Real estate questions, straight answers.
The real estate questions buyers and sellers ask me most, about the process, the costs and the rules in BC. Cannot find yours? Just ask me.
65 real estate questions, seven topics.
This is general information, not legal, tax or financial advice. Rules change, so we will always check what applies to you.
Working with a realtor.
Still have a question? Book a free call 778 900 1010
Do I need to be ready to buy or sell?
Not at all. Many people reach out a year or more before they move. Early advice often saves you money later.
Does a first call cost anything?
No. The first conversation is free and there is no obligation to work with me.
Do I have to pay you to help me buy?
Usually not directly. In most Metro Vancouver sales the buyer's agent is paid out of the seller's side of the deal. We'll go over how it works for your purchase, in writing, before we start.
How do I check that a realtor is licensed in BC?
Every realtor in BC must be licensed by the BC Financial Services Authority (BCFSA). You can look up any licensee by name on the BCFSA website and see their brokerage and licence status.
What is the Disclosure of Representation in Trading Services form?
It is a BCFSA form your realtor must go over with you before helping you. It explains whether the realtor represents you, and what that means for the advice and duties you can expect.
Can one realtor represent both the buyer and the seller?
Not in most cases. Since 2018, dual agency has been mostly prohibited in BC, so the buyer and the seller each have their own representation. Ask me how this works for your situation.
Which areas do you work in?
All across Metro Vancouver, from the North Shore to Richmond, Delta, the Tri-Cities and the Fraser Valley. See the area guides.
Can you help if I am moving from another city or country?
Yes. I can do video tours, explain the neighbourhoods and help you plan the move from wherever you are now.
Can we meet in person?
Of course. We can meet at the Oakwyn office in North Vancouver, at your home or anywhere that is easy for you.
Real estate questions about buying in BC.
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Should I get pre-approved first?
Yes. It tells you your real budget and makes your offer stronger. I can introduce you to mortgage brokers I trust.
How do the daily listing emails work?
After our first call I set up a saved search on the MLS® with your areas, budget and must-haves. New listings and price changes that match are emailed to you automatically every day. You can ask me to change or pause it at any time.
Can you show me homes listed by other agents?
Yes. I can book showings for almost any home on the MLS®, whoever the listing agent is. If you see something online, send it to me and I'll set up a time.
What happens after my offer is accepted?
Most offers have subjects, such as financing, an inspection and a review of the strata documents. We work through them together before the deadline, then remove them in writing. After that the sale is firm and your lawyer or notary handles completion.
What are subjects, and how long do they last?
Subjects are conditions in your offer, such as financing, a home inspection or reviewing strata documents. They usually last about a week. Once you remove them in writing, the sale is firm.
What is the home buyer rescission period?
In BC, most residential purchases come with a three business day rescission period after your offer is accepted. If you back out in that time, you pay a fee of 0.25% of the purchase price. I will explain how it applies to your home.
How much deposit will I need?
Often around 5% of the price, paid once your subjects are removed and held in trust. It counts toward your down payment. The amount can be negotiated, and I'll tell you what is normal for the home you are buying.
Do I need a home inspection on a condo?
It is a good idea. An inspector checks the unit itself, while the strata documents tell you about the building. Together they give you the full picture before you remove subjects.
What strata documents should I review?
The Form B Information Certificate, the depreciation report, recent strata minutes, the bylaws and the financial statements. They show the strata fees, any special levies and the repairs coming up. I go through them with you.
What is a property disclosure statement?
It is a form where the seller shares what they know about the home, such as leaks or past repairs. It is common in BC but not required, and it does not replace a home inspection.
Are there programs for first-time buyers?
Yes. In BC you may not pay property transfer tax on a home up to $835,000, and federal programs like the First Home Savings Account and the RRSP Home Buyers' Plan can help with your down payment. The rules change, so we'll check what applies to you.
Can people who are not Canadian buy a home in BC?
There are limits. A federal ban on most non-Canadians buying residential property is in place until January 1, 2027, with some exceptions. Foreign buyers who can buy may also pay an extra BC property transfer tax in Metro Vancouver.
Selling a home in BC.
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How do you pick the list price?
I look at recent sales of homes that are genuinely comparable to yours, what else is on the market right now and how buyers are behaving in your area. Then I recommend a price and explain why.
