Karel Palla & Darryl Sjerven
Vancouver Home Buying Guide
Getting Started: Making a Wish List
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.
Budget
In Vancouver’s volatile market, determining how much you can afford is key and will affect all your other home buying decisions. Your three main expenses to consider are your available down payment, your mortgage and the completion costs. The current interest rates will affect what you can afford for your mortgage.Down Payment
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.
Mortgage
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.
Completion and Other Costs
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.
Location, Location, Location
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:
- Do you have children that are school age, or will be soon?
- Do you have a vehicle or do you rely upon car sharing and transit?
- Are you downsizing from a larger home in a different area? Or upsizing from a condo or apartment?
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 Right Home for You
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!
Vancouver Home Buying Guide
Getting Started: Making a Wish List
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.
Budget
In Vancouver’s volatile market, determining how much you can afford is key and will affect all your other home buying decisions. Your three main expenses to consider are your available down payment, your mortgage and the completion costs. The current interest rates will affect what you can afford for your mortgage.Down Payment
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.
Mortgage
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.
Completion and Other Costs
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.
Location, Location, Location
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:
- Do you have children that are school age, or will be soon?
- Do you have a vehicle or do you rely upon car sharing and transit?
- Are you downsizing from a larger home in a different area? Or upsizing from a condo or apartment?
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 Right Home for You
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!
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4806 Main Street
Vancouver, BC, CA
V5V 3R8
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.