Buying a home is exciting, but figuring out how to finance that purchase can sometimes feel like one of the most complicated parts of the process.

How much can you afford? How much do you need for a down payment? Should you choose a fixed or variable mortgage? Which lender has the best rate? And what happens if you're self-employed or your financial situation isn't quite straightforward?

This is where a mortgage broker can be a valuable part of your home-buying team.

If you're thinking about buying a home in Richmond, BC, here's what a mortgage broker does and how they can help you navigate the financing side of your purchase.

What Is a Mortgage Broker?

A mortgage broker acts as an intermediary between you and potential mortgage lenders.

Instead of approaching one bank and being limited to the mortgage products that particular bank offers, a mortgage broker can help you explore mortgage options from multiple lenders.

In British Columbia, individuals and companies conducting mortgage broker activities must be registered with the Registrar of Mortgage Brokers. The BC Financial Services Authority (BCFSA) recommends that consumers work with registered mortgage brokers, who are subject to regulatory and educational standards.

A broker will look at your financial situation, including your income, down payment, credit, debts and home-buying goals, and help determine which mortgage products may be appropriate for you.

1. They Can Help You Understand How Much Home You Can Afford

Before you start seriously looking at homes, it's important to have a realistic idea of your budget.

This is especially important in a market like Richmond, where prices can vary considerably depending on whether you're looking for a condo, townhouse or detached home — and even from one neighbourhood to another.

A mortgage broker can review your finances and help you understand approximately how much you may be able to borrow.

That gives you a much clearer price range before you start touring properties.

It can also prevent the disappointment of falling in love with a home only to discover later that the financing doesn't work.

2. They Can Help You Get Pre-Approved

One of the first steps I recommend to buyers is getting your financing organized before we start seriously shopping for a home.

A mortgage pre-approval can give you an idea of:

• How much you may be able to borrow

• What your estimated monthly payments could look like

• The mortgage rate available to you

• How different down-payment amounts affect your mortgage

• What price range you should be considering

Having your financing prepared can also make the process much smoother when we find the right home and you're ready to write an offer.

Just remember that a mortgage pre-approval isn't the same as final mortgage approval. The lender will still need to approve the property and verify your financial information before funding the mortgage.

3. They Can Shop Around for Different Mortgage Options

One of the biggest advantages of working with a mortgage broker is access to different lenders and mortgage products.

The lowest advertised interest rate isn't necessarily the best mortgage.

A good broker can help you compare things like fixed versus variable rates, prepayment privileges, penalties for breaking the mortgage, portability, amortization periods and other terms.

Those details can become very important later.

For example, if you think there's a possibility that you'll sell your Richmond condo and move into a larger townhouse or detached home within a few years, the flexibility of your mortgage may be just as important as getting the lowest possible rate today.

4. They Can Help If Your Financial Situation Is More Complicated

Not every buyer fits perfectly into a traditional lending box.

You might be self-employed, own a business, receive commission or bonus income, have recently changed jobs or have multiple sources of income.

A mortgage broker can help you understand what documentation lenders may require and which lenders may be better suited to your particular situation.

This can be especially helpful if you've already spoken with one bank and weren't happy with the options you were given.

5. They Can Help You Understand Your Down Payment

Your down payment has a significant impact on your mortgage.

Under current Canadian rules, the minimum down payment generally starts at 5%. For homes priced above $500,000 and below $1.5 million, the minimum is 5% on the first $500,000 and 10% on the portion above $500,000. Homes priced at $1.5 million or more require at least 20% down.

If your down payment is less than 20%, you'll generally require mortgage default insurance.

This becomes particularly relevant in Richmond, where many properties can be well above the $500,000 mark.

A mortgage broker can run different scenarios to show you how putting 5%, 10%, 15% or 20% down could affect your mortgage amount, insurance premiums and monthly payments.

6. They Can Help You Budget Beyond the Purchase Price

One of the most common mistakes first-time buyers make is focusing entirely on the down payment.

