Frequently Asked Questions

How much is my home worth?

Your home’s value is determined by several important factors such as:

  • The sale prices of similar homes in your neighborhood that have sold recently.
  • Your home’s location and proximity to schools, employment, shopping and recreation.
  • The size and usable space of your home and, if applicable, your lot. Buyers pay a lot of attention to the size and number of bedrooms and bathrooms.
  • The age and condition of your home. Homes that are move-in ready are typically more valuable that homes that need renovations or repairs.
  • What upgrades, updates and renovations have been carried out to improve or modernize the house.
  • The local market. For example, when there are a lot of buyers and low inventory, typically homes will sell for more.
  • The strength of the economy. Low interest rates and a low unemployment rate will drive demand which drives up prices.

What expenses are part of selling a home?

  • Commission. The seller always pays the commission of both the selling and buying agent.
  • Lawyer/Notary for closing
  • Repairs/renovations/home improvements that may be needed to make the home attractive to buyers.
  • Marketing expenses should be covered by your realtor.
  • Home staging is typically covered by the seller.

What should I think about when buying a condo?

  • How well does the strata council function? Do they have a history of getting things done and serving the owners?
  • Overall condition of building. How well has it been maintained? Does it have any features or weaknesses that are known to cause problems?
  • Contingency fund. How much money is available for repairs and upgrades? How much is already committed to approved projects?
  • Upcoming levies. Will one-time levies be needed in the foreseeable future to repair or improve the building?
  • Review all strata documents.
  • What are the bylaws?
  • What restrictions are in place?
    • age restriction
    • rental restriction
    • pets

What expenses are part of buying a home?

  • Property purchase tax
  • New home GST
  • Notary/Lawyer
  • Building inspection
  • Bank appraisal
  • Foreign buyer’s tax

What are the Steps From offer to closing?

  • Buyer submits offer documents to bank or mortgage broker
  • Bank will do appraisal
  • Buyer orders building inspection
  • Buyer fulfill subjects in contract
  • Buyer sign off on subject removal
  • Buyer deposit upon subject removal
  • Realtor submits documents to lawyer/notary
  • Prepare for moving day
  • Buyer and seller sign documents with lawyer prior to moving date
  • Buyer walkthrough with realtor on move-in day
  • Sellers clean the home and remove all belongings and debris
  • Sellers to make sure speculation tax and empty home tax declarations are up to date
  • Possession

Do I need a home inspection?

Yes! A home inspection is the only way to know if you are in fact getting what you payed for.