The 4 steps to Buying your First Home in Vancouver:
1) Get Ready
- CONTACT A MORTGAGE SPECIALIST & GET PRE-APPROVED
- Review Purchasing Costs
Property Transfer Tax (1% of the 1st $200K & 2% on the balance)
G.S.T / H.S.T (only on new property)
Legal Fees (Notary Public / Lawyer)
Home Inspection (if applicable)
High Ratio Mortgage Premium (only if borrowing over 80% of the purchase price)
Deposit (minimum 5% & forms part of the purchase price)
- Review First Time Buyer Savings
R.R.S.P tax free withdraw (up to 25K per person)
Property Transfer Tax Rebate (No P.T.T under $425K)
2) Get Set
- Define your Search Criteria
Needs Vs. Wants analysis
Neighborhood analysis (likes & dislikes)
- Become an expert
Determine what your budget will get you in your neighborhood of choice
View property details from listings in your neighborhood of choice
Tour open houses of qualified homes
Through process of elimination determine what home(s) interest you the most
3) Go
- Make an offer
Draft Contract of Purchase & Sale
Determine Price, Possession date & Completion Date
Determine Subjects (usual subjects: Inspection, Financing & Strata Paperwork) Info Videos
Submit Offer (with Expiry time and date)
Sellers Options (Accept, Counter or let expire)
- Once offer is accepted
Work through & remove all Subjects
Place deposit check into the Trust Account of your Realtors Brokerage (Bank Draft)
4) Congratulations
- Select Notary Public / Lawyer