Buying your first home is one of the most exciting milestones in life. It can also feel overwhelming, especially in a market like Richmond where there’s a lot to learn before you start.

The good news? A little preparation goes a long way. Here are five things I wish every first-time buyer knew before they started their search.

1. Understand the BC Property Transfer Tax — and Whether You Qualify for an Exemption

When you purchase a home in BC, you are required to pay a Property Transfer Tax (PTT). The general rate is 1% on the first $200,000 and 2% on the remainder up to $2,000,000.

The good news for first-time buyers is that there is an exemption available if you qualify. To be eligible, the property must be your principal residence, you must be a Canadian citizen or permanent resident, and you must have lived in BC for at least 12 consecutive months before your purchase date. The home must have a fair market value of $835,000 or less to receive the full exemption, with a partial exemption available for homes valued between $835,000 and $860,000. The exemption applies to the first $500,000 of the purchase price, which means eligible first-time buyers can save up to $8,000.

2. Know How Much You Actually Need Saved

Many first-time buyers focus on the down payment and forget about closing costs — and that can lead to some unpleasant surprises.

In addition to your down payment (a minimum of 5% for homes under $500,000 in Canada), you should plan for legal fees, home inspection costs, property tax adjustments, and moving expenses. A general rule of thumb is to budget an additional 1.5% to 4% of the purchase price for closing costs. Knowing your full number upfront helps you set realistic expectations and avoid stress later.

3. Get Pre-Approved Before You Start Looking at Homes

This one is more important than many buyers realize. A mortgage pre-approval tells you exactly how much a lender is willing to lend you, which means you can shop with confidence and make offers when you find the right home. Without a pre-approval, you risk falling in love with a home that isn’t within your budget — or losing out to another buyer who came prepared. In Richmond’s market, being ready to move quickly can make all the difference.

4. Working with a Buyer’s Agent Costs You Nothing

One of the most common misconceptions I hear from first-time buyers is that working with a realtor will cost them money. In BC, the seller typically pays the commission for both agents involved in a transaction. What this means for you as a buyer is that you get professional guidance, negotiation support, and someone looking out for your best interests — at no cost to you. There is really no reason not to have representation when buying a home.

5. Understand Strata Living Before You Buy a Condo or Townhouse

A large portion of Richmond’s housing market is made up of strata properties — condos, townhouses, and some detached homes that are part of a strata corporation. If you’re considering one of these, there are a few things you need to understand.

Every strata has monthly fees that cover shared expenses like building maintenance and insurance. You’ll also want to review the strata documents carefully, including the minutes from recent meetings, the financial statements, and the depreciation report. The depreciation report in particular tells you the current condition of the building and whether any major expenses are coming up. Understanding what you’re getting into before you make an offer can save you from a costly surprise down the road.

Final Thoughts

Buying your first home in Richmond is an incredible step, and going in informed makes the whole process so much smoother. If you have questions about any of these topics or want to talk through what buying in Richmond looks like for your situation, I’d love to help.

If you've spent any time in Richmond, you've probably heard people talk about Steveston. It's one of those places that seems to have a way of drawing people back.

I should know. I grew up in Steveston, and after graduating high school, many of my friends moved away. Some headed downtown, some moved to other parts of BC, and others started new chapters elsewhere. But something interesting happened as we got older.

As people got married and started raising families, many of them came back.

Today, it's incredible to see so many of the people I grew up with raising their own children in the same neighbourhood, attending the same schools, and playing in the same parks we enjoyed growing up. There's a reason Steveston continues to be one of Richmond's most sought-after communities.

Here are five reasons why so many people love calling Steveston home.

1. A True Sense of Community

One of the things that makes Steveston special is the strong sense of community.

In a world where many kids spend their time indoors, it's still common to see children riding bikes, playing street hockey, running through the neighbourhood, and knocking on their friends' doors to see if they can come out and play.

Neighbours know each other here. Local business owners know their customers. There is a genuine small-town feel that can be hard to find in larger cities.

Steveston is also home to many community events throughout the year, including:

• Richmond Maritime Festival

• Steveston Salmon Festival

• Dragon Boat events

• Santa Claus Parade

• Steveston Beer & Wine Festival

These events bring residents together and help create the strong community spirit that Steveston is known for.

With a brand-new community centre currently in development, the neighbourhood continues to invest in bringing people together for generations to come.

And of course, let's not forget the incredible local restaurants, cafés, bakeries, and family-owned businesses that make Steveston Village such a vibrant place to spend time.

2. Beautiful Waterfront Living and Walkability

Few neighbourhoods in Richmond offer the same combination of walkability and waterfront scenery as Steveston.

