Buying a House in BC
Is it even possible to buy a home in Vancouver?
Buying a detached house
Are you feeling a bit daunted by our city’s real estate scene? We get it – those price tags can make your eyes pop!
But here’s the scoop: with some savvy moves, you can totally make your dream home a reality. Instead of playing catch-up with rising prices, let’s get proactive!
Sure, our market’s competitive, but with a solid game plan and our expert know-how, you’ve got this. We’ll be your sidekick from start to finish – from getting your finances to that exciting moment when you grab your new house keys.
Yes, it’s a big step, especially with Vancouver’s hot market. But don’t worry it! We’re here to turn that distant dream into your new address. Ready to make it happen? Let’s dive in!
We know Vancouver’s real estate market inside out. We live here, we sell here, and we buy properties here. It’s our city - let’s make it yours too!
Vancouver has some of the most expensive real estate in Canada, the average price for a detached home in Greater Vancouver was $1,280,879 in July 2024
Don't sign until you scan
The paperwork
In this section, you’ll find a handy collection of the most common documents and forms you see when buying a detached house. We’ve included simple descriptions for each one, so you’ll know exactly what you’re looking at.
Thinking about buying a house in Vancouver? That’s awesome, but let’s chat about some important stuff first.
Buying a house comes with its own set of challenges. There’s a bunch of paperwork to go through, and it’s not just boring stuff – it’s actually super important!
These documents can reveal hidden issues like:
- Potential risks
- Hidden defects
- Property rights complications
- Zoning changes
- Tricky tax situations
It might sound a bit overwhelming, but don’t worry! Taking time to understand all this now can save you from major headaches later.
Whatever you choose, we’re here to help you navigate the process. Happy house hunting!
Property Condition Disclosure Statement - Residential
A Property Condition Disclosure Statement (PDS) is a document that discloses what the seller knows about their property. The PDS is expected when the seller lives at the property or has lived there as recently as a few years ago. The seller is asked a series of questions to which they must respond to the best of their knowledge. The seller is legally responsible for ensuring the information is accurate and complete. The buyer relies on this information when entering a contract to purchase the property. Lenders also request it as a condition of the finance qualifications. This document is typically crossed out if the seller doesn’t live at the property (rental property).
Material Latent Defect Disclosure
This form discloses a material latent defect to a prospective buyer. A latent defect is a defect that cannot be identified through a standard inspection and can potentially render a property hazardous for occupants or unsuitable for habitation. According to common law, sellers are required to disclose any latent defects they are aware of.
New Home Warranty
The BC New Home Warranty is a required insurance program designed to protect new homeowners from construction defects in their new homes and presale condos. While the BC government manages this program, they do not provide the warranties themselves. Instead, third-party warranty providers issue the warranties, and the government oversees and manages the system.
Title Search
In BC, a title search reveals the various rights and interests others have in a property. The title search has two main sections that display these rights and interests: Legal Notations and Charges, Liens, and Interests.
Critical Questions and Red Flags
Know what matters
We’ve put together a bunch of blog posts to help you out. They’re like your personal guide to navigating the world of buying strata-titled properties like condos and townhouses. Here’s what you’ll find:
“Buying a House” posts: These dive deep into the nitty-gritty of buying a condo or a townhouse. Perfect if you’re wondering about the unique aspects of this process.
General buying tips: Because let’s face it, some advice is useful no matter what you’re buying!
We break down the complex stuff into easy-to-understand bits, so you’ll feel like a pro in no time.
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Buying a house with YVR Real Estate Group
Our Clients’ Stories
We use our market know-how and smart marketing to create personalized real estate experiences for clients in Metro Vancouver. Whether you’re buying, selling, or investing, we tailor our approach to fit your needs and goals, making sure you have a smooth and successful experience.
Our Port Coquitlam home sold for $160,000 over the average price!
Darius is a fantastic realtor that helped us sell and buy a home. Our Port Coquitlam home sold for $160,000 over the average price of homes in our area! And with his quick and innovative home showcase, we had approximately 1,500 views of our property video before the first showing.
Helped me buy & sell a number of homes, both condos & detached...
Helped me buy & sell a number of homes, both condos & detached in Coquitlam and Burnaby. The first one was close to 15 years ago and I felt the process went well. I bought 2 condos and sold 1 plus I sold a house all during COVID period.
My personal experience reaffirms his status as an outstanding professional...
His proficiency in formulating optimal pricing strategies, rooted in thorough assessments of property value and current market dynamics, is truly remarkable. His ability to factor in location-specific supply and demand dynamics further underscores his expertise. His negotiation skills are equally impressive. He leverages his wealth of knowledge and intelligence, meticulously gathered through his extensive experience.
Buying a detached house in Vancouver
If you can’t find the answer you need, don’t worry – contact us! We’re here and happy to help you out!
Ask us anythingDoes a seller pay closing costs in BC?
The seller is responsible for these costs up until the date of closing. However, if your closing date does not align with the date you typically pay these expenses, you will be responsible for the partial month’s costs. Additionally, additional taxes may be paid, such as the Empty Home Tax and Speculation Tax.
How does a rescission period work?
The 3-day recission period allows buyers to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted. The three-day period starts the first day after the accepted offer and does not include weekends or recognized holidays. It allows the buyer to walk from the deal for no reason within 3 business days. From day 4 onwards, the buyer can only walk from the deal if subjects are not removed. If rescinded, the buyer must pay the seller 0.25% of the accepted purchase price. The recission period can NOT be waived by the buyer or seller.
It is important to note that if the offer is conditional with subject clauses to the buyer’s benefit and the buyer does not remove them, the 0.25% fee to the seller DOES NOT APPLY.