Buyers' FAQs

The process involves finding a property, making an offer, negotiating terms, completing inspections, securing financing, and finalizing the purchase with legal documentation.

There isn’t a right number of homes to view, but viewing multiple homes can aid in the decision-making process.

Closing costs typically include land transfer taxes, legal fees, appraisal fees, home inspection costs, and property insurance, generally 2-3% of the home price.

PTT is a tax paid by homebuyers in BC and is calculated as 1% on the first $200,000 and 2% on the remaining amount of the purchase price.

Typically we budget for 30-90 days after beginning the home search for motivated buyers. 

Yes! As your agents we arm you with information on the market, and guide you through what we see as potential negotiation tools in order to get a fair price. 

Subject conditions are put in the contract to protect you and allow you time to conduct your due diligence. Things like financing, inspection, title search, etc. can all be subject to conditions that need to be removed in order to move the sale forward.

Yes, BC offers programs like the First Time Home Buyer Program and the Home Owner Mortgage and Equity Partnership.

Options include detached houses, townhouses, and condos each with unique advantages and considerations.

Reviewing the fees, bylaws, rules, financials, strata plan, etc. can be crucial information when making a home buying decision. Make sure it fits your budget and lifestyle. 

The Canada Mortgage and Housing Corporation (CMHC) is a government-owned corporation that provides mortgage loan insurance, mortgage-backed securities, housing policy, and programs to support affordable housing in Canada. CMHC insurance is required in Canada for high-ratio mortgages, which are mortgages where the down payment is less than 20% of the purchase price of the home.

Factors to consider include proximity to amenities, schools, transportation, crime rates, property values, and community atmosphere.

Consider factors such as location, market trends, potential for appreciation, rental income potential, and your long-term financial goals.

Steps include pre-approval, choosing a mortgage type, submitting an application, providing documentation, and finalizing the loan terms.

The process typically involves hiring a licensed home inspector to assess the property's condition, including its structural integrity, systems, and potential issues.

Property taxes are based on the assessed value of the property and can be estimated using the municipality's mill rate and assessment information.

Newly constructed homes may offer modern amenities and warranties, while resale homes may have established neighborhoods and lower initial costs but may require renovations.

Zoning regulations dictate how properties can be used and developed, so it's important to understand them to ensure your intended use aligns with local regulations.

You'll typically submit a written offer through your real estate agent, including the purchase price, terms, and conditions, which the seller can accept, reject, or counter.

The BCREA Contract of Purchase and Sale is a standardized legal document used in real estate transactions in BC, outlining the terms and conditions of the sale.

In addition to closing costs, be mindful of ongoing expenses like property taxes, utilities, maintenance, and strata fees if purchasing a condo or townhouse.

Options include conventional mortgages, high-ratio mortgages with mortgage insurance, fixed-rate mortgages, variable-rate mortgages, and hybrid mortgage products.

Signs of gentrification may include rising property values, new developments, increased investment, and changes in demographics and amenities.

The BCREA provides resources, education, and advocacy for real estate professionals and helps maintain professional standards and ethics in the industry.

To obtain pre-approval, you'll need to submit financial documentation to a lender who will evaluate your creditworthiness and provide a conditional commitment for a loan, and lock in a rate for a period of time.

Yes, programs like the BC Home Energy Coach and the BC Hydro Power Smart Program offer incentives and rebates for energy-efficient upgrades and new construction.

Consider factors like location, neighborhood desirability, property condition, school districts, and proximity to amenities, which can impact resale value.

A title search conducted by a real estate lawyer or notary public can reveal any existing liens, mortgages, or other encumbrances on the property.

Freehold properties involve ownership of both the land and the dwelling, while leasehold properties involve ownership of the dwelling but lease the land from a landlord.

Tax implications may include property taxes, capital gains taxes upon resale, and potential exemptions or credits for first-time homebuyers or certain renovations.

In addition to the unit itself, consider factors like strata rules and fees, reserve fund health, building maintenance, and the reputation of the strata council.

To obtain homeowner's insurance, you'll typically need to provide information about the property, its contents, and your personal liability, and then compare quotes from different insurers.

You can consult flood maps, geological surveys, and local authorities to assess the risk of floods, earthquakes, wildfires, or other natural disasters in the area.

First Nations land, also known as Indigenous land or reserve land, is land set aside for the use and benefit of Indigenous communities. Ownership and governance on First Nations land are often subject to specific laws and regulations established by the Indigenous community and federal government.

In some cases, non-Indigenous individuals may be able to lease land or purchase homes on leased land from First Nations communities, but outright ownership of land by non-Indigenous individuals on First Nations reserves is typically not permitted.

Buyers should carefully review the terms of the lease agreement, including lease duration, renewal options, restrictions on land use, and any requirements for community involvement or approval.

While non-Indigenous homeowners on leased land have rights to use and enjoy the property, they must also adhere to the terms of the lease agreement, respect the authority of the First Nations community, and contribute to lease payments and maintenance costs.

Working with real estate professionals experienced in transactions involving First Nations land, conducting thorough due diligence, and fostering open communication with the Indigenous community can help facilitate a successful purchase process.