Whether you enjoy walking, jogging, cycling, scootering, or simply taking in the view, Steveston's waterfront boardwalk is one of the most enjoyable places to spend an afternoon.

Residents love:

• The scenic waterfront boardwalk

• Extensive bike paths

• Access to Richmond's dyke trail system

• Easy connections to Terra Nova and the west dyke

• Waterfront cycling routes stretching east toward Ironwood

And then there are the sunsets.

Locals know that some of the best sunsets in Richmond can be found right here along the waterfront.

Add in beautiful green spaces like Garry Point Park, and it's easy to understand why outdoor enthusiasts love living in Steveston.

3. Rich History and Unique Character

Unlike many newer neighbourhoods, Steveston has a rich history that gives it a unique charm and character.

Originally established as a fishing community with strong Japanese and European influences, Steveston's roots remain visible throughout the village today.

Historic buildings, heritage homes, fishing docks, and local landmarks all contribute to a sense of place that feels different from anywhere else in Richmond.

Steveston's unique atmosphere has even attracted film and television productions over the years. If parts of the village seem familiar, there's a good chance you've seen them on screen before.

This blend of history and character helps preserve the neighbourhood's identity while making it one of the most distinctive communities in Metro Vancouver.

4. A Diverse and Welcoming Community

Steveston is home to residents from many different backgrounds, cultures, and walks of life.

This diversity contributes to the welcoming and inclusive atmosphere that so many residents appreciate.

Families from around the world have chosen to make Steveston home, creating a community where different cultures, traditions, and experiences come together.

The result is a neighbourhood that feels friendly, vibrant, and connected while still maintaining the strong sense of community that makes Steveston special.

5. An Incredible Place to Raise a Family

For many residents, this is the biggest reason of all.

Steveston is an exceptionally family-friendly neighbourhood.

Parents appreciate the walkability, safety, parks, recreational facilities, and strong schools that make daily life easier and more enjoyable.

Some of the family-friendly amenities include:

• Multiple playgrounds and parks

• Water parks and splash areas

• Outdoor swimming facilities

• Tennis courts

• Hockey and lacrosse facilities

• Baseball diamonds

• Ice cream shops and family-friendly restaurants

• Extensive walking and cycling paths

Families also benefit from access to excellent schools, including:

• Westwind Elementary

• Homma Elementary

• Diefenbaker Elementary

• McKinney Elementary

• Lord Byng Elementary

• McMath Secondary

• Steveston-London Secondary

Combined with the area's parks, pathways, and strong community spirit, it's easy to see why so many families choose to stay for the long term.

Final Thoughts

I've been fortunate to watch Steveston evolve over the years while still maintaining the qualities that make it so special.

What stands out most to me isn't just the waterfront, the parks, or the restaurants. It's seeing so many familiar faces return to raise their own families here.

There's something special about watching your childhood friends bring their kids to the same schools, parks, sports fields, and community events that shaped your own childhood.

Steveston offers a rare combination of community, character, natural beauty, and family-friendly living that can be difficult to find elsewhere.

It's not just one of Richmond's most desirable neighbourhoods—it's a place that many people are proud to call home.

If you're considering buying or selling a home in Steveston, I'd be happy to help you learn more about what makes this community so special.

Photo Credit: Desy Cheng

Home Buyer Competition Intensifies Across Metro Vancouver’s Housing Market

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent increase from the 2,389 homes sold in January 2021.

Last month’s sales were 42.8 per cent above the 10-year February sales average.

“Metro Vancouver’s housing market is experiencing seller’s market conditions. The supply of listings for sale isn’t keeping up with the demand we’re seeing,” Colette Gerber, REBGV Chair said. “Competition amongst home buyers is causing multiple offer situations and upward pressure on prices.

“This is particularly true in the townhome market where demand is outstripping the available supply. Conditions differ depending on location and property type so it’s important to work with your local REALTOR® to develop strategies to meet your needs.”

There were 5,048 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2021. This represents a 26.1 per cent increase compared to the 4,002 homes listed in February 2020 and a 12.7 per cent increase compared to January 2021 when 4,480 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,358, a 9.1 per cent decrease compared to February 2020 (9,195) and a 0.6 per cent increase compared to January 2021 (8,306). This is 21.2 per cent below the February 10-year average for new listings.

For all property types, the sales-to-active listings ratio for February 2021 is 44.6 per cent. By property type, the ratio is 41.8 per cent for detached homes, 61.8 per cent for townhomes, and 41.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Low interest rates remain a key driver in today’s market. We’re seeing steady numbers of first-time home buyers and move-up buyers entering the market,” Gerber said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 6.8 per cent increase over February 2020 and a 2.6 per cent increase compared to January 2021.

