Before you buy real estate in British Columbia, consider these facts.
1. Be aware of the BC Property Purchase Tax which, as of 2016, was as follows:
- 1% on the first $200,000
- 2% on the balance up to a maximum of two million dollars
- 3% on amounts over two million dollars.
2. If you are a first-time home buyer, you are exempt from paying the Property Purchase Tax if you are buying a home in Metro Vancouver for $500,000 or less.
3. You, as a buyer, do not pay for the services of your REALTOR®, the Seller pays.
4. Be aware of the full costs of buying real estate. We will go over the various costs with you and let you know about the hidden expenses of buying.
5. REALTORS® have access to new listings before you see them on the MLS®. Have your agent show you these new listings before the public sees them on the MLS®.
6. Listing price is not necessarily market price. Ask your REALTOR® to check for comparable homes that have sold in your area.
7. Low-balling a steeply priced home can end up costing you more money or can kill the negotiating process.
8. Your REALTOR® will ask you to put all offers in writing. Why? It’s the law.
9. There are five basic subject protective clauses for a buyer in an offer for a detached house which are as follows:
(1) Subject to Financing,
(2) Subject to Inspection,
(3) Subject to PDS (Property Disclosure Statement),
(4) Subject to the Title Search,
(5) Subject to Approval of house insurance. The clauses protect the buyer during the contract’s due diligence period, and subjects will be removed if an offer is accepted.
10. We recommend that you use a qualified registered house inspector before you remove subjects. A good inspector can save you from purchasing a problem home.