BUYERS GUIDE

1. Consultation

Help me to thoroughly understand your needs, then enter into an agency relationship.

2. The Search

Once you’ve established financial qualification and deposit requirements, tour and view properties that fit your criteria, until you find your dream home!

3. Find Your Dream Home

So you’ve found your Dream Home! What next? I will assist you with deciding on key elements of your offer: Price, Deposit Amount, Dates and Subject Clauses /Conditions.

4. The Offer

I will prepare your written Contract of Purchase and Sale, and then present and negotiate your offer to purchase.

5. Due Diligence

Inspection, Title Search, Property Disclosure, Environmental, Home/Fire Insurance

6. Remove Subjects

Exciting day! Submit deposit and select a Lawyer/Notary to complete the closing documentation. 

7. Completion

Money and Title are exchanged on your behalf.

8. Possession

Receive the keys to your new home!

Thinking of Buying? Find out how I can help.

MORE Things To Consider

Property Transfer Tax

Unless you qualify for the First Time Home Buyers Program (see below), you will be required to pay Property Transfer Tax at the completion of your purchase. Property Transfer Tax is as follows:

First $200,000 1.0%
$200,001 – $2,000,000 2.0%
$2,000,001 – $3,000,000 3.0%
Over $3,000,001 5.0%

To qualify for a full exemption, you must:

  1. be a Canadian citizen or permanent resident
  2. have lived in BC for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a BC resident in the last 6 years
  3. have never owned an interest in a principal residence anywhere in the world at any time
  4. have never received a first time home buyers’ exemption or refund 

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $475,000 or less if registered before Feb. 22, 2017, or
    • $500,000 or less if registered on or after Feb. 22, 2017
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption if the property:

  1. has a fair market value less than:
    1. $500,000 if registered before Feb. 22, 2017, or
    2. $525,000 if registered on or after Feb. 22, 2017
  2. is larger than 0.5 hectares
  3. has another building on the property other than the principal residence

Down Payment

Depending on the lender and the property type, down payments can vary. A general rule of thumb is that for a condo/townhouse or detached house, a minimum down payment of 5% is required, whereas bare land typically requires a down payment of at least 50%.

The Canadian Mortgage and Housing Corporation (CMHC) requires any buyer to purchase mortgage insurance when the down payment is less than 20%. Insurance rates range from 3.60% – 1.80% depending on your down payment. Full insurance rates can be found at: www.ratehub.ca/cmhc-mortgage-insurance.

Other Costs

  • House inspection: $300 – 600
  • Property Tax
  • Legal fees: $1,000 – $1,200
  • Strata Fees
  • Foreign ownership tax
  • GST (new homes)
  • Utilities
  • Insurance