Ultimate Beginner’s Guide to Buying in Vancouver 2025
Buying, Buying a Condo, Buying a House
So, you're thinking about buying a home - exciting! But also a bit overwhelming. You're still in the early stages,…
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February 21, 2025
Buying a House
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 price for a typical detached home in Greater Vancouver was $1,997,000 in December 2024
Don't sign until you scan
The paperwork
This section contains a handy collection of the most common documents and forms you’ll encounter when buying a detached house. We’ve included simple descriptions so you’ll know exactly what you’re looking at.
Are you thinking about buying a house in Vancouver? That’s awesome, but let’s discuss some important things 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 overwhelming, but don’t worry! Taking the time to understand all this now can prevent 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 where sellers disclose what they know about their property. It’s typically required if the seller currently lives there or has in recent years. Sellers must answer a series of questions accurately, as buyers and lenders rely on this information when making decisions. The seller is legally responsible for providing complete and truthful details. The PDS is usually crossed out if the seller hasn’t lived in the home, such as with a 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 to protect new homeowners from construction defects in their new homes and presale condos. While the BC government manages this program, it does not provide the warranties itself. 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
Are you thinking about buying a detached house in BC? Our expert blog posts simplify complex topics into clear, actionable guides, equipping you with the knowledge and confidence to make wise decisions and navigate the market like a pro.
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Take the first step
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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.
E. Litwinski
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.
W. Wilkinson
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.
J. Nienartowicz
Buying a detached house in Vancouver
Frequently Asked Questions
If you can’t find the answer you need, don’t worry – ask us! We’re here and happy to help you out!
Does 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 in BC?
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 buyer or seller can NOT waive the rescission period. Residential real estate properties located on leased land, leasehold interests in residential real estate property and properties sold under a court are exempt.
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.
How much are lawyers' fees when buying a home in BC?
Lawyers’ fees for buying a home in BC typically range from $1,400 to $1,600 plus taxes and disbursements, bringing the total cost to around $2,800. Costs may vary based on the complexity of the transaction. It’s best to consult a real estate lawyer for an exact quote.
Do Realtors have to disclose a death in a house in BC?
In British Columbia, there is no legal requirement for a seller or their realtor to disclose if a death, crime, or other stigma has occurred in a property. However, if asked directly, realtors must answer honestly and to the best of their knowledge. Buyers with concerns should ask specific questions during the buying process.
Does a Realtor need to disclose their commission to a Buyer?
Yes. If a realtor is representing you, they are legally required to disclose any commission or remuneration they receive from a third party, including the seller. This ensures transparency and helps you make informed decisions.
Do buyers pay Realtor fees in BC?
Generally, buyers do not pay realtor fees in BC. The seller typically covers the full commission, which is then split between the listing agent and the buyer’s agent. The amount can vary depending on the property’s value and the terms negotiated between the seller and their agent.