The Buying Process

The buying process can be a bumpy road to travel. I will be an invaluable source of knowledge, contacts and advice, helping you turn the process of buying a piece of property, into a fun and successful search for a home that’s right for you.

1. Consultation

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

Buyers Agency Acknowledgment Form, Buyers Exclusive Agency Agreement, Disclosure of Representation in Trading Services, Fintrac Form

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

Review Strata Documents: Form B, Strata Minutes and By-laws, Financial Statements, Engineers Report, Registered Strata Plan, Depreciation Reports

6. Remove Subjects

Exciting day! Submit deposit and select a Lawyer/Notary to complete the closing documentation. Arrange for movers, transfer utilities, insurance, forward mail, etc. Visit Lawyer/Notary to sign closing documentation.

7. Completion

Money and Title are exchanged on your behalf.

8. Possession

Receive the keys to your new home!

Some Costs 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 – $3,000,000 2.0%
Over $3,000,001 5.0%

First Time Home Buyers Program – you will be exempt from paying property transfer tax if:

  • The property will be your principal residence.
  • Located in BC.
  • Purchases up to $500,000 (non-new properties).
  • Property purchased from developer up to $750,000 (new properties).

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

  1. House Inspection: $300-$600.
  2. Lawyers Fees: $1000-$1200.
  3. GST if new development.
  4. Foreign ownership tax.