1. Consultation

Let us help you to fully understand your needs and enter into an agency relationship:

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

2. The Search

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

3. Find Your Dream Home

You have found your dream home! What's next? Let us help you decide on the key elements of your offer: Price, Deposit Amount, Dates, and Subject Clauses /Conditions.

4. The Offer

We will prepare the Contract of Purchase and Sale, then present your offer to buy.

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! Send a deposit and choose a Notary/Lawyer to sign the closing documents. 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

Get the keys to your new house!

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 $200,0001.0%
$200,001 – $3,000,0002.0%
Over $3,000,0015.0%

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

Down payments will vary depending on the lender and property type. For a detached or condo-townhouse, a minimum downpayment of 5% is required. However, for bare land, it is usually required to have a downpayment of at least 50%.

Canadian Mortgage and Housing Corporation (CMHC), requires that buyers purchase mortgage insurance if their down payment is less then 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.

Get In Touch

We’re here to help every step of the way on your home buying adventure.