Minimum Down Payment Requirements:

• Up to $500,000 = 5%
• $500,000 - $999,999 = 5% on first $500K, 10% on portion above $500,000
• $1,000,000 and more = 20%
• If you use my App, the calculator can be set to “use minimum down payment” (calculated automatically)
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  The only real government “assistance” is the FTHBI, in which the government will loan 5% (10% on new construction), provided that the minimum down payment requirements are already met: nobody really uses it, as it is of questionable benefit (slight reduction in mortgage payment) and can both be costly (in the long run) and is difficult to qualify-for in the first place. The full details are here: https://www.placetocallhome.ca/en/fthbi/first-time-homebuyer-incentive.

Our services for Buyers are always free.                                                                   

Pre-Closing Costs:

• Appraisal Fees – Lenders may require an independent appraiser to determine if the selling price is reasonable and meets its lending criteria. Appraisal fees range between $300 - $500.
• Home Inspection Fee –  Approximate costs range between $300-$500.

Closing Costs

• Legal Fees – Sellers and Buyers are responsible for legal fees.  These can range between $1000-$1500.
• Property Transfer Tax (PPT) –  In BC, a PPT is charged on every purchase at 1% on the first $200,000 plus 2% on the next $200,000 - $2,000,000 plus 3% tax on the portion above $2,000,000. First Time Home Buyers are exempt from this tax up to $525,000. 
• Title Insurance – Typical costs between $150-$500. 
• Mortgage Insurance – If your down payment is less than 20%, you will need to pay a premium of 1%-5% depending on the mortgage amount and amortization.

Post-Closing Costs

• Home Insurance – Buyers will need purchase home insurance to protect against significant damage and contents. The cost will vary depending on the coverage you choose.
• The above are just a few key closing costs to keep in mind but there can be others depending on the type of property and location.

Our services for Buyers are always free.

Duties to clients

Subject to sections 31 [modification of duties] and 32 [designated agency], if a client engages a brokerage to provide real estate services to or on behalf of the client, the brokerage and its related licensees must do all of the following:

1. act in the best interests of the client;
2. act in accordance with the lawful instructions of the client;
3. act only within the scope of the authority given by the client;
4. advise the client to seek independent professional advice on matters outside of the expertise of the licensee;
5. maintain the confidentiality of information respecting the client;
6. without limiting the requirements of Division 2 [Disclosures] of Part 5 [Relationships with Principals and Parties], disclose to the client all known material information respecting the real estate services, and the real estate and the trade in real estate to which those services relate;
7. communicate all offers to the client in a timely, objective and unbiased manner;
8. use reasonable efforts to discover relevant facts respecting any real estate that the client is considering acquiring;
9. take reasonable steps to avoid any conflict of interest;
10. without limiting the requirements of Division 2 [Disclosures] of Part 5 [Relationships with Principals and Parties], if a conflict of interest does exist, promptly and fully disclose the conflict to the client.