Buying your first home in Metro Vancouver or the Fraser Valley is one of the biggest milestones of your life, and one of the most significant financial decisions you’ll ever make. From Vancouver’s fast-paced condo market to the suburban communities of Surrey, Langley, and Abbotsford, first-time buyers face unique challenges across the region.
At Prime Property Group, we’ve helped countless first-time buyers navigate these markets with confidence. Here are five of the most common mistakes we see—and how you can avoid them.
1. Not Getting Pre-Approved Before Starting Your Search
The mistake:
Many buyers start viewing homes before confirming how much they can actually afford. This can lead to disappointment or wasted time in a competitive market.
The fix:
Get a mortgage pre-approval before you start your search. It shows sellers that you’re serious and locks in your rate for 90 to 120 days—essential in areas like Burnaby or Richmond, where homes can sell quickly.
A CIBC mortgage advisor can help you get pre-approved and explain first-time buyer programs that may reduce your upfront costs.
2. Underestimating Closing Costs
The mistake:
First-time buyers often focus only on the down payment and forget about the other costs that come with purchasing a home. Closing costs can add up to 2–4 percent of the home’s purchase price.
The fix:
- Budget for additional expenses such as:
- Property Transfer Tax (PTT)
- Legal and notary fees
- Home inspection and appraisal costs
- Title insurance and home insurance
- Moving and utility setup costs
For example, on a $900,000 condo in Richmond, you should expect closing costs between $18,000 and $36,000, depending on your situation.
3. Ignoring Lifestyle and Commute Fit
The mistake:
Many buyers choose a home based only on its appearance or price, without considering commute times, amenities, or future lifestyle needs.
The fix:
Evaluate both the home and the neighbourhood. Each community across Metro Vancouver and the Fraser Valley offers something unique:
- Vancouver / Burnaby: Urban living close to transit and major employers
- Richmond: Family-friendly with top-rated schools and new developments
- Surrey / Langley: Expanding communities offering better affordability
- Abbotsford / Mission: Larger lots and more value for the money
Visit potential neighbourhoods at different times of day, check commute routes, and research amenities like parks, schools, and shopping before making a decision.
4. Skipping the Home Inspection
The mistake:
In competitive markets, some buyers skip home inspections to make their offer more appealing. This can lead to costly surprises after moving in.
The fix:
Always hire a certified home inspector. Even newer condos or townhouses can have hidden issues such as moisture problems, poor insulation, or electrical defects.
Prime Property Group works with trusted home inspectors throughout Metro Vancouver and the Fraser Valley who understand local building styles and potential problem areas.
5. Not Working with the Right Real Estate Team
The mistake:
Trying to handle the home-buying process alone can lead to costly errors or missed opportunities.
The fix:
Build a reliable support team that understands your needs and the local market. This includes:
- A Real Estate Agent from Prime Property Group for market insight and negotiation support
- A Mortgage Advisor to guide you through financing options
- A Lawyer or Notary to handle contracts and protect your interests
- A Home Inspector to ensure you know exactly what you’re buying
The right professionals make the process smoother, safer, and less stressful.
Final Thoughts: Start Your Home-Buying Journey with Confidence
Buying your first home in Greater Vancouver or the Fraser Valley doesn’t have to be intimidating. With the right preparation and professional guidance, you can make confident, informed decisions and move into a home that fits your lifestyle and budget.
If you’re ready to take the next step, connect with Prime Property Group, your trusted real estate team serving Vancouver, Richmond, Burnaby, and the Fraser Valley. We’ll help you get pre-approved, find the right property, and avoid common first-time buyer mistakes.