada.com
info@valuefirstcanada.com · valuefirstcanada.com
Chapter 1
Are You Ready to Buy?
Before browsing listings, getting your financial picture in order tends to make the rest of the process significantly smoother. Lenders, sellers, and the market all move at a pace that rewards preparation — and buyers who do this groundwork early are typically better positioned when the right home appears.
The Financial Checklist
1
Get Pre-Approved for a Mortgage
A pre-approval establishes how much you can borrow, locks in an interest rate for a set period, and helps signal to sellers that you're a prepared buyer. Talking to a mortgage broker or your bank early in the process is a common first step — we can suggest professionals to connect with if that's useful.
2
Know Your Down Payment
In Canada, minimum down payment requirements vary by purchase price. For homes up to $500,000, the minimum is 5%. For the portion between $500,000 and $1,499,999, it's 10%. For homes at $1,500,000 or above, 20% is required. Less than 20% typically means mortgage default insurance is also required.
3
Budget Beyond the Purchase Price
The down payment is only part of what you'll need available at closing. Closing costs typically run 1.5%–3% of the purchase price. Chapter 5 breaks these down in detail.
4
Check Your Credit
Your credit score directly affects both your mortgage rate and whether approval is likely. If improvement is needed, identifying that early — before offers are in play — gives you more time to address it.
The Personal Checklist
How Long Will You Stay?
Buying typically makes more financial sense if you're planning to stay for at least 3–5 years. Transaction costs on both sides can reduce equity gains significantly if you sell sooner.
How Stable Is Your Income?
Lenders typically look for consistent employment history. If you're between roles or recently self-employed, it may be worth waiting until your financial picture is more settled before applying.
Must-Haves vs. Nice-to-Haves
Getting clear on your priorities before searching saves time and helps you move decisively when the right property appears. It's worth being honest about what you genuinely need versus what would simply be nice.
Which Areas Work for You?
Commute, schools, outdoor access, price point — knowing your geographic priorities helps narrow listings to the ones most likely to fit your situation.
A pre-approval reflects what you may qualify for based on the information provided at the time. Final mortgage approval happens once you have a specific property under contract. These are different stages — and the distinction matters when planning your timeline.
Chapter 2
First-Time Buyer Essentials
If you've not previously owned a home, several government programs exist that may reduce your upfront costs meaningfully. Eligibility rules, thresholds, and program details change — the figures below reflect commonly cited parameters, but verifying current details with a qualified professional before acting on them is important.
Programs & Incentives Worth Knowing About
First Home Savings Account (FHSA)
Allows eligible first-time buyers to save up to $8,000/year (max $40,000 lifetime) for a qualifying home purchase. Contributions are tax-deductible and qualifying withdrawals are tax-free. Opening one early can meaningfully increase its value.
RRSP Home Buyers' Plan (HBP)
Allows eligible first-time buyers to withdraw up to $60,000 from RRSPs tax-free toward a qualifying purchase. Repayment is required starting the second year after withdrawal, spread over 15 years.
First-Time Home Buyers' Tax Credit
A federal non-refundable tax credit up to $10,000, worth approximately $1,500 back on your return. Claimed in the year of purchase. Verify current eligibility criteria with an accountant or tax professional.
BC Property Transfer Tax Exemption
Eligible first-time BC buyers may be exempt from property transfer tax on homes up to certain thresholds — generally $500,000 for resale with partial exemptions to $525,000, and $800,000 for new builds. Thresholds change; confirm current limits before relying on them.
GST New Housing Rebate
Buyers of newly built homes may qualify for a partial GST rebate. The rebate phases out above certain purchase price thresholds. Eligibility and amounts are worth confirming with your lawyer or accountant before closing.
BC Home Owner Grant
Once you own and occupy a home as your principal residence, you may qualify for a reduction in your annual property tax. Applies to primary residences; confirm eligibility and application deadlines with BC Assessment.
