Tri-Cities, BC realtor for first-time home buyers

In most BC purchases, the buyer's agent is paid out of the commission the seller already agreed to in their listing contract, so many buyers pay nothing directly. That isn't guaranteed: if you sign a buyer's agency agreement, it spells out what you would owe if the listing brokerage doesn't pay the agreed amount. Before I provide any services, we both sign BCFSA's Disclosure of Representation in Trading Services form, and I must disclose any remuneration my brokerage receives from the seller or anyone else. Commissions are negotiable and aren't set by BCFSA.

Many don't, thanks to BC's First Time Home Buyers' Program. If the home's fair market value is $835,000 or less, you pay no property transfer tax on the first $500,000 of the price, and a partial exemption applies between $835,000 and $860,000. You must be a Canadian citizen or permanent resident, have lived in BC for at least a year before registration (or filed at least 2 BC tax returns in the last 6 years), never have owned a principal residence anywhere, and move in within 92 days. Your lawyer or notary applies the exemption when your home is registered.

A First Home Savings Account (FHSA) lets you contribute up to $8,000 a year, to a lifetime limit of $40,000, and contributions are generally tax-deductible. The RRSP Home Buyers' Plan lets you withdraw up to $60,000 from your RRSPs toward your first home, which you repay over up to 15 years. You can use both for the same home if you meet the conditions for each.

Yes. The federal First-Time Home Buyers' GST/HST rebate can return up to 100% of the GST, to a maximum of $50,000, on a newly built or substantially renovated home valued at $1 million or less that will be your primary residence. The rebate is gradually reduced for homes between $1 million and $1.5 million, and there is none at $1.5 million or more. For a home bought from a builder, the purchase agreement must be signed on or after March 20, 2025 and before 2031.

For homes under $1.5 million, the minimum down payment is 5% of the first $500,000 plus 10% of the portion above $500,000; at $1.5 million or more it is 20%. For example, a $700,000 purchase needs at least $25,000 + $20,000 = $45,000 down. With less than 20% down you need mortgage loan insurance, and since December 15, 2024, first-time buyers can get up to a 30-year amortization on an insured mortgage instead of the usual 25 years.

In BC you can back out of an accepted offer on most homes within three business days by giving written notice and paying the seller 0.25% of the purchase price (for example, $1,750 on a $700,000 home). The period starts the next business day after acceptance, so an offer accepted on a Monday can be rescinded until 11:59 p.m. Thursday, barring holidays. It can't be waived and runs at the same time as your subjects. It doesn't apply to leasehold or leased-land homes, auctions, court-ordered sales, assignments, or presales covered by the Real Estate Development Marketing Act.

Start with the Form B Information Certificate, which shows strata fees, any special levies, and attaches the budget, rules and the most recent depreciation report. Then read recent council and AGM minutes, the bylaws, financial statements, the contingency reserve fund and insurance details. Look for upcoming major repairs, special levies, water or building envelope issues, high insurance deductibles and bylaws that affect you, like pets or renovations.

A condo is usually the more affordable way in, with less upkeep and often closer access to transit, shops and building amenities. A townhouse generally gives you more space, ground-level entry and often a small yard or patio, which suits people with kids, pets or a home office. Both are usually strata properties, so fees, bylaws and the building's condition matter as much as the unit itself.

It varies. Pre-approval can be quick once your paperwork is ready, and the search can take a few weeks or several months. After an offer is accepted, the subject period usually lasts several days, and completion is normally set several weeks after that. Completion and possession dates are negotiable, so we can plan them around your lease or move.

Subjects are conditions in your offer, such as financing approval, a home inspection and review of strata documents and title. During the subject period you do your homework, and when you're satisfied you remove subjects in writing. At that point the deal becomes firm, and walking away can cost you your deposit and more. That's why I help you make sure each condition is properly checked before you remove it.