There are other costs involved in purchasing a home.

Depending on the property and your circumstances, these can include legal or notary fees, property transfer tax, inspection costs, adjustments, moving expenses and other closing costs.

CMHC recommends buyers plan for closing costs and notes that they can amount to roughly 1.5% to 4% of a home's purchase price.

If you're a first-time buyer, you may also qualify for BC's First Time Home Buyers' Program, which can reduce the Property Transfer Tax you have to pay. For qualifying purchases, BC currently provides a full exemption on eligible properties valued at $500,000 or less, an $8,000 exemption for properties over $500,000 up to $835,000, and a gradually reduced exemption between $835,000 and $860,000.

A mortgage broker can help you understand how much cash you should have available so you aren't putting every dollar you have toward your down payment.

7. Your Mortgage Broker and Realtor Work Together

Buying a home is a team effort.

As your Realtor, my job is to help you understand the Richmond market, find suitable properties, evaluate their value, write and negotiate your offer and guide you through the purchase.

Your mortgage broker focuses on the financing side.

When everyone communicates, the process can be much smoother.

For example, before we write an offer, we want to understand your financing conditions and timelines. Once you have an accepted offer, your broker will typically need information about the property so the lender can review and approve the mortgage.

Having an experienced Realtor and mortgage professional working together can help keep everything moving toward your completion date.

Do You Need a Mortgage Broker to Buy a Home?

No. You're free to arrange your mortgage directly through a bank or other lender.

However, a mortgage broker can be especially helpful if you want to compare multiple lenders, aren't sure which mortgage is right for you or have a more complicated financial situation.

Even if you've been with the same bank for years, it can be worthwhile to understand what other options are available before committing to what may be one of the largest financial decisions you'll ever make.

Thinking About Buying a Home in Richmond?

If you're considering buying a condo, townhouse or detached home in Richmond, getting your financing organized is a great place to start.

Once you understand your budget and have your mortgage pre-approval in place, we can focus on finding a home that works for both your lifestyle and your finances.

I've helped buyers throughout Richmond navigate everything from their first condo purchase to moving into a larger family home, and I'm always happy to help explain the process and connect you with trusted professionals along the way.

Thinking about buying a home in Richmond? Let's talk. I'd be happy to recommend some of my trusted mortgage brokers to you.

Alisa Sakamoto PREC
RE/MAX Westcoast
604 644-1044
sold@alisasakamoto.com 

Buying a home in Richmond is a big financial step, and one of the most common questions I hear from buyers is:

“How much money do I actually need to buy a home?”

The answer isn't quite as simple as looking at the down payment.

You'll need money for your down payment, closing costs, Property Transfer Tax, legal fees, inspections and other expenses that come with purchasing a home.

And with Richmond home prices varying significantly between condos, townhomes and detached houses, the amount you'll need can look very different depending on what you're buying.

Let's break it down.

First, How Much Do Homes Cost in Richmond?

Richmond offers everything from smaller condos to luxury detached homes, so there isn't one price that represents the entire market.

As of July 2026, Greater Vancouver REALTORS® reported the benchmark price of a Richmond apartment at approximately $639,700, while the overall residential benchmark price in Richmond was approximately $1.102 million.

Detached homes are considerably more expensive. For perspective, the benchmark price for a Richmond detached home was approximately $1.911 million in July 2026.

Remember that a benchmark price isn't necessarily what your home will cost. There are properties available above and below these numbers depending on the neighbourhood, age, size, condition and type of home.

But they give us a useful starting point.

How Much Down Payment Do You Need?

This is where many buyers are surprised.

You don't necessarily need a 20% down payment to buy a home.

For homes eligible for an insured mortgage, Canada's minimum down payment requirements are:

• 5% on the first $500,000

• 10% on the portion between $500,000 and $1.5 million

• Homes priced at $1.5 million or more generally require at least 20% down for a conventional mortgage.

