FAQ
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.
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