Should I renovate before I sell?
Usually not. Small, cheap fixes and good staging tend to pay off better than big projects. I'll tell you honestly what's worth doing.
What does it cost to sell?
The main costs are the real estate commission, GST on the commission, legal fees and any mortgage discharge or penalty. We'll go over the commission in writing before we sign anything, and the sell and buy calculator shows what you could walk away with.
How long will it take to sell?
It depends on the price, the area and the season. A well-priced home that looks its best usually gets the strongest interest in its first few weeks. I'll show you how long similar homes near you have taken to sell.
How do you market my home?
Professional photos, a listing video and floor plans, the MLS®, social media and my network of buyers and agents. Every home is different, so we'll agree on the plan before we list.
Do I need to be home for showings?
No, and it's better if you're not. Buyers relax and stay longer when the owner is out. I'll arrange showings around your schedule and let you know how each one went.
What happens when offers come in?
I lay every offer out side by side, including price, deposit, subjects and dates, so you can compare them properly. Then I negotiate for the best overall deal, not just the highest number.
Can I buy and sell at the same time?
Yes. We plan both sides together, including timing, subjects and completion dates, so you aren't stuck carrying two homes or left with nowhere to live.
Do I pay capital gains tax when I sell my home?
Usually not on your principal residence, thanks to the principal residence exemption. A rental, a second home or a property you held for a short time can be taxed. Talk to an accountant about your situation.
What is the BC home flipping tax?
Since January 1, 2025, BC taxes profit from selling a home you owned for less than two years. The rate is highest in the first year and drops to zero after 730 days, with some exemptions for life events. Federal rules can also tax a quick sale as business income.
Mortgages, taxes and costs.
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How much do I need for a down payment in BC?
In Canada the minimum is 5% of the first $500,000 of the price and 10% of the part above that, for homes under $1.5 million. Homes at $1.5 million or more need at least 20% down.
What is CMHC insurance and when do I pay it?
If you put down less than 20%, your lender needs mortgage default insurance. The premium is a percentage of your mortgage, from 2.80% to 4.00% depending on your down payment, and it is usually added to the mortgage rather than paid in cash.
What is the mortgage stress test?
Lenders check that you could still afford the payment at a higher rate: your contract rate plus 2%, or 5.25%, whichever is higher.
How do lenders decide how much I can borrow?
They look at two ratios. Your housing costs (mortgage, property tax, heating and half of the strata fee) should be under about 39% of your gross income, and all your debts together under about 44%. They also test the payment at a higher rate.
Should I choose a fixed or variable rate?
A fixed rate keeps your payment the same for the whole term, which makes budgeting easy. A variable rate moves with the lender’s prime rate, so your payment or the interest portion can change. Variable has often been cheaper over time, but it comes with more uncertainty. It really depends on your budget and how comfortable you are with change.
Can I get a 30-year amortization?
With 20% or more down, many lenders offer up to 30 years. With less than 20% down, first-time buyers and buyers of newly built homes can get a 30-year insured mortgage, with a small extra insurance premium. Everyone else is limited to 25 years on an insured mortgage.
Can I use my RRSP or FHSA for the down payment?
Yes. First-time buyers can take up to $60,000 each from their RRSP through the Home Buyers’ Plan and pay it back over 15 years. A First Home Savings Account lets you save up to $40,000 tax-free, and you do not have to pay it back when you use it for your first home.
What closing costs should I budget for in BC?
Plan for property transfer tax (unless you qualify for an exemption), a lawyer or notary, title insurance, a home inspection, sometimes an appraisal, and adjustments for property tax or strata fees the seller already paid. Turn on closing costs in the advanced calculation above to see an estimate for your price.
When do I pay property transfer tax?
On completion, when the property is registered in your name at the Land Title Office. Your lawyer or notary collects it and pays it for you.
Do first-time buyers pay property transfer tax?
Eligible first-time buyers in BC pay no property transfer tax on the first $500,000 of a home worth up to $835,000, with a partial exemption up to $860,000. Newly built homes have their own exemption up to $1.1 million.
Can I add property transfer tax to my mortgage?
No. It has to be paid in cash on completion, along with your down payment and legal fees.
What is the speculation and vacancy tax?
