Buying a home can be both exciting and sometimes overwhelming.
Here are steps you can follow to make your search a successful one.

Determine What You Can Afford

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which typically represents between 5 – 25% (or more) of the total price of the property. In addition to the actual purchase price, there are a number of other one-time expenses outlined below that you might be expected to pay for.

Obtain a Pre-Approved Mortage

A pre-approved mortgage protects you against interest rate increases while you look for your new home.
Speaking with a Mortgage Specialist will help you select the best financing available and we can refer you to an experienced professional.
Once you’ve found the home you want to purchase you’ll require the following in order to confirm financing:

1. A copy of the real estate listing of the property.
2. A copy of the offer to purchase or the building contract.
3. Documents to confirm employment, income and source of pre-approval.

Typical One-Time Expenses

Expense

Mortgage Application
& Appraisal Fee (if applicable)

Property Inspection

Legal Fees

Legal Disbursements

Property Survey (sometimes provided by seller)

Property Transfer, Deed Tax or Sales Tax

Mortgage Interest Adjustment & Take Over Fee (if applicable)

Adjustments for Utilities, Property Taxes, etc.

Mortgage Insurance(and Application Fee if applicable)

Home and Property Insurance

Monthly Expenses

Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.

Taxes

Property Transfer Tax: 1% on first $100,000 and 2% on Balance. (plus if foreign buyer, additional 20% applies)
Exemption for First Time Home Buyers is available.

City of Vancouver Empty Homes Tax: If not principal residence or if foreign buyer the tax applies. 1% of Property Assessed Value. Exempted if property is rented/occupied or has rental restrictions.

BC Speculation Tax: 0.5% of property assessed value for year 2018.
For 2019 and thereafter:
0.5% for BC residents
1% for Canadians
2% for Foreigners
Exempt if rented/occupied for 6 months or more or has rental restrictions.