Getting Started
Helping my clients find their dream home or the perfect investment property in Vancouver gives me huge satisfaction. My clients’ satisfaction buying Vancouver real estate is my greatest reward. A large portion of my clients are first time home buyers.
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Plan your purchase with my free buyer tools: BC Property Transfer Tax Calculator and the Mortgage Calculator
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First-time buyer questions, answered
How much do I need for a down payment?
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In Canada, the minimum down payment is 5% on the portion of the price up to $500,000, and 10% on the portion between $500,000 and $999,999. Homes priced at $1,000,000 or more require a minimum 20% down payment. Anything under 20% down requires mortgage default insurance.
Do I qualify for the BC Property Transfer Tax exemption?
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First-time buyers in BC can be fully exempt from Property Transfer Tax on homes valued up to $835,000, with a partial exemption up to $860,000. To qualify, you must be a Canadian citizen or permanent resident, have lived in BC for 12 months (or filed 2 BC income tax returns in the last 6 years), and have never owned a principal residence anywhere in the world. Use my BC Property Transfer Tax Calculator to estimate what you’d owe.
How do I get pre-approved for a mortgage?
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A mortgage broker or lender reviews your income, debts, credit, and down payment to confirm what you can borrow and lock in a rate for a set period, usually 90 to 120 days. Getting pre-approved before you start viewing homes tells you your real budget and makes your offer stronger once you find the right property. Try my Mortgage Calculator to get a sense of monthly payments first.
Condo, townhome, or detached: what should I choose as a first-time buyer?
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Most first-time buyers in Vancouver start with a condo or townhome, since detached homes are priced well above most entry-level budgets. Condos usually have the lowest price point and strata fees that cover building maintenance; townhomes offer more space and often a small yard, typically at a mid-range price. The right choice depends on your budget, whether you want outdoor space, and how much strata maintenance you want to take on yourself.
How long does the buying process take?
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Once you’re pre-approved and start viewing homes, timelines vary depending on how competitive the market is and what you’re looking for. After you have an accepted offer, a typical subject-removal period is 5 to 10 business days for financing, inspection, and strata document review, and completion usually happens 30 to 60 days after that. I walk every client through each step as we go, from the first showing to the day you get your keys.
How do Greater Vancouver areas compare for first-time buyers?
Median sold price, typical days on market, and the share of sales that closed above asking, from MLS® sales in July 2026:
| Area | Median sold price | Median days on market | Sold over asking |
|---|---|---|---|
| North Vancouver | $1,237,500 | 24 | 6.6% |
| Vancouver | $1,057,500 | 24 | 8.7% |
| Coquitlam | $898,950 | 19 | 6.9% |
| Langley | $864,000 | 24 | 4.6% |
| Richmond | $860,000 | 29 | 7.0% |
| Surrey | $820,000 | 32 | 6.0% |
| Burnaby | $736,000 | 27 | 8.4% |
Burnaby has the lowest median price on this list, partly because condos make up a larger share of its sales, yet it also has one of the highest rates of homes selling above asking. That combination tells you entry level stock there is competitive. Coquitlam is moving fastest at 19 days. Surrey and Langley give you the most square footage for the money, but you are trading commute time for it, and Langley sees the fewest bidding wars of any area here. Every area has its own mix of condos, townhomes, and detached homes, so ask me what your budget realistically buys in each one.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board or Chilliwack and District Real Estate Board which assumes no responsibility for its accuracy.