Less populated communities within the region continue to experience the largest year-over-year price increases across all property types. Examples, according to the MLS HPI®. include Bowen Island (34.4 per cent increase), the Sunshine Coast (32.7 per cent increase), West Vancouver (16.1 per cent increase) Maple Ridge (14.8 per cent increase) and Ladner (13.7 per cent increase).

Sales of detached homes in Metro Vancouver reached 1,231 in February 2021, a 79.7 per cent increase from the 685 detached sales recorded in February 2020. The benchmark price for a detached home is $1,621,200. This represents a 13.7 per cent increase from February 2020 and a 2.8 per cent increase compared to January 2021.

Sales of apartment homes reached 1,759 in February 2021, a 65.8 per cent increase compared to the 1,061 sales in February 2020. The benchmark price of an apartment is $697,500. This represents a 2.5 per cent increase from February 2020 and a 2.5 per cent increase compared to January 2021.

Attached home sales in February 2021 totalled 737, an 82.4 per cent increase compared to the 404 sales in February 2020. The benchmark price of an attached home is $839,800. This represents a 7.2 per cent increase from February 2020 and a 2.9 per cent increase compared to January 2021.

Download the February 2021 stats package

Home Sales and Listings Down Amid COVID-19, New Tools and Practices Emerge to Help Buyers and Sellers Adapt

While Metro Vancouver home sale and listing activity remains limited by the COVID-19 situation, REALTORS® across the region are fast adopting new tools and practices to help advise and serve their clients in a responsible way.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,109 in April 2020, a 39.4 per cent decrease from the 1,829 sales recorded in April 2019, and a 56.1 per cent decrease from the 2,524 homes sold in March 2020.

Last month’s sales were 62.7 per cent below the 10-year April sales average and was the lowest total for the month since 1982.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said. “People are, however, adapting. They’re working with their Realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”

Realtors have been named an essential service by the provincial government to help the home buying and selling community meet their housing needs during the pandemic.

“We’re seeing more innovation in today’s market, with Realtors using different technology to showcase homes virtually, assess neighbourhood amenities with their clients and handle paperwork electronically,” Gerber said.

There were 2,313 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April. This represents a 59.7 per cent decrease compared to the 5,742 homes listed in April 2019 and a 47.9 per cent decrease compared to March 2020 when 4,436 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,389, a 34.6 per cent decrease compared to April 2019 (14,357) and a 2.3 per cent decrease compared to March 2020 (9,606).

For all property types, the sales-to-active listings ratio for April 2020 is 11.8 per cent. By property type, the ratio is 10 per cent for detached homes, 14.7 per cent for townhomes, and 12.4 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,036,000. This represents a 2.5 per cent increase over April 2019 and a 0.2 per cent increase compared to March 2020.

“Home prices have held relatively steady in our region since the COVID-19 situation worsened in March,” Gerber said. 

Sales of detached homes in April 2020 reached 388, a 33.8 per cent decrease from the 586 detached sales recorded in April 2019. The benchmark price for detached properties is $1,462,100. This represents a 2.3 per cent increase from April 2019 and a 0.8 per cent increase compared to March 2020.

Sales of apartment homes reached 503 in April 2020, a 43.2 per cent decrease compared to the 885 sales in April 2019. The benchmark price of an apartment property is $685,500. This represents a 2.7 per cent increase from April 2019 and a 0.2 per cent decrease compared to March 2020.

Attached home sales in April 2020 totalled 218, a 39.1 per cent decrease compared to the 358 sales in April 2019. The benchmark price of an attached home is $796,800. This represents a 2.8 per cent increase from April 2019 and a 0.6 per cent increase compared to March 2020.

Download the April 2020 stats package

I am so grateful to have achieved the Top 100 Western Canada! (I ranked #52) I would like to take a moment to thank all my clients, managing broker and the incredible administrative staff here at RE/MAX Westcoast, I wouldn't have been able to achieve this without your support and referrals. I am truly thankful for those who have put your trust in me over the years. And I am eager to be a part of your real estate goals and share that success. However, I realize that we are in crazy times right now and my thoughts are with you and your families - the most important thing is that you all are staying safe and healthy. Now more than ever, we can all appreciate just how small the world truly is, and the importance of coming together to protect our local and global community in times of great need. I am here to help you in any way that I can. Please do not hesitate to reach out to me (doesn't have to be real estate related). I hope you and your families stay healthy and I appreciate your support in keeping our communities safe during these unprecedented times.