First Time Home Buyers

- Talk A Mortgage Broker & Get Pre-Approved
- Review Purchasing Costs

• Property Transfer Tax (1% of the 1st $200K & 2% on the balance)
• H.S.T (12%) brand new property only
• Legal Fees (Notary / Lawyer) average of $850 - $1300
• Deposit (minimum 5% & forms part of the purchase price)

• Mortgage Costs
• Property Insurance / Home & Content
• High Ratio Mortgage Premium (borrowing over 80%)
• Appraisal Fee (average $350)
• Survey / Certificate of location (Houses only)
• Property tax / utility bill adjustment
• Professional Home Inspection (average of $350 - $500)
• Moving preparation & costs
• Ongoing & last minutes costs

- Review First Time Buyer Rebates & Savings

• R.R.S.P tax free withdraw (up to $25K / person, 13yrs to repay)
• Property Transfer Tax Rebate (No P.T.T under $425K for 1st time Principal Res)
• Basic Home Owners Grant
• H.S.T Rebate (max rebate $26,250 on homes over $525K)

- Define Your Criteria

• Needs Vs. Want analysis
• Neighborhood analysis (likes & dislikes)

- Become an expert

• Determine what your budget will get you in the neighborhood of choice
• View selected property details within neighborhoods of choice
• Tour open houses of qualified homes
• Through process of elimination determine what home(s) are worth writing an offer on

- Make an offer

• Draft Contract of Purchase & Sale
• Determine Price, Completion & Possession dates
• Determine Subjects (usual subjects: Inspection, Financing & Strata Paperwork)
• Submit Offer (with Expiry time & date)
• Sellers Options (Accept, Counter or let expire)

- Once offer is accepted

• Work through & remove all subjects
• Deposit placed into Macdonald Realty in Trust (Bank Draft)

- Select Notary Public / Lawyer
- Prepare for the move

To discuss the Vancouver Home Buying process in further detail please fill in the detail below or contact me direct for a consultation on what your criteria will buy in todays market.