Value-First Home Team · Maple Ridge & Greater Vancouver
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 smart decisions at every step.
Important: This guide is general information only and does not create an agency relationship or representation agreement. Agency is only established through a signed written agreement. Government program details, lending rules, and market conditions change — verify current figures with a qualified professional before making decisions.
Chapter 1
Are You Ready to Buy?
Before you start browsing listings, it's worth getting your financial house in order. Lenders, sellers, and the market will all expect a certain level of preparation from you — and the buyers who move the fastest are the ones who did this work ahead of time.
The Financial Checklist
1
Get Pre-Approved for a Mortgage
This is the single most important step before you start looking at homes. A pre-approval tells you exactly how much you can borrow, locks in an interest rate for a set period, and shows sellers you're a serious buyer. Talk to a mortgage broker or your bank — we can recommend trusted professionals if needed.
2
Know Your Down Payment
In Canada, the minimum down payment depends on the purchase price. For homes up to $500,000, it's 5%. For the portion between $500,000 and $1,499,999, it's 10%. For homes at $1,500,000 or above, you'll need 20% down. Less than 20% means you'll also need mortgage default insurance.
3
Budget Beyond the Purchase Price
Your down payment isn't your only upfront cost. Closing costs typically run 1.5%–3% of the purchase price. We'll break these down in detail in Chapter 5.
4
Check Your Credit
Your credit score directly affects your mortgage rate and whether you get approved at all. If yours needs work, it's better to find out now and take steps to improve it before you start making offers.
The Personal Checklist
How Long Will You Stay?
Buying generally makes more sense if you're planning to stay for at least 3–5 years. Transaction costs eat into your equity if you sell too quickly.
How Stable Is Your Income?
Lenders want to see consistent employment. If you're between jobs or recently self-employed, it may be worth waiting until your financial picture is more settled.
Must-Haves vs. Nice-to-Haves
Getting clear on your priorities before you start looking saves a lot of time and heartache. Make a list. Be honest about what you need versus what would just be nice.
Which Areas Work for You?
Commute, schools, outdoor access, price point — knowing your geographic priorities helps us match you to the right listings faster.
A pre-approval isn't a mortgage commitment — it's an indication of what you qualify for. The final approval happens once you have a specific property. Don't confuse the two.
Chapter 2
First-Time Buyer Essentials
If you've never owned a home before, there are several government programs designed to help you get into the market. These can save you thousands of dollars — but only if you know about them and plan around them in advance.
Programs & Incentives You Should Know About
First Home Savings Account (FHSA)
Save up to $8,000/year (max $40,000 lifetime) for your first home. Contributions are tax-deductible and withdrawals for a qualifying purchase are tax-free. Open one as early as possible.
RRSP Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSPs tax-free for a first home purchase. Repayment starts the second year after withdrawal and spreads over 15 years.
First-Time Home Buyers' Tax Credit
A federal non-refundable tax credit up to $10,000, worth approximately $1,500 back. Claimed on your income tax return in the year of purchase.
BC Property Transfer Tax Exemption
First-time BC buyers may be fully exempt from property transfer tax on homes up to $500,000, with partial exemptions to $525,000 (resale) or $800,000 (new build).
GST New Housing Rebate
If buying a newly built home, you may qualify for a partial GST rebate. The rebate phases out on homes above $450,000. Confirm eligibility with your lawyer or accountant.
BC Home Owner Grant
Once you own and occupy your home as a principal residence, you may qualify for a reduction on your annual property tax bill. Applies to primary residences only.
Common First-Time Buyer Mistakes
Avoid These
Shopping without a pre-approval
Spending right to your approved limit
Skipping the home inspection
Forgetting to budget for closing costs
Making major purchases before closing
Letting emotions override the data
Do These Instead
Get pre-approved before you start looking
Leave a buffer below your max approval
Budget for inspection, legal fees, PTT
Use FHSA and HBP before you close
Hold off on new credit or big purchases
Let your agent run the numbers with you
Chapter 3
Understanding the Market
Not all homes are created equal, and neither are market conditions. Knowing what type of property you're buying and what kind of market you're buying in shapes every decision — from your budget to your offer strategy.
Types of Properties
Detached Homes
Standalone house on its own lot. Maximum privacy and freedom, but also the most maintenance and typically the highest price point.
Townhouses
Attached homes sharing one or more walls. A solid middle ground between a condo and detached — often freehold or strata with lower fees than a condo.
Condos & Apartments
You own your unit; common areas are maintained through monthly strata fees. Lower maintenance, but strata documents need careful review before purchasing.
