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Stage One
Financial Preparation
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Check your credit score
Pull your free credit report from Equifax and TransUnion. Lenders want 680+ for best rates. Dispute any errors — they can take 30–60 days to correct.
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Calculate your true budget
Factor in mortgage payment, property tax, insurance, strata fees, and maintenance. A good rule: total housing costs under 32% of gross income.
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Save your down payment
Minimum 5% on homes up to $500K, 10% on $500K–$999K portion. 20% eliminates CMHC insurance and opens 30-year amortization. Keep funds in savings for 90+ days for lender verification.
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Budget for closing costs
Set aside an additional 1.5–3% of purchase price for Property Transfer Tax, legal fees, title insurance, home inspection, and adjustments. On a $900K home, budget $13,500–$27,000.
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Check First-Time Buyer PTT exemption eligibility
BC exempts first-time buyers from Property Transfer Tax on homes up to $835,000 (full exemption), saving up to $13,000. Confirm eligibility with your lawyer — residency and use requirements apply.
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Explore the First Home Savings Account (FHSA)
Contribute up to $8,000/year (lifetime $40,000) tax-free toward your first home. Contributions are tax-deductible, withdrawals are tax-free. Open one now even if you're 2–3 years out.
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Gather your financial documents
T4 slips (2 years), Notices of Assessment (2 years), recent pay stubs (2–3), bank statements (90 days), and government-issued ID. Have these ready before any lender conversation.
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Stage Two
Getting Pre-Approved
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Choose a mortgage broker over a single bank
A broker accesses 40+ lenders with one application. Banks only offer their own products. Brokers cost you nothing — they're paid by the lender. Vik works with Crafted Mortgage Solutions.
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Understand the stress test
You'll be qualified at your contract rate + 2% or 5.25%, whichever is higher. This determines your maximum borrowing power — typically 15–20% less than the headline mortgage amount.
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Get written pre-approval (not pre-qualification)
Pre-qualification is verbal and unverified. Pre-approval is a formal written commitment after income and credit verification. Only pre-approval is taken seriously by sellers in Metro Vancouver.
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Lock in a rate hold
Secure a 90–120 day rate hold at today's rate. If rates drop before you close, your broker can often re-lock at the lower rate. If rates rise, you're protected.
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Understand fixed vs variable rate options
Fixed rates offer payment certainty. Variable rates fluctuate with the Bank of Canada policy rate — historically lower but with risk. Discuss your risk tolerance with your broker before deciding.
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Do NOT apply to multiple lenders simultaneously
Each hard credit inquiry slightly lowers your score. Use a broker to shop multiple lenders with a single application. Multiple hard inquiries in a short window raise red flags with lenders.
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Stage Three
The Search
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Define your must-haves vs nice-to-haves
Write two lists before opening MLS. Must-haves: non-negotiables. Nice-to-haves: bonuses. Filter listings by must-haves only first — this eliminates 80% of the noise instantly.
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Set up MLS auto-alerts for your criteria
In Surrey and Langley, desirable homes sell in 3–7 days. Auto-alerts mean you're notified the moment a match hits the market — not hours later when you're casually browsing.
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Research your target neighbourhoods
Check school catchments, transit scores, walkability, rezoning plans, and flood/fire zone maps. Visit at different times of day — morning, evening, and weekday rush hour tells you the real story.
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Ask about off-market listings
Not every property hits MLS. Vik's network includes pre-market and off-market listings — properties where you're the only buyer at the table, with no competing offers.
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Look at sold prices, not list prices
List price is marketing. Sold price is truth. Ask for 90-day comparable sales data on any area you're targeting — this anchors your offer strategy to reality, not optimism.
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Hire a buyer's agent (at no cost to you)
In BC, the seller pays the buyer's agent commission — you get expert representation completely free. Never go into a purchase negotiation without your own agent. The listing agent works for the seller.
