Buying a Home in Greater Vancouver & the Fraser Valley

Buying property in British Columbia follows a defined legal sequence, and knowing it before you start saves money and stress at every step. AG. Song, a licensed REALTOR® with Pacific Evergreen Realty Ltd., provides buyer representation across Greater Vancouver and the Fraser Valley — market analysis, neighbourhood comparison, offer strategy, and negotiation through to closing — in English, Mandarin, and Cantonese. This guide walks through the full residential process, the legal requirements that apply in BC, and how a commercial purchase differs.

One rule shapes the relationship from the first conversation: before any meaningful discussion about a specific property, AG. Song will present the BCFSA Disclosure of Representation in Trading Services (DORTS) form. It explains whether you are working with AG. Song as a represented client or as an unrepresented party. Dual agency is prohibited in BC's urban markets — AG. Song represents either you or the other party, never both.

The residential buying process, step by step

1. Representation & DORTS. Review the disclosure form and agree how AG. Song will represent you.
2. Mortgage pre-approval. Your lender or broker qualifies you under the federal stress test and locks a rate hold, defining your realistic budget before the search begins.
3. Search & viewings. Compare neighbourhoods, school catchments, transit, strata bylaws, and zoning against your needs list — not just the listing photos.
4. Offer & negotiation. Your written offer sets price, deposit, completion dates, and subject conditions (typically financing, inspection, document review, and insurance).
5. Rescission window. After acceptance on most residential purchases, you have 3 business days to rescind for a 0.25% fee — see the legal requirements below.
6. Due diligence & subject removal. Inspection, financing confirmation, strata document review, title search. Subjects are removed in writing; your deposit goes into the brokerage trust account.
7. Completion. Your lawyer or notary registers the transfer at the Land Title Office, files the Property Transfer Tax return, and releases funds.
8. Possession. Usually one to three days after completion — you get the keys.

Financing and the federal stress test

Federally regulated lenders must qualify you at the higher of your contract rate plus 2% or the minimum qualifying rate set by OSFI (Source: OSFI Guideline B-20 and the Minimum Qualifying Rate for uninsured mortgages; accessed June 12, 2026). In practice this means you qualify for less than the posted rate suggests — which is exactly why pre-approval comes before the search. Budget beyond the mortgage too: closing costs in BC typically add several percent on top of the purchase price, led by the Property Transfer Tax described below.

Legal requirements for residential buyers in BC

Home Buyer Rescission Period. Since January 2023, buyers of most residential properties in BC may cancel an accepted offer within 3 business days by paying the seller a rescission fee of 0.25% of the purchase price (Source: BCFSA, Home Buyer Rescission Period; accessed June 12, 2026). The right cannot be waived by contract.

Property Transfer Tax (PTT). Payable on registration at the Land Title Office. The general rates below are as published by the Province of BC (Source: Government of BC, Property Transfer Tax; accessed June 12, 2026 — verify current rates and thresholds on the linked page before relying on them):

First-time buyers and buyers of newly built homes may qualify for full or partial PTT exemptions, subject to fair-market-value thresholds that the Province adjusts over time (Source: Government of BC, First Time Home Buyers' Program; accessed June 12, 2026 — check the current thresholds there). Foreign entities purchasing in specified BC areas may also face an additional property transfer tax of 20% (Source: Government of BC, Additional Property Transfer Tax; accessed June 12, 2026).

GST. The 5% federal GST generally applies to newly built or substantially renovated homes; most resale residential purchases are exempt. Rebates exist for some new-home purchases — confirm your situation with your lawyer or accountant before writing the offer.

Identity verification (FINTRAC). Canadian anti-money-laundering law requires real estate professionals to verify every client's identity and record the transaction (Source: FINTRAC, real estate sector obligations; accessed June 12, 2026). Expect to show government-issued ID — it protects you and the integrity of the transaction.

Deposits. Deposits are held in trust by the brokerage (Pacific Evergreen Realty Ltd.) under the Real Estate Services Act — never by the individual REALTOR®.

Strata and new-construction purchases

Condos and townhomes in BC are usually strata properties governed by the Strata Property Act. Before subject removal, review the Form B Information Certificate, the strata's depreciation report, bylaws, meeting minutes, and the contingency reserve fund — they reveal special assessments, rental and age restrictions, and upcoming capital projects (Source: Government of BC, Strata Housing; accessed June 12, 2026). AG. Song reviews these documents with every strata buyer before the offer becomes firm.

Newly built homes from licensed residential builders carry 2-5-10 home warranty insurance — two years on labour and materials, five on the building envelope, ten on structure (Source: BC Housing, New Homes & Home Warranty Insurance; accessed June 12, 2026). Pre-sale contracts add their own layer: developer disclosure statements, deposit structures, and assignment terms all deserve legal review before you sign.

Completion day — what your lawyer or notary does

BC runs a Torrens land-title system: ownership is what the register at the Land Title and Survey Authority (LTSA) says it is (Source: LTSA; accessed June 12, 2026). On completion, your lawyer or notary searches title for charges and liens, registers the transfer and any mortgage, files the Property Transfer Tax return, adjusts property taxes and utilities between buyer and seller, and releases the funds. Possession — the day you actually get the keys — usually follows one to three days later, giving the seller's side time to move out after the money moves.

Buying commercial property — how the rules change

AG. Song also represents commercial and investment buyers across the region — retail bays, office units, mixed-use buildings, and small industrial. The legal framework shifts in several ways. The federal prohibition on residential purchases by non-Canadians does not apply to commercial property, which matters for some clients comparing the two asset classes. Property Transfer Tax still applies at the general rates, but the first-time-buyer exemption does not. GST usually applies to commercial transactions — GST-registered buyers often self-assess rather than paying it to the seller, a structuring question for your accountant.

Due diligence is also broader: zoning and permitted-use confirmation with the municipality, an environmental site assessment where the property history warrants it, review of existing leases and estoppel certificates, building condition, and parking ratios. Financing differs too — commercial lenders typically require larger down payments and lender-ordered appraisals, and the Home Buyer Rescission Period does not apply. The sequence — offer, conditions, completion through a lawyer — is familiar, but every checklist item is different. Start the conversation early so the right professionals (lawyer, accountant, environmental consultant, lender) are lined up before you write an offer.

Buyer FAQ

This page is general information about the BC buying process, not legal, tax, or financial advice. Confirm current rates, thresholds, and your eligibility with the linked official sources and your own lawyer, accountant, and lender.