Common First-Time Buyer Pitfalls
Worth Avoiding
Shopping without a mortgage pre-approval in place
Spending right to the top of your approved limit
Skipping the home inspection to compete
Forgetting to budget for closing costs
Making major purchases or opening new credit before closing
Letting emotions override the comparable data
Worth Doing Instead
Get pre-approved before starting your search
Leave a buffer below your maximum approval amount
Budget for inspection, legal fees, and property transfer tax
Use FHSA and HBP before your closing date if eligible
Hold off on new credit or significant purchases until after possession
Review comparable sales before deciding what to offer
Chapter 3
Understanding the Market
Not all properties carry the same considerations, and market conditions vary meaningfully from one period to the next. Knowing what type of property you're buying and what kind of market you're buying in shapes both your budget and your approach when making an offer.
Types of Properties
Detached Homes
Standalone house on its own lot. Maximum privacy and flexibility, but also the most maintenance responsibility and typically the highest entry price.
Townhouses
Attached homes sharing one or more walls. Often a middle ground between a condo and detached — commonly freehold or strata with lower fees than a condo building.
Condos & Apartments
You own your unit; common areas are maintained through monthly strata fees. Lower personal maintenance, but strata documents warrant careful review before purchasing.
Duplexes & Half-Duplexes
A building divided into two separate living spaces. Can offer good relative value and sometimes rental income potential depending on configuration and local zoning.
Acreages & Rural
Larger lots outside urban areas. Come with distinct considerations — well water, septic systems, zoning restrictions, and different service access than urban properties.
New Construction
Pre-sale or newly built. Different contract terms, GST applies, and completion timelines can shift. Assignment sales have their own rules and risks worth understanding in advance.
Buyer's Market vs. Seller's Market
Seller's Market
Homes sell quickly — sometimes within days
Multiple offers are more common
Prices more often reach or exceed asking
Fewer conditions, less negotiating room in practice
Preparation and speed carry more weight
Buyer's Market
Homes typically sit longer before selling
More choice and less direct competition
More room to negotiate on price and terms
Subject conditions easier to include
Less time pressure — more room to be deliberate
Before writing any offer, reviewing current market conditions — sales-to-active ratios, average days on market, and active inventory in your target area — gives you a more accurate basis for your offer strategy than what the market looked like six months ago.
Chapter 4
The Home Buying Process, Step by Step
From pre-approval to possession day, the buying process follows a reasonably clear sequence. Understanding it in advance reduces surprises and helps you make more deliberate decisions at each stage.
01
Get Pre-Approved
Meet with a mortgage broker or lender to understand your budget, your rate, and your options. This is the foundation for everything that follows — and worth completing before active searching begins.
02
Define Your Criteria
What do you need? What do you want? Where do you want to live? Establishing a realistic criteria list based on your budget and the current market helps focus the search.
03
Search and Showings
Automated listing alerts mean you see new properties as soon as they hit the market. Showings give you the opportunity to assess a property in person — and to pick up on things photos don't always capture.
04
Write an Offer
When you find the right home, a written offer is prepared on your behalf. This includes purchase price, deposit, subject conditions, completion and possession dates, and any inclusions or exclusions — all of which are negotiated terms.
05
Negotiate
The seller may accept, counter, or reject. If they counter, the negotiation continues — on price, terms, dates, or some combination. It's common for offers to go back and forth more than once before agreement is reached.
06
Satisfy and Remove Subjects
Most offers include conditions — financing, inspection, title review, strata documents — that need to be satisfied before the deal becomes firm. Subject periods are negotiated. Once you remove subjects in writing, the deal is firm and the deposit is typically due.
07
Between Firm and Completion
Mortgage finalization, legal document preparation, and move planning typically happen in this window. Staying in close contact with your agent, lender, and lawyer or notary during this period helps avoid last-minute complications.
08
Completion and Possession
On completion day, ownership legally transfers and funds are exchanged through your lawyer or notary. On possession day — commonly the same day or shortly after — you receive the keys.
Key Subject Conditions Explained
Financing
Confirms mortgage approval is in place for this specific property — not just in principle. Final approval is property-specific.
Home Inspection
A qualified inspector provides a detailed condition report. Gives you independent information about the property before the deal firms up.
