First-Time Home Buyers in BC: 7 Property and Closing Checks

Buying your first home in BC involves decisions about the building, the contract and the money needed at closing. These seven checks focus on those decisions, including the extra records that come with a strata purchase. Use our first-time buyer guide for the broader budget and mortgage planning, then work through this checklist with the people handling your purchase.

Create a shared list with four fields: the question, the supporting document, the person responsible and the deadline. Mark anything unresolved explicitly. A mortgage broker, real estate professional, insurance adviser and lawyer or notary each address different parts of the transaction; one person’s answer may leave another review outstanding.

1. Confirm financing for the actual property

Send your broker or lender the property details before relying on an earlier borrowing estimate. FCAC explains that pre-approval does not guarantee financing: the lender also considers the property and applies its lending requirements. Ask what remains outstanding for this address, including any valuation, document or insurer review.

Keep the lender’s conditions beside your purchase-contract deadlines. Ask who will confirm that each financing condition is satisfied and what evidence they need. A verbal update that the application is progressing leaves different questions open than a written explanation of the remaining requirements.

Update your own budget using this property’s costs. Put the mortgage payment, property taxes, insurance, utilities and any strata fees on separate lines. Keep a closing and repair reserve outside the down payment. If the ownership costs stretch the budget, revisit the price before committing more money.

Our pre-approval checklist covers income and financial documents. For this check, the useful output is a property-specific list of financing conditions, with an owner and a deadline for each.

2. Read the strata records and repair funding plan

For a strata property, request a current Form B Information Certificate and the supporting records your adviser recommends. BCFSA describes disclosures including monthly fees, reserve funds and parking or storage allocations. Its Form B update also covers approved special levies and the insurance summary. Required attachments include the current budget and the most recent depreciation report, if one exists.

The depreciation report helps explain longer-term common-property repair and replacement needs. Read it alongside the budget and meeting records. Ask how planned work will be funded and whether a proposed project has become an approved expense. A reserve balance alone does not answer those questions.

Have your real estate or legal professional identify missing records and explain restrictions that matter to your intended use. Confirm the parking and storage rights for this particular lot. If a report is absent, ask why and which requirements apply; absence alone does not establish a breach.

Record any unresolved repair, levy or use question before the relevant subject deadline. Ask your lawyer or notary how the contract allocates any known levy between buyer and seller rather than assuming the monthly strata fee includes it.

3. Obtain insurance advice for the home you are buying

Get an insurance quote while you still have time to consider the terms. For a strata purchase, give the insurance adviser the corporation’s coverage summary and deductibles. The Insurance Bureau of Canada’s condo and strata guidance explains that the corporation’s insurance leaves personal coverage needs, including belongings, liability and additional living expenses.

Discuss improvements inside the unit and exposure to a strata insurance deductible. Ask which events the proposed owner policy covers, its limits and exclusions, and whether any gap remains. Do not assume a policy described as condo insurance covers every assessment or loss.

For a non-strata home, describe its actual condition and intended use to the insurer and request the same written explanation of coverage. Add the premium to the ownership budget. Confirm with your closing professional when coverage must begin and what proof the lender requires.

Save the quote and the answers with your property records. Revisit them if the property details, occupancy plans or closing date change before the policy takes effect.

4. Understand offer conditions and the rescission deadline

Before signing, have your real estate professional or lawyer explain the offer’s conditions and deadlines. BCFSA’s offer guidance describes subject clauses for matters such as financing, inspection and strata document review. The wording matters, and an accepted contract carries obligations even when it contains subjects.

For covered transactions, BC’s Home Buyer Rescission Period provides three business days after acceptance to rescind, with a fee of 0.25% of the purchase price. Exceptions and notice requirements apply. Have your adviser confirm whether your purchase is covered and calculate the exact deadline and amount for the contract you are considering.

Keep that statutory deadline separate from the subject-removal dates in your offer. Do not assume the rescission period extends an inspection or financing deadline. Agree on how you will receive the necessary reports and decisions in time, including who is available if a question arrives late.

If a required review is incomplete, obtain advice before removing a condition. This checklist cannot determine whether a particular clause permits you to end or change your contract.

5. Confirm taxes and rebates in the closing estimate

Ask your lawyer or notary for a property-specific closing estimate that separates taxes, legal costs, adjustments and any expected relief. BC’s June 2026 housing update confirms that qualifying first-time purchases can receive property transfer tax relief. Ask your closing professional to check the first time home buyers’ program for your purchasers and property before allowing for an exemption in your budget.

Have the professional confirm the current rules for your registration date, ownership shares and intended occupancy. Keep the estimated tax payable visible until that review is complete. If an exemption carries requirements after purchase, record those obligations as well.

For a new or substantially renovated home, ask how GST and any rebate are treated in the contract and closing statement. CRA provides new-housing rebate guidance, including a separate first-time buyer rebate. Federal GST relief and BC property transfer tax relief require separate checks.

Record whether an expected rebate is credited at closing or claimed later. A possible future refund should not appear as cash available on closing day until the timing and eligibility are confirmed. Keep the calculation and supporting advice with your estimate.

6. Plan registered-account withdrawals before funds are due

If you plan to use registered savings, check the withdrawal rules before moving money. CRA’s First Home Savings Account guidance distinguishes qualifying home-purchase withdrawals from other withdrawals with possible tax consequences. Ask the account provider which forms and processing time apply to your request.

The Home Buyers’ Plan allows eligible RRSP withdrawals and has repayment requirements. CRA permits an HBP withdrawal and a qualifying FHSA withdrawal for the same home when all conditions are met. Check each program independently and confirm the repayment schedule that applies to your withdrawal year.

Build a dated funds list showing the account, expected net amount, required paperwork and destination. Distinguish money needed for the offer deposit from money needed later for completion. Ask your broker what account history and transfer evidence the lender needs, and keep those records as the funds move.

Allow the providers to confirm processing times before choosing dates. If a withdrawal cannot be completed when needed, discuss the gap with your broker and closing professional before relying on those funds.

7. Reconcile completion, possession and the final funds

Put the completion date, possession date, signing appointment and funds-delivery deadline on one calendar. BCFSA’s completion guidance distinguishes the transfer of ownership from taking possession. Those dates may differ, which matters when booking a move or arranging insurance.

Your lawyer or notary handles the closing work and prepares the Statement of Adjustments showing the balance required. Review it against your earlier estimate and ask about differences. Confirm how the deposit, mortgage proceeds, taxes and other adjustments appear, then obtain the amount and deadline for the funds you must provide.

Keep the final mortgage instructions and outstanding lender conditions in view until completion is confirmed. Tell the relevant professionals promptly if the dates or your funding arrangements change. Set aside time to resolve a discrepancy before the signing appointment instead of treating the appointment as the first review.

Bring your property details, target dates and unresolved financing questions to a conversation with Artisan Mortgages. Use the first-time buyer planning guide alongside this checklist so the mortgage discussion starts with your budget and the home you intend to buy.