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Once you've found a home and have an accepted offer, the typical purchase process in British Columbia generally takes 4–6 weeks, although longer closing dates can be negotiated if needed. In some cases, purchases can be completed in as little as 3 weeks, but this is usually the minimum practical timeline.

Mortgage Pre-Approval: Typically a few days to a week, depending largely on how quickly the buyer provides the documents requested by their mortgage broker or lender.

Offer Accepted & Due Diligence: Most offers include a subject removal period of approximately 5–7 business days, allowing time for financing approval, home inspection, insurance confirmation, and review of strata documents (if applicable).

Completion & Possession: Following subject removal, completion and possession dates are negotiated between the buyer and seller. Most transactions close within 4–6 weeks of an accepted offer, although extended completion dates can be arranged to accommodate either party's needs.

In BC, 2%–4% of the purchase price is usually the safer rule of thumb to give buyers, especially in Metro Vancouver and the Fraser Valley. The biggest reason is that Property Transfer Tax (PTT) alone is often around 1.5%–2% of the purchase price on many properties, before legal fees, inspections, title insurance, and adjustments are added.Typical Closing Costs

Property Transfer Tax (PTT)

• 1% on the first $200,000
• 2% on the portion from $200,000 to $2,000,000
• Higher rates apply above $2,000,000
• First-time home buyers may qualify for exemptions

Legal or Notary Fees

• Typically $1,500–$2,500

Home Inspection

• Typically $500–$700
• Larger homes or specialized inspections may cost more

Appraisal Fee

• Often $300–$600 if required by the lender

Title Insurance

• Usually $200–$400

Moving Costs

• Varies widely depending on distance and services required

Adjustments

• Buyers reimburse the seller for prepaid property taxes, strata fees, utilities, etc. These can range from a few hundred to several thousand dollars depending on the timing of the completion date.

Ongoing Costs to Plan For

After possession, buyers should also budget for:

• Property taxes
• Home insurance
• Strata fees (if applicable)
• Utilities
• Maintenance and repairs
• An emergency fund for unexpected expenses

A credit score is a number that represents how reliable you are at borrowing and repaying money. In Canada, it typically ranges from 300 to 900.

Lenders use it to decide:

• If they should lend to you
• How much they’ll lend
• What interest rate you’ll get

What affects your credit score

The main factors are:

• Payment history (biggest factor): Do you pay bills on time?
• Credit utilization: How much of your credit limit you’re using
• Length of credit history: How long you’ve had credit accounts
• Credit mix: Credit cards, loans, lines of credit
• Recent applications: Too many hard inquiries can lower it temporarily

What counts as “good” or “bad” credit in Canada

• Excellent: 760–900
• Good: 700–759
• Fair / OK: 650–699
• Poor: below 650

Most prime mortgage lenders want 680+, but there are exceptions.

“Getting around” bad or OK credit (realistically)

You can’t bypass credit checks, but you can work around weaker credit in legitimate ways:

1. Use alternative lenders

If your credit isn’t strong:

• Credit unions
• B-lenders / alternative lenders
• Mortgage investment corporations (MICs)

They focus more on:

• Income stability
• Down payment size
• Overall risk, not just score

Trade-off:

• Higher interest rates
• Sometimes stricter terms or fees

2. Increase your down payment

This is one of the biggest ways to offset weaker credit:

• 20%+ down can open more options
• Reduces lender risk
• May improve approval odds significantly

3. Add a co-signer

A co-signer with strong credit can:

• Strengthen the application
• Help you qualify for better rates

But:

• They are fully responsible if you default

4. Pay down debt before applying

Especially:

• Credit cards (utilization matters a lot)
• High-interest loans

Even small reductions can improve your score quickly.

5. Fix errors on your credit report

This is overlooked:

• Wrong missed payments
• Old accounts still showing as unpaid
• Identity errors

You can dispute these through:

• Equifax Canada
• TransUnion Canada

6. “Credit rebuilding” (if time allows)

If someone is not ready to buy yet:

• Secured credit cards
• Small installment loans
• Consistent on-time payments for 6–12 months

Important reality check (especially for buyers in BC)

For mortgages in places like Vancouver/Fraser Valley:

• Credit score alone doesn’t make or break you
• Lenders care heavily about:
  • Income stability
  • Debt ratios
  • Down payment source
  • Property type

So someone with “okay” credit can still buy a home if the rest of the file is strong.