Property Disclosure
The seller discloses known defects. Worth reading in full and asking questions about anything unclear — not just relying on a summary.
Strata Documents
For condos and townhouses: review includes minutes, financials, bylaws, depreciation report, and any special levy information.
Title Search
Confirms no unexpected liens, easements, or encumbrances exist on the property before you take ownership.
Worth noting: Removing subjects is a significant step. Once subjects are removed in writing, the deal is firm and the deposit is typically due within the agreed timeframe. Independent legal advice before removing subjects is consistently worth the time.
Chapter 5
Understanding the Costs
Your down payment is only the beginning. Understanding every cost before you're in an active transaction means no surprises on completion day — and a budget that actually reflects what you'll spend.
Down Payment Requirements
5%
Minimum
Homes up to $500,000
10%
Minimum
Portion from $500K to $1,499,999
20%
Minimum
Homes at $1,500,000 and above
If your down payment is less than 20%, mortgage default insurance is typically required. This protects the lender — the premium (commonly 2.8%–4% of the mortgage amount, depending on the down payment percentage) is added to your mortgage balance. Confirm current premium rates with your lender.
Closing Costs — Commonly 1.5%–3% of Purchase Price
Property Transfer Tax (BC)
1% on the first $200,000, 2% on the portion up to $2,000,000, 3% above that. First-time buyers may be exempt up to certain thresholds — verify current limits with your legal professional.
Legal / Notary Fees
Your lawyer or notary handles title transfer, mortgage registration, and closing documentation. Budgeting $1,200–$2,500 is a common range, depending on complexity.
Home Inspection
Typically $400–$700 depending on property size and type. An independent inspection is generally considered a standard part of the due diligence process.
Appraisal Fee
Your lender may require an independent appraisal to confirm value. Commonly $300–$500, and sometimes covered by the lender — worth confirming in advance.
Title Insurance
Protects against title defects and fraud. Commonly $200–$400 and typically required by lenders. Your lawyer or notary will coordinate this.
Home Insurance
Required before completion. Costs vary significantly by property type, size, and location — getting quotes early in the process avoids last-minute pressure.
Tax & Utility Adjustments
Property taxes, strata fees, and utilities are prorated between buyer and seller as of the completion date. You may owe or receive a credit depending on timing.
Moving Costs
Professional movers, storage, cleaning, and new furniture. These are commonly underestimated — getting quotes early and building in a buffer is a practical approach.
Ongoing Costs of Homeownership
Property Taxes
Paid annually to your municipality. Vary by location and assessed value. First-year owners should apply for the Home Owner Grant if eligible — it doesn't apply automatically.
Strata Fees
Monthly fees covering shared maintenance and building insurance where applicable. Reviewing what's included — some cover utilities, others cover very little — is worth doing before making an offer.
Maintenance & Repairs
Budgeting 1%–2% of your home's value per year is a common guideline for unexpected repairs and ongoing upkeep. Planning for this reduces the impact when something fails.
Utilities
Hydro, gas, water, internet, and waste collection. If some of these were previously included in a rental, these become new monthly line items to account for.
Chapter 6
Negotiation — What Buyers Should Know
A strong offer isn't always the highest one. Sellers and their agents typically evaluate the full picture — price, terms, timeline, and certainty. Understanding what carries weight in a negotiation can help you structure an offer that's genuinely competitive.
What Sellers Commonly Evaluate
Purchase Price
Important, but not the only factor. A lower offer with fewer conditions and a clean close can sometimes be more attractive than a higher offer with more risk attached.
Deposit Size
A larger deposit is commonly seen as a signal of commitment. It applies toward the purchase price at completion — it's not an additional cost, but it needs to be liquid and available quickly after subjects come off.
Subject Timelines
Shorter subject periods can signal preparation. That said, agreeing to timelines you genuinely can't meet creates its own risks — balance competitiveness with what's achievable.
Completion Date Flexibility
A seller with specific timing needs may value flexibility on the completion or possession date. This can sometimes tip a close decision in a buyer's favour.
Clean Terms
Fewer conditions and complications reduce uncertainty for the seller. In some cases, the cleanest offer — not the highest — wins.
