First Time Home Buyers Advice for Vancouver

BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government reduces tax burden on first-time buyers First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to… Find out more

How to Buy a First Home 15 – Subject to Inspection & The Contract of Purchase and Sale

First Time Home Buyer Safety - Subject to Inspection in the Contract of Purchase and Sale! In Episode 14, we talked about Subject to Financing and how this is a powerful way to protect a first time home buyer when it comes to financing. Today we are going to talk about the Subject to Inspection clause in the Contract of Purchase and Sale and how this can protect a new home buyer in Vancouver. What is an Inspection When Buying a Home in Vancouver? An Inspection or Home Inspection as they are commonly referred to in Vancouver is when the… Find out more

How Vancouver Realtors Split Commissions

Are Real Estate Commissions Split in Vancouver? Yes! When a Realtor is hired by a Seller to list a property for sale, the Listing Contract states that the Seller will pay this Realtor (Sellers Agent/Listing Agent) a commission should the property sell during the period in which the Listing Contract is in force. Now, if a prospective seller was to calculate what they would have to pay in terms of commission (Want to know how much quick? Check out this Realtor Commission Calculator!), some might think it a lot of money to go to one person, but that's not really what's… Find out more

What is a Home Inspection in the Vancouver Real Estate Market?

Real Estate Home Inspections in the Vancouver Explained! There is a lot of confusion surrounding a home inspections in Vancouver particularly among first time home buyers. Common questions include: What is a Home Inspection? Whats included? Are home inspection for the benefit of the buyer? For the seller? For the bank/lender? Will the seller be able to see the inspection? etc. To answer these common questions, Dave Brighton from Brighton Home Inspections has been kind enough to meet with us to answer these questions for us. What is a Home Inspection in Vancouver? A home inspection is when a qualified… Find out more

What is an Appraisal? Vancouver Real Estate Terms

Real Estate Appraisals - A Vancouver Real Estate Definition A real estate appraisal is a concept that is commonly misunderstood Buyers in the Vancouver Real Estate Market. With this in mind, I brought in a mortgage expert, Chad Watts of the Mortgage Group to talk to us about Real Estate Appraisals. What is a Real Estate Appraisal in Vancouver? An Appraisal is a calculation of the subject property's (ie the property that a borrower wants to get a mortgage on) value by the Bank or Lender for the Bank or Lenders benefit. (NOT for the Buyers Benefit!) The Bank or… Find out more

Vancouver First Time Home Buyers Guide 14 – Offer Explanation – Subject to Financing

Top Vancouver Realtor Advice for First Time Home Buyers - Subject to Financing In Episode 13 of the First Time Home Buyers Guide for Vancouver, we discussed Subject Clauses in general. Today we're going to discuss the Subject to Financing Clause in detail and how it relates to and affects a real estate offer. Chad Watts of the Mortgage Group was kind enough to come and talk to us about subject to financing. What does Subject to Financing Mean? Subject to financing basically means that a Buyer, for up to 7 days after an offer is accepted, can walk away… Find out more