How to buy a home in Lynn Valley

Step by step

How to buy in Lynn Valley, in order

1. 1

   Set your price with a mortgage pre-approval

   Talk to a mortgage broker or your bank before you tour a single home. A pre-approval tells you the highest price you can pay, so you only look at homes you can buy.

   If you plan to count rent from a suite toward your mortgage, say so at this stage. A lender treats a legal or licensed suite differently from a suite the District of North Vancouver has not approved, and many Lynn Valley houses have a suite on the lower floor.

2. 2

   Choose between a house and a townhouse

   Detached houses make up most of what comes up for sale in Lynn Valley. A typical one has a yard and a lower floor that opens to it, which many owners use as a suite for parents, adult children or a tenant.

   Townhouses sit closer to the shops and along the main roads. A townhouse comes with a strata, which means a monthly fee and shared rules. The prices section of this guide shows today's asking prices for both, so you can see the gap between them.

3. 3

   Pick your streets

   In our experience, price in Lynn Valley follows the age and condition of the house more than any other factor. Lot size, a view to the south, and a quiet street away from Lynn Valley Road and Mountain Highway are the next things buyers pay for.

   Homes near the corner of Lynn Valley Road and Mountain Highway are closest to the two supermarkets, the library and the buses. Homes at the top of the neighbourhood back onto forest and are closest to the trailheads at Lynn Canyon and Lynn Headwaters. The upper streets also sit higher, so they get snow more often in winter.

   Drive or walk the street at the time of day you would leave for work. Traffic on the bridges at rush hour sets the length of the commute.

4. 4

   Check the address before you make an offer

   Look up the address on the District of North Vancouver's GeoWeb property viewer at geoweb.dnv.org. It shows whether the lot sits in the District's Slope Hazard, Creek Hazard or Wildfire Hazard area. These areas affect future work on the property. The part of this guide headed "Checks for this neighbourhood" explains each one.

   Read the municipality line on the listing. Lynn Valley is in the District of North Vancouver, but a few listings filed under Lynn Valley name the City of North Vancouver, and the two have their own property taxes and rules.

   Check the school catchment with the school district's locator. Your address decides your catchment school, which can differ from the closest school.

   Call your insurer with the address early. Premiums and terms can differ at the forest edge.

5. 5

   Tour with a list

   Many houses here date from the 1960s and 1970s. Ask about the roof, the drainage around the foundation, the electrical panel and any oil tank, which some older North Shore houses had.

   Look at the driveway. A steep driveway that faces north can be hard to use for a few days each winter. If you can, visit once in the rain to see where the water goes.

   For a townhouse, ask for the strata documents before you make an offer, and read the monthly fee and the shared rules.

6. 6

   Ask which kind of suite it is

   A listing can describe a suite as legal, licensed or unauthorized. The difference matters for rent, insurance and lending.

   Ask the seller which kind it is, ask for the paperwork, and confirm it with the District before you count on the rent to qualify for a mortgage.

7. 7

   Write the offer

   Your agent writes the offer with you. It names your price, the dates, and your subjects, which are the conditions that must be met before the sale is final. The usual subjects are financing, a full home inspection and, for a townhouse, a review of the strata documents.

   In our experience, houses with a flat yard, a suite and a quiet street draw the most interest, and they can sell soon after listing when buyers are active. Have your financing and your inspector ready before you tour, so you can move quickly if the right home comes up.

   Ask your insurer about the address before you remove your subjects.

8. 8

   Close and move in

   After your subjects are removed, a lawyer or notary handles the transfer of the home to your name, and your lender sends the mortgage money on the completion date.

   On top of your down payment, budget for property transfer tax, legal fees, home insurance and moving costs. Ask your lawyer or notary for the exact amounts early, so they are in your budget before you write an offer.

   Once you own the home, property taxes are paid to the municipality named on the listing, which for most of Lynn Valley is the District of North Vancouver.

Before you buy

Checks for this neighbourhood

At the showing

Questions to ask about every home

• Which municipality is on the listing: the District or the City of North Vancouver?
• What year was the house built, and what has been updated since?
• How old are the roof and the electrical panel?
• How does water drain around the foundation?
• Was there ever an oil tank on the property, and is there a record of its removal?
• Is the suite legal, licensed or unauthorized, and can the seller show the paperwork?
• Is the lot in the District's Slope Hazard, Creek Hazard or Wildfire Hazard area?
• Which school catchment is this address in?
• How steep is the driveway, and which way does it face?
• Has an insurer given a quote for this address?
• For a townhouse: what is the monthly strata fee, and can I read the strata documents before I make an offer?