Know your number
Start with the price a lender would approve. Lenders test your payment at a higher rate, which often lowers that price.
Then check the monthly payment against your budget. An approval is the most you can borrow, not a goal.
Save for closing costs
Your down payment is not the only cash you need. Property transfer tax, legal fees, an inspection, adjustments and moving all come due around completion day.
First-time buyers can be exempt from some or all of the transfer tax.
Know what you are buying
Most first homes in Metro Vancouver are strata homes. You own your unit and share the building, its repairs and its rules with every other owner.
Before you commit, read the strata documents. The Form B shows the fees, any special levies and the money in the contingency reserve fund.
Write an offer that protects you
Subjects let you walk away if the financing, the inspection or the strata documents do not check out. Once you remove them, the deal is firm.
Have your deposit ready before you write. It is usually due soon after the seller accepts.
Checklist
Which of these have you already done?
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