It is a yearly BC tax aimed at homes left empty in Metro Vancouver and other designated areas. Every owner in those areas has to send in a declaration each year, even if they owe nothing.
What is the Vancouver Empty Homes Tax?
The City of Vancouver charges a tax on homes that sit empty for more than six months of the year. Owners in Vancouver must declare their property status every year.
What is the home owner grant?
It lowers the property tax on the home you live in. You apply for it each year with your property tax notice, and seniors and some other owners can get a larger amount.
Buying a pre-sale.
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Is there a cooling-off period on pre-sales?
Yes. Under BC's Real Estate Development Marketing Act you generally have seven days to cancel after you receive the disclosure statement. We use that week to go through everything properly.
How much are pre-sale deposits in Vancouver?
Usually 15% to 20% of the price, split into two to four payments over the first year or so. Some projects ask for less. The schedule is in the contract.
Do I need a mortgage when I sign?
Not usually, but you should know you'll qualify at completion. I'll connect you with a mortgage broker who works with pre-sales, so your deposits and financing line up.
When do I get the mortgage for a pre-sale?
At completion, often two to four years after you sign. You can get a pre-approval early, but the final approval is based on your situation and rates at completion.
Do I pay GST on a pre-sale?
Yes, GST applies to new homes. First-time buyers may get some or all of it back through the federal First-Time Home Buyers' GST Rebate, depending on the price. The mortgage calculator shows the GST and rebate for your price.
Do I pay property transfer tax on a new home?
Usually at completion, but BC's newly built home exemption can remove some or all of it below certain prices. The transfer tax calculator shows what applies to you.
What if the completion date changes?
Pre-sale contracts usually give an estimated completion date and allow the developer to extend it within limits. We check those terms before you sign, so you can plan your rent, sale or financing around them.
Can I sell my contract before completion?
Some contracts allow an assignment, usually with a fee and conditions from the developer, and there are tax rules to think about. We check these clauses before you commit.
Does it cost more to use my own agent?
Usually not. In most projects the developer pays the buyer's agent. We'll go over how it works for your purchase, in writing, before we start.
Investing, renting and moving up.
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Is renting really throwing money away?
Not always. Owners pay interest, property tax, strata and upkeep that they never get back either. The real question is which path leaves you with more, and this calculator compares both fairly.
Should I buy first or sell first?
Selling first means you know your budget but may need a short-term rental. Buying first means you may need a bridge loan if the dates do not line up. We can plan the timing so the gap is as short as possible.
What is a bridge loan?
A short-term loan that covers your down payment when your new home completes before your sale does. It is paid back from your sale proceeds and usually costs prime plus 2% to 3% plus a fee.
Will I pay a penalty to break my mortgage?
Often, if you are partway through a term. Fixed rates usually charge the greater of three months of interest or the interest rate differential. Ask your lender, or ask if you can move the mortgage to the new home.
How much do I need to put down on a rental?
Usually at least 20% for a property you will not live in. Some programs allow less for owner-occupied homes with a rental suite.
What is a good cap rate in Metro Vancouver?
Cap rates here are often between 2.5% and 4%, lower than in many other cities. Investors usually rely more on growth in value and rent over time than on cash flow in the first years.
Are there extra taxes on rental properties in BC?
Rental income is taxable, and the BC speculation and vacancy tax can apply if a property sits empty in many areas. Get tax advice for your situation.
Choosing where to live.
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Which area is best for families?
It depends on your budget and commute. Families often like Lynn Valley and Edgemont in North Vancouver, Burke Mountain in Coquitlam and Willoughby in Langley for parks, schools and newer homes. We'll compare a few based on what matters to you.
Where can I get more space for my budget?
Prices generally ease as you move east into the Tri-Cities, Maple Ridge, Surrey and Langley. You can often get a bigger home or a yard for what a condo costs closer to downtown.
How do I check school catchments?
Each school district publishes catchment maps, and they can change. I'll help you check the schools for any home we look at, and you can confirm with the district before you buy.
How do I know what homes sell for in an area?
Ask me for recent sales. I'll pull the latest numbers for the neighbourhood and type of home you're interested in, and explain what's behind them.
Other real estate questions? Ask me directly.
No obligation and no sales pitch. Just a clear picture of your options, so you can decide what is next.
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Office101-3151 Woodbine Drive, North Vancouver, BC
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