Buying in BC

The Complete Buyer's Guide

Everything you need to know about buying in Surrey, Langley and Metro Vancouver — from your first conversation to keys in hand.

8 stepsUpdated for 2026 rulesAbout 15 minutes to read

Facts checked October 2026

1. Goals & budget 2. Pre-approval 3. Your REALTOR®4. The search 5. The offer 6. Due diligence 7. Closing costs 8. Completion

Get clear on your goals and budget

The buyers who decide their must-haves and their real monthly comfort zone up front buy faster — and with fewer regrets.

Define the goal

Home to live in, investment, or a pre-sale? The answer changes the neighbourhoods, the property type and the strategy.

Know the true monthly cost

Mortgage payment + property tax + strata fees + insurance + utilities + maintenance. Plan on the total, not just the mortgage.

Check your credit

Pull your Equifax and TransUnion reports for free and fix errors early — corrections can take 30–60 days.

Line up your down payment

Minimum is 5% of the first $500,000 and 10% of the portion above it (up to $1.5M). At $1.5M or more you need 20%.

Vik's advice

Write two lists before you open a single listing: deal-breakers and nice-to-haves. Filter by deal-breakers only. It saves weeks.

Get pre-approved before you shop

A written pre-approval tells you your real ceiling, holds a rate for you, and makes your offer credible to sellers.

The stress test

Lenders qualify you at the higher of your contract rate + 2% or 5.25%. That number — not your actual rate — sets how much you can borrow.

Mortgage insurance

Under 20% down, the mortgage must be insured. Premiums run 2.80%–4.00% of the loan and are added to the mortgage (no BC sales tax on the premium).

30-year amortization

Since December 2024, first-time buyers and anyone buying a newly built home can get a 30-year insured mortgage — lower payments, more interest over time.

Rate hold

Most lenders hold a rate for 90–120 days while you shop. If rates fall, ask to re-lock lower.

Important

Shop rates through a single application where you can. Don't open new credit, change jobs or make big purchases while you're buying.

Choose your representation

In BC, the agent you work with must explain who they represent before providing services. Get this right on day one.

Disclosure first

Your REALTOR® gives you BCFSA's Disclosure of Representation in Trading Services form before helping you. It explains your options and their duties to you.

Buyer agency agreement

A written agreement sets out what your agent will do, for how long, and how they are paid. In most resale purchases the buyer's agent is paid from the seller's commission — your agreement spells out the details.

Why it matters

The listing agent works for the seller. Your own agent's duty of loyalty is to you — your budget, your negotiation, your interests.

Pre-sales

Many developers only recognize an agent who is with you on your first visit or registration. Bring your agent from the start.

Search smart

Good homes in Surrey and Langley can go quickly. A sharp search setup means you see the right homes first — and skip the wrong ones.

Listing alerts

Get new listings matching your must-haves the moment they hit the market.

Sold beats list

List price is marketing; sold price is reality. Ask for the last 90 days of comparable sales before deciding what a home is worth.

Days on market

A home sitting 30+ days may be overpriced, have an issue, or be poorly marketed. Each answer changes your negotiation.

Visit more than once

See your short-list at different times of day. Traffic, noise and light can change everything.

Vik's advice

Don't fall in love with photos. Some of the best buys look average online and great in person — and vice versa.

Write a winning offer

An offer is a legal contract. Price matters, but so do subjects, deposit and dates.

Comparative market analysis

Before any offer, I run the recent sold data so you never bid blind.

Subjects (conditions)

Financing and inspection subjects protect you. In a competitive situation we decide together which to keep, shorten or remove — never blindly.

Deposit

Commonly about 5%, due within the time written in the contract (often 24 hours after acceptance or subject removal). It's held in trust by a brokerage until completion.

Multiple offers

Clean terms, a strong deposit and dates that suit the seller can beat a higher price with risky conditions.

BC rescission period

Most resale buyers in BC can cancel within 3 business days of acceptance by giving written notice and paying 0.25% of the price to the seller. It can't be waived — but it isn't a substitute for proper due diligence. It doesn't apply to leasehold property, auctions or court-ordered sales.

Do your due diligence

The subject period — often about a week — is your window to verify everything before the deal becomes firm.

Home inspection

A licensed BC home inspector typically costs $500–$800. Focus on roof, foundation, drainage, electrical, plumbing and any signs of water.

Strata documents

For condos and townhomes: 2 years of minutes, Form B, financials, bylaws and the depreciation report. Look for special levies, lawsuits and low contingency reserves.

Disclosure & title

Read the Property Disclosure Statement line by line. Your lawyer or notary confirms clear title.

Financing & insurance

Your lender approves the specific property (often with an appraisal). Confirm home insurance is available before removing subjects.

Don't rush this

Once subjects are removed, your deposit is at risk if you can't complete. Get written confirmation from your lender first.

Plan your closing costs

Set aside about 1.5%–4% of the price on top of your down payment. Property Transfer Tax is the big one.

Property Transfer Tax

1% on the first $200,000, 2% up to $2M, 3% up to $3M, and 5% on residential value above $3M. On a $900,000 home that's $16,000.

First-time buyer exemption

If eligible, no PTT on the first $500,000 for homes up to $835,000 — a saving of up to $8,000. Partial exemption up to $860,000.

Newly built home exemption

Citizens and permanent residents buying a newly built home as their principal residence pay no PTT up to $1,100,000, with a partial exemption to $1,150,000.

GST on new homes

New homes carry 5% GST. Eligible first-time buyers can recover up to $50,000 on new homes up to $1M (phasing out at $1.5M) for agreements signed on or after May 27, 2025.

Try it

Run your own numbers in the closing-cost calculator. Legal fees are usually $1,200–$2,000.

Completion, keys & beyond

In BC there are three dates: completion (money and title move), possession (you get the keys) and adjustment (property tax and strata fees split).

Final walkthrough

Check that the home is in the agreed condition and included items are still there.

Day one

Change the locks, transfer utilities, update your address (CRA, ICBC, bank) and photograph the home's condition.

Home Owner Grant

Claim your BC Home Owner Grant each year with your property tax to reduce what you pay.

If you sell quickly

BC's home flipping tax (since January 2025) can apply to profit on homes sold within 730 days of purchase, with some exemptions.

I'm still here

My job doesn't end at closing. Questions about your home, your strata or your next move — call me anytime.

Want this plan applied to you?

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