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Here's A Few Other FAQs We Get A Lot:

 When's the best time to buy a house?

The best time to buy a house is whenever you are ready! It sounds cheesy, but it’s true. The market ebbs and flows with the changing of the seasons here in Vancouver, and there are pros and cons to each season.

For example, the Spring market provides more inventory to choose from but the market is substantially more competitive. In Winter, there are less houses on the market, but there is also less competition (less folks want to move in the winter). Schedule a short telephone call today

 What exactly are the closing costs?

Closing costs are fees and expenses that you pay when you close on your house, beyond the down payment. They include things like title insurance, homeowners insurance, appraisals, taxes and more.

The closings costs for Canadian residents are typically around 2.5% of the purchase price. Your lawyer and accountant will be able to give you a more accurate estimate of your actual closing costs. Foreign buyers are currently subject to an additional 20% tax. 

 Do I need 20% down to buy a house?

No you do not need 20% down to buy a home. Unless of course it is over 1 million dollars. Some lenders will ask for a minimum of 25% over 1.5 million.
With conventional loans you can have as little as 5% down. CMHC loans are similar, and have better terms for folks with lower credit scores or high debt-to-income ratios. 

With less money down other things will arise with your monthly payment though, like Private Mortgage Insurance (PMI).
This is all stuff you will talk to a lender about! A good lender will go through your finances with you and talk over all of your options.

 Do I pay my Realtor's commission?

Typically, no.
Most of the time the seller pays for both the Listing Agent’s commission and the Buyer’s Agent’s commission, which comes from the price the buyer and seller have agreed upon.

The only thing you will have to make note of is that some brokerages charge an admin fee. These range from $300-700 dollars and go directly to your agent’s brokerage, not into their own pocket. They typically help support full time office admin roles and other brokerage expenses.

 What additional costs are there?

There are a few additional costs to consider besides your downpayment when buying a home.
The first thing to note are closing costs. While we can negotiate who will pay these, they will still have to be paid at the time of closing. They are typically around 3% of the purchase price.

Secondly, home inspections are always highly recommended! They start at $500. Your Realtor will have a few great recommendations.

There are two other optional inspections that have gained traction over the years and these are Radon Testing and Oil Tank Scans. Both are around $250 each.

As noted in the question box above, a majority of brokerages have administrative fees. These can range from $300-700 dollars and go directly to your agent’s brokerage, not into their own pocket. They typically help support full time office admin roles and other brokerage expenses.
And other than any additional moving expenses you may have, that is it!

 What's the average price of a home in Vancouver?

Typically the actual median price of homes better reflects the most common price, compared to the “average” price. 

If the most expensive home sold at the time you're looking to buy, this price would skew the average price higher than most homes for that area. The median price takes that sale price out of the equation. 

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Tom Ikonomou 
RE/MAX City Realty
102-2806 Kingsway
Vancouver, BC V5R 5T5
Ph: 778.879.8366
Fax: 604.439.2299
Email: info@tomikonomou.com
TOM IKONOMOU

Vancouver Real Estate REALTOR®
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