BUYING YOUR FIRST HOME?

No, but many buyers choose to use one because they can provide expertise, access to properties, and guidance through the buying process.

The Property Transfer Tax (PTT) in BC is a tax paid upon the transfer of real estate. This is the current as of March 5, 2024.

• 1% of the fair market value up to and including $200,000
• 2% of the fair market value greater than $200,000 and up to and including $2,000,000
• 3% of the fair market value greater than $2,000,000

Further 2% on residential property over $3,000,000

If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000. 

This is an additional property transfer tax applied to foreign entities or taxable trustees. The rate may vary, but it’s important to consult current regulations or an accountant for exact details.

Once you remove all subjects/conditions and the deal becomes firm, backing out usually has consequences, often the forfeiture of your deposit. Always consult with a legal professional about contractual obligations.

Closing costs usually range from 1.5% to 4% of the purchase price. This includes items like the Property Transfer Tax, legal fees, adjustments, and more.

While not mandatory, it’s strongly recommended to get an inspection for peace of mind and to uncover potential issues with the property.

Strata properties are like condominiums where you own your individual unit and share ownership of common areas. There are monthly strata fees and specific rules (bylaws) owners need to follow.

Typically, buyers get pre-approved first to understand their budget. After making an offer, they finalize the mortgage with their lender. This includes providing documents, finalizing terms, and setting up payments.

No, there isn’t a standardized cooling-off period for resale homes. However, there may be a rescission period for new homes directly from developers.

With regards to this – there is only a rescission period and that is 3 days from the date of acceptance and there is a financial penalty of 0.25% of the purchase price if the buyer backs out of the offer prior to the 3^rd day.

From the website Also known as the “cooling-off period,” this measure will give homebuyers up to three business days to rescind an offer on a home after the offer has been accepted.

The seller may choose the most attractive offer based on price, conditions, and other factors. It’s possible to be in a “bidding war” where buyers may increase their offers to outbid others.