First Time Home Buyers

I've created this page specifically for first time home buyers to provide an outline of what the home buying process will look like. Buying your first home can feel like intimidating, but I can assure you that with my guidance we will be able to achieve your real estate dreams. Below is a soft outline of what the process looks like once we get to the pre approval stage. With that being said, if you're not quite there yet please reach out so we can create a plan together to get you there!

Book a Buyer's Consultation

PRE APPROVAL

This will help us determine what kind of budget we are working with. It is so helpful for myself and mostly for you so that when we begin looking we know that we're looking in the right place that is best for you.

SEARCH & SHOWINGS

I will set you up on a customized search tailored for you, this will help you get a feel for what's out there as well as show you the sale prices of the type of home that you're looking for so that no matter what type of market we're in, nothing will come as a surprise. Once we get a feel for what you like and don't like we will get to the fun part and start looking!

OFFERS & NEGOTIATION

Once we find you your perfect home and are wanting to place an offer, I will negotiate on your behalf to secure you the best terms possible.

ACCEPTED OFFER

After the proper terms have been negotiated on your behalf and the seller accepts our offer, we then have 7-10 days to complete our due diligence on the property, also known as subjects. Subjects can include Financing, Inspection, Title Review, PDS Review, Insurance, Strata Documents, etc.

SUBJECT REMOVAL

After our 7-10 days if we're happy with the results and have achieved your final lending approval we will move forward with subject removal. At this time the deposit is also due. Your deposit on the home is inclusive towards your down payment.

IN BETWEEN

The average time after subjects are removed to getting your keys is typically 5-8 weeks. During this time you will choose a lawyer or notary, closer to completion they will contact you to arrange a time for signing and have a statement of adjustments prepared for you to break down the remainder of your down payment.

COMPLETION DAY

This is when the funds from your mortgage is transferred to the seller. This often takes place a couple of days before getting your keys.

KEYS TO YOUR NEW HOME

COSTS TO CONSIDER

Here are some costs to consider prior to buying your first home. We will go over this in further detail upon our initial meeting.

DOWN PAYMENT

As a first time buyer you may benefit from the First Time Buyers Program requiring 5% down. Lender and Government policies may vary time to time.

$1 - $500,000 = 5% Minimum
$500,000 - $750,000 = 10% Minimum
$1,000,000 and above = 20% Minimum

property transfer tax

First $200,000 ••••• 1.0%
$200,001 - $2,000,000 ••••• 2.0%
$2,000,001 - $3,000,000 ••••• 3.0%
Over $3,000,001 ••••• 5.0%

As a first time home buyer you may qualify for a full exemption of property transfer tax if your new home is less than $835,000. If you purchase a home with a fair market value of more than $835,000 and less than $860,000 you may qualify for a partial exemption.

If there's no exemption the property transfer tax will be payable upon completion of your purchase.

OTHER COSTS

Legal Fees
Inspection
GST (for new homes, can be added to mortgage)
Mortgage Insurance (for less then 20% down, can be added to mortgage)

COSTS WHEN YOU ARE A HOMEOWNER

Insurance
Property Tax
Strata fees
Utilities