Duplexes & Half-Duplexes
A building split into two separate living spaces. Often good value, and can offer rental income potential if one side is tenanted.
Acreages & Rural
Larger lots outside urban areas. Come with unique considerations — well water, septic systems, zoning restrictions, and longer response times for services.
New Construction
Buying pre-sale or newly built. Different contract terms, GST applies, and completion timelines can shift. Assignment sales have their own rules and risks.
Buyer's Market vs. Seller's Market
Seller's Market
Homes sell fast — sometimes in days
Multiple offers are common
Prices often go above asking
Fewer subjects, less negotiating room
Speed and preparation matter most
Buyer's Market
Homes sit longer before selling
More choice and less competition
More room to negotiate on price and terms
Subjects easier to include and protect
Less urgency — time is on your side
We'll keep you informed on current market conditions before you write any offer — so your strategy matches the reality of what you're actually competing in, not what the market looked like six months ago.
Chapter 4
The Home Buying Process, Step by Step
From pre-approval to possession day, here's exactly what to expect at every stage. The process has a clear sequence — understanding it in advance means fewer surprises and better decisions along the way.
01
Get Pre-Approved
Meet with a mortgage broker or lender. Understand your budget, your rate, and your options. This is the foundation for everything else.
02
Define Your Criteria
What do you need? What do you want? Where do you want to live? We'll help you build a realistic wish list based on your budget and the current market.
03
Search and Showings
We set you up with automated alerts so you see new listings the moment they hit the market. When something catches your eye, we book a showing and walk through the home with you — pointing out what you might not notice on your own.
04
Write an Offer
When you find the right home, we prepare a written offer on your behalf. This includes purchase price, deposit, subjects (conditions), completion and possession dates, and any inclusions or exclusions.
05
Negotiate
The seller may accept, counter, or reject your offer. If they counter, we negotiate on your behalf — on price, terms, dates, or any combination. Our goal is to get you the home at the best terms possible.
06
Remove Subjects
Most offers include conditions that need to be satisfied before the sale becomes firm — financing, inspection, title review, strata documents. You have a set number of days to complete these. If they're satisfied, you remove subjects and the deal is firm.
07
Between Firm and Completion
Your mortgage is finalized, your lawyer or notary prepares the paperwork, and you start planning your move. We stay in contact with all parties to make sure nothing falls through the cracks.
08
Completion and Possession
On completion day, ownership legally transfers and funds are exchanged. On possession day — usually the same day or the day after — you get the keys and move in.
Key Subjects Explained
Financing
Confirms your mortgage is fully approved for this specific property — not just in principle.
Home Inspection
A professional inspector provides a detailed condition report. Gives you leverage and protects you from hidden surprises.
Property Disclosure
The seller discloses known defects or issues with the property. Read it carefully and ask questions about anything unclear.
Strata Documents
For condos and townhouses: review minutes, financials, bylaws, the depreciation report, and any upcoming special levies.
Title Search
Confirms there are no unexpected liens, easements, or encumbrances on the property before you take ownership.
Chapter 5
Understanding the Costs
Your down payment is just the beginning. Knowing every cost upfront means no surprises on completion day — and a budget that actually reflects what you're going to spend.
Down Payment Requirements
5%
Minimum
Homes up to $500,000
10%
Minimum
Portion from $500K–$1,499,999
20%
Minimum
Homes $1,500,000 and above
If your down payment is less than 20%, you'll need mortgage default insurance (CMHC). This protects the lender — not you — and the premium (2.8%–4% of the mortgage amount) gets added to your mortgage balance.
Closing Costs — Budget 1.5%–3% of Purchase Price
Property Transfer Tax (BC)
1% on the first $200,000, 2% on the portion to $2,000,000, 3% above that. First-time buyers may be exempt up to certain thresholds.
Legal / Notary Fees
Your lawyer or notary handles title transfer, mortgage registration, and all the paperwork. Budget $1,200–$2,500 depending on complexity.
Home Inspection
Typically $400–$700 depending on the size and type of property. Always worth doing — rarely worth skipping.
Appraisal Fee
Your lender may require an independent appraisal to confirm the property's value. Usually $300–$500, and sometimes covered by the lender.
Title Insurance
Protects against title defects and fraud. Usually $200–$400 and typically required by your lender.
Home Insurance
Required before completion. Budget $1,000–$3,000/year depending on the property type and location.
Tax & Utility Adjustments
Property taxes, strata fees, and utilities are prorated between you and the seller as of the completion date. You may owe or receive an adjustment.
