Steps to Buying a House in BC: The Full Process From Pre-Approval to Possession

Written by Rob Visnjak, Personal Real Estate Corporation | Oakwyn Realty Ltd. | Published October 20, 2026

The steps to buying a house in BC run in a set order: get pre-approved, choose who represents you, find the home, write an offer on a Contract of Purchase and Sale, use the three-business-day rescission period and your subjects to check the home, go firm, then complete and take possession. Two dates matter most at the end. On completion day, ownership transfers to you. On possession day, you get the keys. They aren't always the same day. Along the way, BC adds rules you won't find in other provinces: a cooling-off period that costs 0.25% of the price to use, property transfer tax with first-time buyer exemptions, and a lawyer or notary who registers your title. Here's each step, with the official numbers and what they look like on a typical Langley or Surrey townhouse.

The steps to buying a house in BC at a glance

Source: BC Financial Services Authority (BCFSA) Buying a Home guide and Home Buyer Rescission Period pages; Office of the Superintendent of Financial Institutions (OSFI); CMHC; Province of B.C. property transfer tax pages. All accessed October 20, 2026.

Already own a home and want to know what it could put toward your next one? Get my free home value estimate.

Step 1: Set your budget and get pre-approved

Start with the lender, not the listings. The Financial Consumer Agency of Canada (FCAC) says a pre-approval may tell you the most you could borrow, estimate your payments, and lock in a rate for 60 to 130 days, depending on the lender. It also says plainly that the process "does not guarantee your approval for a mortgage." The lender still has to approve the actual home and its value once you've found it.

The stress test sets the ceiling. OSFI requires federally regulated lenders to qualify borrowers on uninsured mortgages at the greater of the contract rate plus 2% or 5.25%. So if your lender offers 4.5%, you qualify as if the rate were 6.5%. OSFI doesn't expect the test at renewal when you switch lenders without adding to the amount or the amortization.

When you meet a lender, FCAC suggests asking three things:

• How long is the pre-approved rate guaranteed?
• Will you get a lower rate automatically if rates drop while you're pre-approved?
• Can the pre-approval be extended?

Bring proof of income, proof of your down payment and closing-cost funds, and a list of your debts. FCAC's buyer guide says self-employed buyers should bring their Canada Revenue Agency notices of assessment for the past two years. More detail is in my guide to mortgage pre-approval.

Step 2: Line up your down payment and closing costs

The minimum down payment depends on the price. CMHC's rules are:

• $500,000 or less: 5% of the price.
• More than $500,000: 5% of the first $500,000 and 10% of the rest.
• $1.5 million or more: mortgage loan insurance isn't available, so most buyers need 20% down.

With less than 20% down, you'll need mortgage loan insurance. FCAC says premiums range from 0.6% to 4.5% of the mortgage, and the bigger the down payment, the lower the premium. The insurance protects the lender, not you.

Two federal accounts can help first-time buyers. The First Home Savings Account (FHSA) gives you $8,000 of room in the year you open it, with a $40,000 lifetime limit, according to the Canada Revenue Agency (CRA). The RRSP Home Buyers' Plan lets you withdraw up to $60,000. You can use both for the same home if you meet the conditions for each. See my guide to the Home Buyers' Plan and FHSA in BC.

Then budget for the costs on top of the down payment, mainly property transfer tax (Step 8), legal fees, an inspection, insurance and moving. My breakdown of closing costs when buying a house in BC covers each one.

Step 3: Decide who represents you

In BC, real estate licensees are regulated by BCFSA under the Real Estate Services Act. BCFSA says a licensee who represents you must act in your best interest, avoid or disclose conflicts, keep your information confidential (a duty that never ends), follow your lawful instructions, and try to discover and disclose relevant facts about the property. They can't act beyond the authority you give them, such as booking an inspector or sending an offer without your consent.

Before any of that, your licensee will walk you through the Disclosure of Representation in Trading Services form. It explains whether you'll be a client or an unrepresented party. If you choose not to be represented, a licensee working for the seller can explain forms and terms, but they can't suggest a price or negotiate for you.