The federal government increased the insured-mortgage price cap from $1 million to $1.5 million in December 2024, making it possible for more buyers in higher-priced markets such as Richmond to purchase with less than 20% down.

So what does that actually look like?

$650,000 Richmond Condo

Minimum down payment:

5% of the first $500,000 = $25,000

10% of the remaining $150,000 = $15,000

Minimum down payment: $40,000

That's approximately 6.2% of the purchase price.

$900,000 Home

5% of the first $500,000 = $25,000

10% of the remaining $400,000 = $40,000

Minimum down payment: $65,000

$1.2 Million Home

5% of the first $500,000 = $25,000

10% of the remaining $700,000 = $70,000

Minimum down payment: $95,000

$2 Million Detached Home

At this price point, you should generally be planning for at least a 20% down payment.

20% down payment: $400,000

Of course, qualifying for the mortgage is another matter. Just because you have the minimum down payment doesn't necessarily mean a lender will approve you for the remaining mortgage.

Your income, existing debts, credit history, interest rates and other factors will all affect how much you can borrow.

Don't Forget About Property Transfer Tax

This is one of the biggest expenses buyers sometimes forget to budget for.

When you purchase property in BC, you generally pay Property Transfer Tax (PTT).

The general rates are:

1% on the first $200,000
2% on the portion between $200,000 and $2 million
3% on the portion above $2 million

Additional rules can apply to residential properties over $3 million.

For example, ignoring any exemptions:

$650,000 purchase: approximately $11,000

$900,000 purchase: approximately $16,000

$1.2 million purchase: approximately $22,000

$2 million purchase: approximately $38,000

That's money you'll need in addition to your down payment.

Are You a First-Time Home Buyer?

If you're buying your first home, you may be able to reduce some of these costs.

Under BC's First Time Home Buyers' Program, qualifying buyers purchasing a property with a fair market value of $835,000 or less can receive an exemption from Property Transfer Tax on the first $500,000 of the home's value.

A partial exemption is available for qualifying homes valued between $835,000 and $860,000.

That can make a meaningful difference for someone purchasing a Richmond condo.

There are eligibility requirements, so don't assume that simply being a first-time buyer automatically qualifies you for every exemption. Your lawyer, notary or mortgage professional can help determine what applies to your particular purchase.

What About Mortgage Insurance?

If you're purchasing an eligible home with less than 20% down, you'll generally need mortgage default insurance.

One important distinction is that the insurance premium is typically added to your mortgage rather than requiring you to come up with the entire premium in cash at closing.

However, it still increases the amount you're borrowing.

This is why it's worth comparing scenarios.

Sometimes putting more money down can significantly reduce your mortgage and insurance costs. Other times, keeping additional cash available for renovations, emergencies or other expenses may make more sense.

There's no one-size-fits-all answer.

Other Closing Costs You Should Budget For

Your down payment and Property Transfer Tax are the big ones, but they're not the only expenses.

Depending on the property and your situation, you may also need to budget for:

Lawyer or notary fees
You'll need someone to handle the legal transfer of the property and mortgage documents.

Home inspection
I always recommend having a professional inspection performed on any property you plan to purchase. It's a relatively inexpensive cost for peace of mind.

Appraisal
Your lender may require an appraisal of the property.

Strata documents
If you're buying a Richmond condo or townhouse, reviewing the strata's financials, minutes, depreciation report and other documents is extremely important.

Property tax adjustments
Depending on when you complete your purchase, you may owe the seller for a portion of property taxes they've already paid.

Moving expenses
Movers, storage, furniture and all the little expenses associated with moving can add up quickly.

Immediate repairs or renovations
Even if the home is move-in ready, it's a good idea to have some money left over after completion.

So, How Much Cash Should You Actually Have?

Let's use a hypothetical $650,000 Richmond condo.

Your minimum down payment would be approximately:

$40,000

Property Transfer Tax would normally be approximately:

$11,000

Then you'll need to account for legal fees, inspection costs, adjustments and other closing expenses.

