A practical, step-by-step checklist of every stage between "I'm thinking about buying" and the day you get the keys — with the official BC links you'll need along the way.

01

Get a mortgage pre-approval

Getting pre-approval from a lender or licensed broker locks a rate hold (90–120 days), sets your maximum budget, and signals you're a serious buyer. Understand your mortgage options before you start shopping: insured vs. uninsured, fixed vs. variable, open vs. closed.

02

Arrange your down payment and deposit

The deposit (~5%) is due usually within 24 hours of subject removal, and the down payment funds are due at completion. Funds from overseas typically need 30–90 days seasoned in a Canadian account before lenders accept them — move money early.

03

Define your criteria

Write down non-negotiables such as location, property type, size, age, freehold, monthly carrying-cost ceiling. Clear criteria prevent lifestyle drift in a hot market.

04

Engage a real estate agent

A licensed real estate agent can guide you through the entire transaction process, including property searches, preparing and submitting offers, negotiations, and due diligence. However, buyers should still obtain independent legal, technical, and tax advice where appropriate.

05

Start the search

Ask your real estate agent to set up an automatic MLS® email feed tailored to your search criteria. Receiving new listings as soon as they hit the market is often more effective than repeatedly checking public websites, where it can be difficult to determine whether a listing is new, updated, or has been on the market for some time.

06

View the shortlist

Shortlist properties that meet your criteria and tour them diligently before deciding whether to make an offer. During viewings, assess the property's condition, layout, natural light, signs of damage or deferred maintenance, amenities, parking, storage, neighbourhood, and any potential red flags that may warrant further investigation.

07

Review the fair-price analysis

Your realtor pulls a CMA based recently solds comparable properties in the neighbourhood. Decide your opening number, walkaway number, and offer structure.

08

Prepare the offer with subjects

Decide on conditions (subject to financing, inspection, strata documents review, title search and insurance), other contract terms, and dates.

09

Watch the three dates

Subject removal (7–10 days after acceptance) → deposit (within 24 hrs of subject removal) → completion (money + title move) → possession (1–2 days later, keys). Separately, BC's Home Buyer Rescission Period (HBRP) gives you the right to cancel the contract within 3 business days of acceptance — regardless of subjects — by paying the seller a 0.25% rescission fee.

10

Due diligence — before subject removal

Use every day of the subject period: home inspection, lender appraisal, title search, document review (PDS, Form B, strata minutes, financials, bylaws, rules, depreciation report), insurance quote, and other conditions.

11

Subject removal — offer goes firm

Sign the subject removal addendum; pay deposit by its deadline. Engage a lawyer or notary and forward the firm contract to them to begin transfer preparation. Arrange your funds for the balance of the down payment and closing costs, including property transfer tax, GST (if applicable), and other transaction-related expenses.

12

Completion — money moves

Sign with your lawyer/notary 1–3 days before. Get the bank draft for the balance of down payment + taxes and closing costs. Lender funds; title registers electronically at LTSA; seller is paid.

13

Possession — keys in hand

Do a final walk-through that morning to ensure the property's condition matches what you previously viewed. Collect keys, fobs, garage remotes, visitor parking passes, locker and mailbox keys.

14

Right before the keys

Bind home insurance effective on completion day. Set up utility accounts (BC Hydro, FortisBC, internet). Arrange strata-fee pre-authorized debit with the strata management company. Change your address on ICBC, RoadSafetyBC, CRA, and banks.

15

After getting the keys

Note and track your annual property tax payment date(s). If this is your principal residence, claim the Home Owner Grant before the due date each year. If the property is within the City of Vancouver, watch the Empty Homes Tax declaration deadline (early February); for properties in designated BC regions, watch the Speculation and Vacancy Tax declaration deadline (March 31). At tax time, remind your accountant to claim the First-Time Home Buyers' Tax Credit (Home Buyers' Amount) on your return if you're eligible.

Information current as of publication; accuracy and currency are not guaranteed. Confirm with the official sources below or consult a qualified professional.

Official BC & Canada resources
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