Two other points from BCFSA are worth knowing:

• Dual agency is only allowed with everyone's consent and in limited situations, such as remote or under-served areas.
• ID checks are required. Licensees must collect identification under federal anti-money laundering rules.

I explain the day-to-day work in what a realtor does for buyers in BC.

Step 4: Find the home and check it before you offer

Use your pre-approval range, not the top of it. FCAC suggests looking below your maximum so your budget isn't stretched.

Prices give you a starting point. Here are the latest benchmarks from the Fraser Valley Real Estate Board (FVREB), which covers Langley and Surrey:

Source: Fraser Valley Real Estate Board, MLS® Home Price Index, September 2026 (released October 5, 2026). Benchmarks describe a typical home, not a specific property or a forecast. The October 2026 figures weren't out as of October 20, 2026.

Before you write an offer, check what will shape your subjects:

• Strata homes. For a townhouse or condo, plan to review the strata documents, including bylaws, minutes and any engineer's or depreciation reports. See strata fees in BC.
• Disclosure. BCFSA lists a seller-completed Property Disclosure Statement as something you can make your offer subject to.
• Your must-haves. Tell your licensee what matters, such as zoning, the age of the roof, or anything that would change your decision, so they know what to look into.

Step 5: Write the offer

BCFSA says an offer is usually written on a standard form called the Contract of Purchase and Sale. It includes your price, your deposit, your subject clauses, and the completion and possession dates. Your licensee should go through it with you line by line before you sign.

The key point: "Even if a contract contains subject clauses, it is legally binding as soon as both the buyer and the seller have signed the contract," BCFSA says.

The seller has four options. They can accept, reject, ignore your offer until its deadline passes, or counter. A counter-offer is a rejection of your offer plus a new offer back to you, and the seller can't later go back and accept your original.

If other buyers are bidding, BCFSA notes that the seller doesn't have to tell you about other offers or let you improve yours. But a seller can't lie if asked. Some buyers in competing offers go subject-free, and BCFSA warns that "comes with several risks." My guides to making an offer in BC and multiple offers go further.

Your deposit is usually paid with the offer or after acceptance, and it's usually held in the brokerage's trust account. BCFSA says the brokerage holds it "as stakeholder," a neutral party, not for you or the seller.

Step 6: The rescission period, subjects and going firm

Once your offer is accepted, two clocks start.

The Home Buyer Rescission Period. Since January 3, 2023, BC buyers can rescind an accepted offer on most homes within three business days. Weekends and holidays don't count. You must notify the seller in writing before the period ends and pay a fee of 0.25% of the price. You don't need to give a reason, and neither side can waive the right. On an $802,600 Langley townhouse, the fee would be $2,006.50. The period doesn't apply to homes on leased land, leasehold interests, auctions, or court-ordered sales. Most other homes, including detached houses, townhouses and strata units, are covered.

Your subject clauses. BCFSA lists common subjects:

• a satisfactory building inspection;
• financing;
• a Property Disclosure Statement from the seller;
• the sale of your current home;
• for strata homes, a satisfactory review of the strata documents.

You must make "every reasonable effort" to satisfy them. BCFSA is clear that subjects "are not 'escape' clauses." If you can't meet a subject after a real effort, the contract ends. But your deposit isn't returned automatically: both you and the seller have to sign a release. If you rescind instead, the fee goes to the seller from the deposit and the rest comes back to you, with no release needed.

Some sellers accept a subject offer but keep the right to consider others. If they get another offer they like, you may have a set time to remove your subjects or the deal ends.

Going firm. When you're satisfied, you remove subjects in writing. From then on, you're committed to complete. My guides to subject clauses in BC and conditional vs. firm offers explain the wording. Book your home inspection early in the subject period.

Want help mapping out these dates for the homes you like? Book a no-pressure chat with Rob.

Step 7: Your lawyer or notary does the legal work

BCFSA says it's normal practice to hire a lawyer or notary public to transfer ownership. Their work includes:

• searching title in the Land Title and Survey Authority (LTSA) system for anyone else's rights, easements or covenants;
• getting strata documents such as the Information Certificate (Form B), Certificate of Payment (Form F) and the strata's insurance certificate;
• preparing the transfer documents and the Property Transfer Tax Return;
• making sure the seller's mortgage is discharged and your new one is registered;
• preparing a Statement of Adjustments that shows the exact funds you need to complete.