Inclusions Requested
Requesting a long list of inclusions can complicate an otherwise clean offer. Being selective about what you ask for can help keep an offer straightforward.
Competing in Multiple Offer Situations
Know Your Ceiling Before the Pressure Starts
Deciding the maximum you're willing to pay before the situation becomes competitive gives you a reference point when decisions need to be made quickly. Emotions can influence judgement in competing situations — a clear number in advance helps.
Come In with Your Best Position
In a multiple offer situation, a second chance to improve your offer isn't guaranteed. If you want the property, structuring your strongest offer from the outset is generally a more reliable approach than hoping to negotiate from a lower starting point.
Consider a Pre-Inspection
Paying for an inspection before submitting your offer allows you to remove the inspection subject entirely, which can make your offer more competitive. This approach carries its own considerations — understanding what you're agreeing to is worth discussing with your agent and legal advisor.
Not Every Home Will Be the Right One
Overpaying significantly in a competitive situation stays with you for the life of the mortgage. There will be other properties. Maintaining a clear-eyed view of value is generally worth more than winning any particular offer.
Independent advice on offer strategy — from your agent, your lawyer, and your mortgage professional — is consistently worth having before you're in a time-pressured situation.
Chapter 7
Working with the Value-First Home Team
We built our team around a straightforward idea: buyers deserve the same level of expertise and attention as sellers — and they deserve to know exactly who they're working with and what to expect throughout the process.
What We Do for Buyers
Full Access to Listings
Real-time alerts the moment something matching your criteria hits the market — no waiting and no filtering through what we think you want to see.
Honest Property Assessments
We'll tell you what a home is actually worth, flag potential issues, and let you know when the asking price doesn't reflect current conditions. Our role is to provide honest information — not to close any particular deal.
Offer and Negotiation Support
With over 1,000 transactions between us, we know how to structure offers, read the negotiation, and work toward the best terms the market will support for your situation.
Complete Transaction Management
From first showing to possession day, we manage every detail — inspections, financing coordination, legal timelines, and all communications — so nothing falls through.
Local Market Knowledge
We work in Greater Vancouver and the Fraser Valley every day. We know the neighbourhoods, the pricing patterns, and where to look when value isn't obvious.
No Pressure
If a home isn't right, we'll tell you. If the timing isn't right, we'll tell you. We'd rather take more time and find the right property than put you in the wrong one.
Two Agents. Clear Roles. One Process.
Search to Offer Day
David
- Listing setup and property alerts
- Viewing coordination and walkthroughs
- Comparative market analysis
- Offer preparation and review
- Ensuring a thorough, prepared approach
Offer Day to Possession
Derek
- Negotiation strategy and execution
- Subject management and coordination
- Contract compliance and oversight
- Ongoing updates and guidance
- Closing oversight through possession day
Two agents means consistent availability. If Derek is in a negotiation, David is handling your paperwork — the process keeps moving regardless of what's happening on any individual transaction.
Chapter 8
Buyer's Checklist: Quick Reference
Use this as a reference to stay organized from first conversation to possession day. Every transaction is different — this reflects common steps, not every possible scenario.
Before You Start Looking
- Get pre-approved for a mortgage
- Determine total budget including closing costs
- Check your credit
- Open an FHSA if eligible
- Review RRSP Home Buyers' Plan eligibility
- Define must-haves vs. nice-to-haves
When You Find a Home
- Review comparable sales with your agent
- Discuss offer structure and price
- Confirm deposit amount and source of funds
- Understand all subject conditions and deadlines
- Consider a pre-inspection if appropriate
After Your Offer Is Accepted
- Schedule home inspection
- Finalize mortgage approval
- Review strata documents if applicable
- Engage a lawyer or notary
- Arrange home insurance
- Remove subjects by the deadline in writing
Before Completion Day
- Sign mortgage and legal documents
- Do a final walkthrough of the property
- Confirm fund transfer details with your lawyer
- Arrange movers and utility transfers
- Confirm key pickup details with your agent
Derek and David are available to walk through the buying process for your specific situation — before you start looking or at any point along the way.
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