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Buying your first home in Vancouver is an exciting milestone, but it’s also a process that requires careful preparation. Vancouver’s housing market is among the most expensive in Canada. Before you jump into this competitive market, make sure you meet these seven must-have requirements. This guide will walk you through each step to ensure you’re truly ready to purchase a property and turn the keys on your first Vancouver house.

1. Sufficient Down Payment and Savings

Buying a home in Canada means you’ll need to have a down payment saved. The minimum down payment depends on the purchase price of the home:

  • 5% for homes up to $500,000

  • 10% on the portion above $500,000 up to $999,999

  • 20% for homes priced at $1 million or more

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