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 when you start to look at properties.  It will also put you in a great position for when you do decide to make an offer on a home!  I can recommend a few great mortgage brokers.  I'm happy to pass along their contact information if you'd like to send me an email.

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! 

Buyers: The biggest closing cost, other than your down payment, will likely be property transfer tax and, in some cases if you're purchasing a brand new home, GST.  GST is 5% on top of the purchase price.  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.  

Sellers: For sellers, the biggest closing cost will be REALTOR® commissions.  Other expenses can include any mortgage prepayment penalties, capital gains taxes, lawyer or notary fees for conveyancing, moving expenses, and adjustments for utilities such as property taxes. 

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. 

When convenient, you can send me an email at or call/text (250) 589-8129 and I'll be happy to help 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. 

The rescission period (aka the cooling off period) allows a buyer to rescind their offer within three (3) business days after the accepted offer date.  The business days do not include Saturday, Sunday or a holiday in BC.  If a buyer gives written notice to the seller and/or their agent  to rescind their offer, within 3 business days after the accepted offer, then the buyer has to pay a rescission fee. 

The rescission fee is 0.25% of the purchase price.  For example, if the purchase price is $1,000,000 then the rescission fee is $2,500.  This is only due if the buyer rescinds their offer within 3 business days.  There is no rescission period for a seller.   A buyer cannot waive their rescission right and the rescission period begins after an offer is accepted and runs concurrently with any conditions in the offer.