Question 1

How much do you need for a down payment in Vancouver?

Accepted Answer

Minimum 5% on the first $500,000 of purchase price and 10% on the portion from $500,000 to $1,500,000. Homes over $1,500,000 require 20% down. CMHC insurance applies under 20%.

Question 2

Do you need a buyer's agent and who pays them?

Accepted Answer

A buyer's agent represents your interests, not the seller's. In British Columbia the seller typically pays both sides of the commission out of sale proceeds, so working with a buyer's agent usually costs the buyer nothing directly.

Question 3

How long does it take to buy a home in Vancouver?

Accepted Answer

From offer accepted to keys in hand is typically 30 to 60 days. Mortgage approval, inspection, and strata-document review usually take 7 to 14 days of the subject-removal period.

Question 4

What is the Property Transfer Tax in BC?

Accepted Answer

1% on the first $200,000, 2% on the portion to $2,000,000, 3% above $2,000,000, and an additional 2% on the portion above $3,000,000 for residential property. First-time buyers and new builds may qualify for exemptions.

How would you like to find your next home?

Common questions from buyers

How would you like to find your next home?

Common questions from buyers