Step-by-Step Home Buying Guide for the Lower Mainland: From Search to Closing

Step-by-Step Home Buying Guide for the Lower Mainland: From Search to Closing

Purchasing a home is a major milestone, especially in the competitive and diverse real estate market of British Columbia's Lower Mainland. Whether you're a first-time buyer or moving up, this guide—brought to you by Carson Lake PREC, your trusted REALTOR® in Metro Vancouver—will walk you through the complete process, from property search to closing.

1. Assess Your Financial Readiness

Start with a clear understanding of your financial situation:

• Budgeting: Know what you can afford by considering income, debts, and monthly expenses.

• Credit Score: A good credit score helps secure better mortgage rates. Review your credit report early.

• Down Payment: In Canada, minimum down payments range from 5% to 20%, depending on the home price.

2. Get Pre-Approved for a Mortgage

Mortgage pre-approval shows sellers you are a serious buyer and helps define your price range.

• Why It Matters: Strengthens your negotiating power.

• Who to Contact: For expert guidance, connect with Ivan Matkovic at Mister Mortgage.

3. Define Your Home Criteria

Identify what matters most to you:

• Location: Proximity to work, schools, transit, and amenities.

• Type: Detached homes, condos, or townhouses.

• Must-Haves: Bedrooms, bathrooms, yard space, etc.

4. Start Your Search

Use online platforms and work with a knowledgeable local expert:

• Browse Listings: Check out the latest homes at MetroVanHomes.com.

• Partner With a Pro: As a long-time local expert, Carson Lake PREC provides personalized, area-specific insights across Burnaby, Vancouver, and beyond.

5. View Homes

Schedule property tours and take notes:

• Compare Options: Document what you liked or disliked.

• Evaluate Carefully: Look beyond aesthetics and assess the home's condition.

6. Make an Offer

Once you've found the right home:

• Strategize Your Price: Use market data and advice from Carson Lake PREC to structure a compelling offer.

• Include Conditions: Common ones include financing, home inspection, and review of strata documents.

7. Home Inspection

Hire a certified home inspector to evaluate the property:

• Reveal Issues: Discover hidden problems that could affect value.

• Negotiate If Needed: Adjust your offer or request repairs based on findings.

8. Secure Financing

With an accepted offer:

• Finalize Mortgage Approval: Submit all necessary paperwork to your lender.

• Home Insurance: Most lenders require proof of insurance before closing.

9. Understand Closing Costs

Prepare for additional fees:

• Property Transfer Tax (PTT):

  • 1% on the first $200,000

  • 2% on the next $1,800,000

  • 3% on the portion over $2 million

  • Additional 2% for residential property over $3 million

  Visit BC Property Transfer Tax for full details.

• Legal Fees: Lawyer or notary services for title transfer.

• Adjustments: Cover prepaid taxes or utilities owed to the seller.

10. Closing & Possession

The final steps:

• Final Walkthrough: Confirm the home's condition before closing.

• Sign Documents: Your lawyer or notary will finalize paperwork.

• Get the Keys: Once funds are transferred, the home is officially yours!

Helpful Resources

• City of Burnaby – Municipal services, zoning, permits

• BC Tax Information – Property tax, exemptions, and more

• MetroVanHomes.com – Search current listings in Metro Vancouver

• Mister Mortgage – Ivan Matkovic – Personalized mortgage advice

Work With Carson Lake PREC

With over 9 years of experience and a Bachelor's degree in Psychology from SFU, Carson Lake PREC brings strong negotiation, interpersonal, and market expertise to every transaction. Whether you're buying in Burnaby, Vancouver, or anywhere in the Lower Mainland, Carson is your trusted local REALTOR®.

Start your home search today at MetroVanHomes.com or contact Carson Lake PREC for expert guidance every step of the way.