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Stage Four
Offer & Due Diligence
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Request a Comparative Market Analysis (CMA)
Before any offer, ask Vik for a CMA — what similar homes actually sold for in the last 90 days. Never bid without knowing the data. Overbidding by $30,000 on emotion is painfully common.
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Include subject-to-financing clause
Protects your deposit if your financing falls through during the subject period. Do not go unconditional without written lender confirmation. Rate holds and verbal approvals are not enough.
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Include subject-to-inspection clause
Book a certified home inspector — budget $500–$800. Review the full report carefully, especially roof age, foundation, electrical panel type, and plumbing material. Don't skip this.
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Review the Property Disclosure Statement
Sellers must disclose known material latent defects. Read every line — flag anything marked "unknown" and ask for clarification. Undisclosed defects are BC's #1 source of post-sale real estate disputes.
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Review strata documents (if applicable)
For condos/townhouses: last 2 years of meeting minutes, financials, depreciation report, and bylaws. Look for pending special levies, unresolved disputes, or deferred maintenance. Budget $200 for a strata document review service.
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Confirm home insurance availability
Some properties (flood zones, older strata buildings, certain construction types) have limited or expensive insurance options. Confirm insurability before removing subjects — not after.
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Understand BC's 3-day rescission period
Since January 2023, you have 3 business days after an accepted offer to rescind — for a 0.25% penalty fee. This is NOT a substitute for proper due diligence. Use it only as a last resort.
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Prepare your deposit (5% of purchase price)
Deposit is due within 24 hours of offer acceptance — have funds liquid and accessible. It's held in trust until closing. Verify the trust account details with your agent before transferring.
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Stage Five
Closing Preparation
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Retain a real estate lawyer or notary
Hire immediately after subjects are removed. They prepare closing documents, confirm title, and coordinate with your lender. Budget $1,200–$2,000. Ask Vik for trusted referrals.
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Confirm your mortgage is formally approved
The lender must formally approve the specific property, not just you as a borrower. Get written confirmation of funding instructions before your completion date.
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Do NOT change your financial profile
After mortgage approval: no new debt, no job changes, no large purchases, no credit account closures. Lenders re-verify before funding. A new car payment has cancelled closings.
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Arrange home insurance binder
Your lender requires proof of home insurance before releasing funds. Have your insurance binder ready 1 week before completion — don't leave this to the last day.
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Transfer closing funds to your lawyer
Your lawyer will confirm the exact amount needed — down payment balance plus closing costs. Wire transfer 1–2 business days before completion to avoid day-of delays.
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Complete final walkthrough
You're entitled to a final inspection before completion. Confirm the property is in the agreed condition, fixtures are intact, and nothing included in the sale was removed.
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Sign closing documents at your lawyer's office
Your lawyer walks you through the transfer documents, mortgage paperwork, and title insurance. Allow 1–2 hours — don't rush this appointment.
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Stage Six
Moving In
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Change all locks on possession day
Always rekey or replace every lock immediately — you don't know who has copies of previous keys. This is a $200 task that protects everything. Do it before you unpack.
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Transfer utilities into your name
BC Hydro, FortisBC (gas), water, and internet — arrange transfers before or on possession day. Utilities left in the seller's name create billing disputes.
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Update your address everywhere
CRA (critical for tax returns), Service BC, your bank, employer, insurance providers, subscriptions, and BC drivers licence. CRA address updates must be done within 30 days of moving.
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Document the property on move-in day
Take dated photos and video of every room, appliance, fixture, and the exterior. This protects you for insurance claims, future disputes, and renovation permit applications.
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Review your BC New Home Warranty (if applicable)
New construction homes have BC's 2-5-10 warranty: 2 years on materials/labour, 5 years on building envelope, 10 years on structural. Know how to file a claim before you need to.
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Book a 12-month check-in with Vik
After 12 months, Vik reviews your equity position, current market conditions, and whether refinancing, rental income opportunities, or a move-up strategy makes sense. This call has helped clients save tens of thousands.