You Get a 3-Day Cooling-Off Period
BC introduced a rescission period for residential real estate in 2023. It gives buyers 3 business days after an accepted offer to walk away, no conditions required. If you rescind you pay a small penalty (0.25% of the purchase price), but you get your deposit back.
This is unique to BC. If you're coming from Alberta or Ontario you're probably not used to this. It doesn't replace doing proper due diligence, but it does give you a short window to review documents and make sure you feel good about the decision. Rescission Period still applies if your offer has Conditions/Subjects
Good to know: the rescission period doesn't apply in all situations, your agent will walk you through when it does and doesn't apply.
Property Transfer Tax
In BC, when you buy a property, you pay Property Transfer Tax (PTT). The rate is:
1% on the first $200,000
2% on the portion from $200,001 to $2,000,000
3% on anything above $2,000,000
On a $900,000 condo that's roughly $16,000 due at closing. It's not small. Budget for it.
The good news: if you're a first-time buyer purchasing a home under $835,000, you may qualify for a full PTT exemption. There's also a partial exemption up to $860,000. There's even higher exemption if you are a first-time buyer of a New Construction. Effective April 1, 2024 the fair market value threshold for a full exemption for newly built homes is $1,100,000, with a partial exemption available for properties with fair market values between $1,100,000 and $1,150,000
First-Time Buyer Programs Have Specific BC Rules
BC has its own first-time buyer definition that's worth understanding carefully. Some programs use a strict "never owned" rule. Others only look back 4 years. That distinction matters if you owned a home in the past.
Beyond PTT, first-time buyers in BC can also access:
The BC Home Buyer Rescission Period (covered above)
Federal programs like the RRSP Home Buyers' Plan (withdraw up to $35,000 tax-free)
The First Home Savings Account (FHSA), which combines RRSP and TFSA benefits for first-time buyers
GST rebates on new construction if you qualify
If you're a first-timer relocating to Vancouver it's worth spending 30 minutes with a mortgage broker before you start seriously looking. The savings can be significant.
Strata Is Everywhere, and It's Its Own World
In most Canadian cities strata (or condo corporation) ownership is common, but in Vancouver it's absolutely dominant. The majority of homes sold in the city are strata properties, that includes condos, townhouses and even some detached homes in planned developments.
What's different here: BC has detailed strata legislation, and the documents you receive as a buyer are extensive. You'll typically get:
Strata bylaws (the rules of the building)
Meeting minutes (recent history of issues, decisions, and disputes)
Financial statements (is the building collecting enough in strata fees?)
Depreciation report (a long-term capital plan for major repairs)
Form B (current financial standing of the specific unit)
This is a lot to absorb. Part of your agent's job is helping you know what to look for and what's a red flag vs. routine. Don't skip this step.
Leasehold Properties Will Cross Your Path
You'll occasionally see properties listed at prices that seem surprisingly low compared to similar homes nearby. Before you get excited, check if it's Leasehold Ownership.
In a leasehold property you own the building but not the land, you're essentially renting the land from a landowner (often the city, UBC or a First Nation). When the lease runs out (and some are running low) the property reverts to the landowner.
Leasehold isn't automatically a dealbreaker, but it affects financing (not all lenders will touch it), future resale and long-term value in ways that freehold ownership doesn't. Know what you're looking at before falling in love with the place.
The Foreign Buyer Rules Are Still Evolving
If you're moving to Canada from another country, or if you have non-citizen/non-permanent-resident status, there are restrictions on purchasing residential property in Canada. The federal foreign buyer ban that came into effect in 2023 restricts certain buyers from purchasing residential real estate in most urban areas, with some exceptions.
This is an area where the rules have changed more than once in recent years, so it's worth getting a clear, current picture from both your agent and a real estate lawyer before you start shopping.
The ban will will remain in effect until January 1, 2027.
The Market Moves Fast, But Not Always
Vancouver has a reputation for a competitive market. And at certain price points and in certain neighbourhoods, that's still true. But the market has more nuance than the headlines suggest.
Right now inventory is higher than it's been in years, which means buyers have more time and more options in many segments. That said, well-priced properties in popular areas still move quickly, sometimes with competing offers.
Coming from a different market, the best thing you can do is get pre-approved early and understand what you're looking for before you start actively touring. That way when the right place comes up you're ready to move.
You Don't Pay Your Agent (In Most Cases)
This one surprises a lot of out-of-towners, especially those coming from the US. In BC the seller typically pays both agents' commissions. As a buyer, you generally don't pay your realtor directly.
That said, commission structures have been evolving across North America, so it's worth a quick conversation with your agent about how they're compensated on your specific transaction.
What to Do First
If you're planning a move to Vancouver and thinking about buying, here's a simple starting point:
1. Talk to a mortgage broker before you start looking seriously. Get pre-approved, understand your budget and ask about first-time buyer programs if they apply to you.
2. Find a local agent who knows the specific neighbourhoods you're considering. Vancouver is a city of very distinct micro-markets.
3. Give yourself time to learn the market before making an offer. Even a few weeks of touring opens can change your perspective significantly.
We work with a lot of buyers who are new to Vancouver, whether from across Canada or from abroad. If you have questions about how any of this applies to your situation, we're happy to chat.