So you shouldn't approach a $650,000 purchase thinking:

"I have $40,000, so I'm ready to buy."

I'd much rather see buyers go into a purchase with some breathing room.

And if you're a qualifying first-time home buyer, your Property Transfer Tax could potentially be substantially reduced, which changes the calculation.

Having a Down Payment Doesn't Necessarily Mean You Can Afford the Home

This is probably the most important point.

There are really two different questions:

1. How much cash do I need to buy the home?

and

2. How expensive of a home can I actually afford?

They're not the same thing.

You might have $100,000 sitting in the bank for a down payment, but your income may not qualify you for a $1.2 million mortgage.

On the other hand, someone with a high household income might easily qualify for the mortgage but hasn't saved enough for the down payment and closing costs.

That's why I recommend talking to a mortgage professional before you seriously start looking at homes.

Knowing your actual purchasing power makes the entire home search much easier.

Don't Spend Every Dollar on Your Down Payment

Just because you can put every dollar you have toward your home doesn't necessarily mean you should.

After buying, you may suddenly need money for:

• Furniture

• Appliances

• Repairs

• Renovations

• Strata fees

• Moving

• Property taxes

• Home insurance

• Unexpected expenses

Homeownership is much more enjoyable when an unexpected repair doesn't completely drain your bank account.

I generally encourage buyers to think about their total financial picture, rather than simply trying to maximize their purchase price.

Start With a Budget, Not a Listing

It's easy to start browsing listings online and fall in love with a home before knowing whether the numbers work.

I recommend doing it the other way around.

Figure out:

How much cash do you have available?

How much do you want to put down?

What mortgage can you comfortably afford each month?

How much money do you want left over after the purchase?

Once we know those numbers, we can start looking at what your budget can realistically buy in Richmond.

And you might be surprised by the options available.

Thinking About Buying a Home in Richmond?

Whether you're looking for your first Richmond condo, moving into a townhouse, or searching for a detached family home, understanding the numbers before you begin can make the buying process much less stressful.

I've helped buyers navigate Richmond's real estate market through different neighbourhoods, property types and price ranges, and I'm always happy to help you understand what your budget might realistically get you.

If you're thinking about buying a home in Richmond, let's chat.

We can talk about your budget, what you're looking for, and which Richmond neighbourhoods and properties may be the best fit for you.

Selling your home is one of the biggest financial decisions you'll ever make. Whether you're moving to a larger home, downsizing, relocating, or simply ready for a change, having the right plan can help you maximize your sale price while minimizing stress.

As a Richmond REALTOR®, I've helped homeowners navigate every stage of the selling process. This guide will walk you through what to expect, how to prepare, and the steps you can take to achieve the best possible outcome.

Step 1: Understand Your Home's Value

One of the first questions every homeowner asks is:

"How much is my home worth?"

While online home value estimators and BC Assessment can provide a rough starting point, they rarely reflect current market conditions.

Your home's true market value depends on factors such as:

• Recent sales of similar homes

• Current buyer demand

• Your neighbourhood

• Lot size

• Renovations and upgrades

• Floor plan

• School catchment

• Condition of the property

• Market timing

A professional Comparative Market Analysis (CMA) looks at all of these factors to determine a realistic listing price.

Step 2: Decide When to Sell

Many homeowners ask whether they should wait for spring or list immediately.

The best time to sell is when it aligns with your personal goals and the market conditions—not just the season. While spring is traditionally the busiest time for real estate, it also brings the most competition. Listing sooner may mean your home stands out to motivated buyers with fewer comparable properties available. If waiting allows you to better prepare your home or capitalize on changing market conditions, that can also be the right decision. Every situation is different, so I always recommend looking at current inventory, buyer demand, and your goals before deciding. The right strategy is what delivers the best result for you, not simply following the calendar.

Step 3: Prepare Your Home

First impressions matter.

Buyers often form an opinion within the first few minutes of walking through a home.