Moving Costs
Professional movers, storage, cleaning, and new furniture. Consistently underestimated — get quotes early and plan ahead.
Ongoing Costs of Homeownership
Property Taxes
Paid annually to the municipality. Vary widely by location and assessed value. First-year owners should apply for the home owner grant if eligible.
Strata Fees
Monthly fees covering shared maintenance and building insurance. Review what's included — some cover heat and hot water, others cover very little.
Maintenance & Repairs
Budget 1%–2% of your home's value per year. Things break. Roofs need replacing. Furnaces fail in January. Plan for it rather than being caught off guard.
Utilities
Hydro, gas, water, internet, garbage collection. If you're moving from a rental where some of these were included, these will be new monthly line items.
Chapter 6
Negotiation Tips for Buyers
A strong offer isn't always the highest one. Sellers and their agents look at the whole picture — price, terms, timeline, and certainty. Understanding what actually moves the needle gives you a real advantage.
What Sellers Actually Care About
Purchase Price
Important, but not the only factor. A lower offer with fewer conditions can beat a higher one loaded with subjects.
Deposit Size
A larger deposit signals commitment. It's part of your down payment — it doesn't cost you extra, but it creates a strong impression.
Subject Timelines
Shorter subject periods show you're prepared and serious. But don't agree to timelines you genuinely can't meet.
Date Flexibility
Flexibility on completion and possession dates can tip a close decision in your favour, especially when the seller has specific timing needs.
Clean Terms
Fewer conditions and complications means less risk for the seller. Sometimes the cleanest offer wins even at a lower price.
Competing in Multiple Offers
Know Your Ceiling in Advance
Decide the maximum you're willing to pay before the pressure is on. Bidding wars are emotional — having a firm number beforehand keeps you grounded.
Put Your Best Foot Forward
In a multiple-offer situation you may not get a second chance. If you love the home, don't lowball hoping to negotiate — come in strong from the start.
Consider a Pre-Inspection
Paying for an inspection before submitting your offer lets you remove the inspection subject entirely, making your offer significantly more competitive.
Trust the Process
Not every home is meant to be yours. Overpaying in the heat of the moment follows you for the life of the mortgage. There will be another home.
We'll coach you through every step of the negotiation and make sure you never feel pressured into a decision you're not comfortable with. Our job is to protect your interests — not to close a deal at any cost.
Chapter 7
Working with the Value-First Home Team
We built our team around a simple idea: buyers deserve the same level of expertise and attention as sellers — and they deserve to know exactly who they're working with and why.
What We Do for Buyers
Full Access to Listings
Real-time alerts the moment something matching your criteria hits the market. No waiting around — you see it as soon as it's live.
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 make sense. Our job isn't to sell you on a house — it's to protect you from the wrong one.
Skilled Negotiation
With over 1,000 transactions between us, we know how to structure offers, read the other side, and get you the best deal the market will support.
Complete Transaction Management
From your first showing to possession day, we manage every detail — inspections, financing coordination, legal timelines, and all communications with the other side.
Local Market Knowledge
We work in Greater Vancouver and the Fraser Valley every day. We know which streets flood, which areas are up-and-coming, and where the value is hiding in the current market.
No Pressure. Ever.
If a home isn't right, we'll tell you. If you're not ready, we'll tell you. We'd rather wait six months for the right home than rush you into the wrong one.
Two Agents. Clear Roles. One Seamless Process.
Search to Offer Day
David
- Listing setup and property alerts
- Viewing coordination and walkthroughs
- Comparative market analysis
- Offer preparation and review
- Ensuring a strong, 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 double the availability. You're never waiting on one person to free up. If Derek is in a negotiation, David is handling your paperwork — and the process keeps moving.
Chapter 8
Buyer's Checklist: Quick Reference
Use this checklist to stay organized and make sure nothing falls through the cracks — from your first conversation with us to the day you get your keys.
Before You Start Looking
- Get pre-approved for a mortgage
- Determine total budget including closing costs
- Check your credit score
- Open an FHSA if you're a first-time buyer
- 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 strategy and price
- Confirm deposit amount and source of funds
- Understand all subjects and deadlines
- Consider a pre-inspection if competitive
After Your Offer Is Accepted
- Schedule home inspection
- Finalize mortgage approval
- Review strata documents if applicable
- Hire a lawyer or notary
- Arrange home insurance
- Remove subjects by the deadline
Before Completion Day
- Sign mortgage and legal documents
- Do a final walkthrough of the property
- Confirm fund transfer with your lawyer
- Arrange movers and utility transfers
- Confirm key pickup details with your agent
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