Buy a Home in Greater Vancouver With a Clear, Confident Plan

The minimum down payment in Canada is 5% of the purchase price for homes under $500,000, 10% on the portion between $500,000 and $1.5M, and 20% on anything above $1.5M. Given Vancouver's price points, most buyers need at least 10–20% saved before beginning their search. Mortgage default insurance is required when the down payment is under 20%, which adds to your monthly cost. The right number for you depends on the home, your income, and the mortgage you qualify for, which is why pre-approval comes first.

The Vancouver market still sees bidding wars on well-priced homes, especially in tight inventory neighbourhoods. Winning rarely comes down to the highest dollar amount alone. The strongest offers combine a competitive price, the fewest possible subjects, a reasonable closing date for the seller, and proof that financing is already arranged. A pre-approved buyer with a clean offer and a confident agent reading the seller's priorities usually wins over a higher offer with conditions attached.

Subjects, also called conditions, are the protections written into your offer that let you withdraw if something does not check out. The most common are subject to financing, subject to inspection, subject to insurance, and subject to review of property documents (strata minutes, title, disclosure statement). In a competitive Vancouver market, fewer subjects make your offer stronger, but removing them carries real risk. The right subjects depend on the property type, your financing, and how much due diligence you have already completed before writing the offer.

Closing costs in Vancouver typically run between 1.5% and 4% of the purchase price, on top of your down payment. The biggest line item is BC's Property Transfer Tax, followed by legal fees, title insurance, the home inspection, mortgage insurance if applicable, and adjustments for prepaid utilities or strata fees. First-time buyers may qualify for a Property Transfer Tax exemption that reduces this number significantly. Plan for the full closing-cost budget early so it does not become a surprise at completion.

A resale is a home that already exists and is being sold by its current owner. A presale is a property still under construction, sold based on plans, renderings, and a developer's track record. Presales typically require a deposit upfront, with the balance paid at completion years later. They suit buyers who can wait and are comfortable with construction risk. Resales let you see exactly what you are buying and move in quickly, but you compete with other buyers in a live market. Each has tradeoffs that matter more than most buyers initially realize.