When you’re ready to buy a home in Vancouver we recommend starting by making a detailed “wish list” of what you want, and need, in a home. We can help you prioritize your list, suggest features you may have overlooked, and let you know what’s realistic to expect in our red-hot housing market.
For a conventional mortgage, you must pay at least 20% of the purchase price as a down payment. However, you can find mortgages that require as little as 5% down that are fully insured by CMHC and Genstar.
The Home Buyers' Plan, a federal government initiative lets eligible home buyers withdraw up to $25,000 from their RRSP to buy/build a qualifying home. Couples, partners or roommates can withdraw up to $50,000. Once the RRSP is repaid, home buyers can participate more than once.
New downpayment rules went into effect February 15th, 2016: for any portion of a house price over $500,000, buyers now need to provide 10 per cent downpayment for an insured mortgage. The minimum downpayment for the first $500,000 remains at 5 per cent.
Most homebuyers will need a mortgage. We can calculate how much you’re eligible to borrow based on your income and level of debt. And if you’re one of every six British Columbians self-employed, have no fear, you can still qualify. An online mortgage affordability calculator is also a useful tool to determine how much you can afford.
Don’t forget about the additional costs you’ll need to budget for when buying a home. These include mortgage insurance, taxes, legal fees, house insurance, inspection reports, appraisal and survey fees. If you are a first time homebuyer, you may be exempt from the Property Transfer Tax.
Once you’ve got your budget fully in hand then its time to start thinking about location. Where you live is as important as property you choose so start by deciding on neighbourhood you’d like to call home and why.
Things to think about when you’re deciding on a neighbourhood:
Once you’ve determined your key requirements we can quickly source information about potential neighbourhoods, pricing trends and community info to help you hone in on areas that best suit your requirements.
The type of hope you want – be it a condo, townhouse, single family house, or new build – is the next thing you’ll need to determine. The best place to start is our ideas and tips on finding the right home for your lifestyle.
Happy House Hunting!