Find a real estate agent: This is harder than it sounds, there is over 11,000 in BC so how do you know which one to pick! Open houses are a great way to start, find the area that you are considering and start going through listings that are open during the weekend. It doesn’t matter what the price range is, you will get to know a few agents that way and through casual conversation you will find out if they are knowledgeable and personable. You will be spending a lot of time with them so it is kind of key that you get along!
There are many different areas to live in Vancouver. I primarily focus on the downtown core. There are 8 distinct areas: Crosstown, Tinseltown, Gastown, Yaletown, Coal Harbour, Westend, False Creek North, and the Downtown core.
Then all you have to do is find a place and put in an offer! Once you have an accepted offer, which means you have agreed to a price and now you are going to do some research into the building/house you have potentially purchased. Your agent will go over with you the different types of subjects to which would be suitable to your offer. Typically you will have a week to 2 weeks to review information and then decide if you want to go into a firm and binding contract as long as nothing to major has come up.
The British Columbia province defines this tax and it has to be paid before the purchase can be completed. 1% of first $200,000 and 2% on remaining balance. If you are a first time homebuyer and meet a few requirements this is exempt up to $425,000. For more information visit : http://www.sbr.gov.bc.ca/business/property_taxes/property_transfer_tax/first_Time_home_buyer.htm
These legal fees cover the cost of transferring your new property title and recording it in the Land Title Office. As well, if you are obtaining a new mortgage there is also a fee to prepare and register the mortgage documents.
This is an option that will most likely be one of your “subject to” in you addendum. You are not required by your lender to get one, but I would highly recommend getting one as it will bring an potential or latent defects in the unit or building to light. $400 - $600
Some lenders require an appraiser’s report which confirms that the purchase reflects fair market value. Depending on how much you put down this requirement is sometimes waived: $100 - $200
Property taxes are calculated from January – December and are paid at the end of June. If the property tax for the year, you will be required to reimburse the current owners for your share of the taxes.
Harmonized Sales Tax (HST)
This is only applicable to newly constructed homes that have never been occupied. You may be eligible for a tax rebate. For more information click on the following link. http://www.cra-arc.gc.ca/E/pub/gp/rc4028/