Some simple improvements can make a significant difference:

Declutter

Remove excess furniture and personal items to make rooms feel larger.

Deep Clean

Pay special attention to:

• Kitchens

• Bathrooms

• Windows

• Flooring

• Baseboards

Complete Minor Repairs

Fix things buyers notice:

• Leaky faucets

• Burnt-out light bulbs

• Loose handles

• Squeaky doors

• Damaged caulking

Improve Curb Appeal

Fresh landscaping, clean walkways, and a welcoming front entrance help create a positive first impression.

Step 4: Consider Staging

Staging isn't about making your home look expensive—it's about helping buyers imagine themselves living there.

Professional staging can:

• Make rooms appear larger

• Highlight your home's best features

• Improve online photos

• Help buyers connect emotionally

• Increase buyer interest

Even partial staging can make a meaningful impact.

Step 5: Professional Photography Matters

Today, nearly every buyer begins their home search online.

Your listing photos are often your first showing.

Professional photography, drone images (when appropriate), floor plans, and video tours help your home stand out and encourage more buyers to schedule a viewing.

Step 6: Pricing Your Home Correctly

Many sellers believe pricing higher leaves room for negotiation.

In reality, overpriced homes often:

• Stay on the market longer

• Receive fewer showings

• Become "stale" listings

• Require price reductions

• Ultimately sell for less

A well-priced home creates more interest, which can generate stronger offers and, in some cases, multiple offers.

Step 7: Marketing Your Home

Selling a home today involves much more than placing it on MLS®.

An effective marketing strategy may include:

• Professional photography

• Video walkthroughs

• Social media advertising

• MLS® exposure

• REALTOR® networking

• Open houses

• Digital marketing

• Targeted online advertising

The goal is simple: maximize exposure to qualified buyers.

Step 8: Showings

Keeping your home show-ready can feel challenging, especially for busy families.

A few simple habits can help:

• Make beds each morning

• Store away personal items

• Keep countertops clear

• Open blinds for natural light

• Turn on lights before showings

• Secure valuables

Giving buyers space allows them to explore comfortably and envision themselves living in the home.

Step 9: Reviewing Offers

Price is important—but it isn't everything.

When reviewing offers, consider:

• Purchase price

• Deposit amount

• Subject conditions

• Financing

• Completion date

• Possession date

• Included items

• Flexibility

The strongest offer isn't always the highest offer.

Step 10: Subject Removal

Once an offer is accepted, buyers may need time to complete their due diligence.

Common subject conditions include:

• Financing approval

• Home inspection

• Reviewing strata documents

• Property disclosure review

• Title search review

• Home insurance quotes

Once all subjects are removed, the contract becomes firm and binding.

Step 11: Prepare for Moving Day

Before possession day:

• Book movers early

• Transfer utilities

• Update your mailing address

• Arrange cleaning

• Gather appliance manuals and keys

• Leave garage door openers

• Organize warranties

Planning ahead makes moving much less stressful.

Frequently Asked Questions

How long does it take to sell a home in Richmond?

It depends on current market conditions, pricing, and property type. Some homes sell within days, while others may take several weeks.

Do I need to renovate before selling?

Not always. Often, small cosmetic improvements provide a better return than expensive renovations.

Should I accept the first offer?

Sometimes the first offer is the strongest. Every offer should be evaluated based on price, conditions, timing, and overall strength.

How much are closing costs when selling?

Typical seller costs may include REALTOR® commissions, legal fees, mortgage discharge fees (if applicable), and moving expenses.

What is the best month to sell?

There isn't a single best month. Market conditions, inventory levels, and buyer demand change throughout the year.

Thinking About Selling?

Every home—and every homeowner—is different.

If you're considering selling your Richmond home, I'd be happy to provide a complimentary, no-obligation home evaluation and explain what your property could be worth in today's market.

Whether you're planning to sell this month or simply thinking ahead, having accurate information is the best place to start.

Feel free to reach out anytime—I'd love to help you take the next step with confidence.