Buyers Guide

1. CONSULTATION

Allow me to fully understand your needs and then we can enter into an agency relationship.

2. THE SEARCH

After you have established your financial qualifications and your deposit requirements, you can tour and view properties that meet your criteria until you find the perfect home for you!

3. FIND YOUR DREAM HOME

You have found your dream home! Next, what’s next? What next?

4. THE OFFER

I will prepare the Contract of Purchase and Sales and present your offer to buy.

5. DUE DILIGIENCE

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

6. REMOVE SUBJECTS

Exciting day! Send a deposit and choose a Notary/Lawyer to finish the closing documentation.

7. COMPLETION

You can exchange money and title on your behalf.

8. POSSESSION

Get the keys to your new house!

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:

be a Canadian citizen or permanent resident
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
have never owned an interest in a principal residence anywhere in the world at any time
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:

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
is larger than 0.5 hectares
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