frequently asked questions

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I would recommend that you first meet with a mortgage broker to determine how much you can afford.  This is in an important first step because it will help you to set a realistic budget for what you are able to afford.  It will also put you in a great position for when you do decide to make an offer on a home!

Not necessarily, in some cases you may only need to have a 5% down payment.  You should reach out to a mortgage broker to determine how much you'll need to save for your down payment.  You may be able to buy a home earlier than you think! 

The biggest closing cost, other than your down payment, will likely be property transfer tax or, in some cases, GST.  Additional closing costs, as a home buyer, can include mortgage fees and insurance, home inspection costs, land survey costs,  lawyer or notary fees for conveyancing, and moving expenses such as rental trucks and accommodations.  

After a successful sale, the seller pays a certain percentage of the purchase price for REALTOR® commissions.  In most cases, the total commission amount is split between the listing agent and the buyer's agent.  As a result, there is no cost for a home buyer to use a REALTOR® when purchasing a home! 

A great starting point is to find out how much your home could sell for in the current market.  If you'd like an estimate of value, I'd be happy to prepare a comparative market analysis (CMA) for you.

The price of real estate is dependent on supply and demand.  A sellers market is when there is more demand (prospective buyers) than supply (available listings).  A sellers market is ideal if you're a home seller but very competitive for home buyers.  This is the market where multiple offers on a property are very common. 

The opposite is a buyers market, where there is more supply (available listings) than demand (prospective buyers).  A buyers market gives home buyers a competitive advantage since they have more listings to choose from, can negotiate more favourable terms, and have more time to make a purchase decision.