Hire them as soon as you're firm, and send them your contract and lender details.

Step 8: Property transfer tax and the first-time buyer exemptions

The Province charges property transfer tax when your title is registered. The general rate is:

• 1% of the fair market value up to $200,000;
• 2% from $200,000 to $2 million;
• 3% above $2 million.

There's a further 2% on residential value over $3 million. Foreign nationals, foreign corporations and taxable trustees pay an additional 20% in specified areas, including Metro Vancouver and the Fraser Valley Regional District.

Two exemptions matter most:

• First-time home buyers. If you qualify, there's no tax on the first $500,000 of a home worth $835,000 or less. A partial exemption applies up to $860,000. You must be a Canadian citizen or permanent resident, meet a B.C. residency test, and never have owned a principal residence anywhere. You must move in within 92 days and live there for the first year.
• Newly built homes. The full exemption covers new homes up to $1,100,000, with a partial exemption up to $1,150,000. The same move-in rules apply.

Here's how that works on the September 2026 townhouse benchmarks:

Calculated from FVREB's September 2026 benchmarks, CMHC's minimum down payment rules and the Province of B.C.'s property transfer tax rates and first-time home buyers' program. These are illustrations, not quotes. Your lawyer or notary calculates the actual tax.

Your lawyer or notary claims the exemption on the tax return. See my full guide to the first-time home buyer PTT exemption.

Step 9: Completion and possession day

The completion date is in your contract. BCFSA says that on that day, "legal ownership will transfer from the previous owner to you in exchange for the purchase price." Your lawyer or notary pays the seller and registers you as the owner with the LTSA. You move in on the possession date, which BCFSA notes isn't always the same day.

Before completion, expect to:

1. Sign your transfer and mortgage documents with your lawyer or notary.
2. Deliver the balance of your down payment and closing costs, as shown on the Statement of Adjustments.
3. Arrange home insurance, and ask your lender what proof of coverage it needs.
4. If you used the first-time buyer exemption, plan to move in within 92 days of registration.

How long does all this take? It depends on the dates you negotiate. My home buying timeline walks through typical gaps. If you're buying locally, see my Langley and Surrey guides.

FAQ

Is a mortgage pre-approval a guarantee? No. FCAC says the process "does not guarantee your approval." The lender still has to approve the home you choose, its value and your down payment.

Can I back out after my offer is accepted in BC? For most homes, yes, within three business days, by notifying the seller in writing and paying 0.25% of the price. After that, you can only walk away if a subject isn't met despite your reasonable efforts. Once subjects are removed, you're committed.

Who holds my deposit? Usually the brokerage, in its trust account, as a neutral stakeholder. It can't release the deposit without both sides' agreement, except when you use the rescission right.

Do I need a lawyer or notary to buy a house in BC? BCFSA says hiring one is normal practice. They search title, prepare the transfer and tax return, handle the mortgage paperwork and register you as owner.

How much is property transfer tax on a typical Langley townhouse? About $14,052 on the September 2026 benchmark of $802,600. A qualifying first-time buyer would pay about $6,052.

Conclusion

The steps to buying a house in BC are the same in Langley, Surrey or anywhere else in the province: pre-approval, representation, the search, the offer, the rescission period and subjects, the legal work, then completion and possession. What changes from buyer to buyer are the numbers: your stress-tested budget, your minimum down payment, your property transfer tax, and the dates you negotiate. Get those right before you write an offer, and each later step is easier.

What happens next: When you book a chat, we go over your budget, your must-haves and your timing. Then I map out the steps and dates for the homes you like, and pull recent sales for that home type and area. There's no cost and no obligation. Book a no-pressure chat with Rob.

This article is general information based on publicly available data as of October 2026. It isn't financial, legal, or tax advice, and it isn't an appraisal. Mortgage rules, tax rates and exemptions can change; confirm with your lender, lawyer or notary, and the Province of B.C. before you buy. For advice on your situation, talk to a licensed professional. Rob Visnjak Personal Real Estate Corporation, Oakwyn Realty Ltd.