Resources for Metro Vancouver Home Buyers

A Mortgage calculator can help estimate monthly payments based on purchase price, down payment, interest rate, and amortization period.

These tools allow buyers to explore how different purchase prices or interest rates may affect their monthly housing costs.

Mortgage rates can vary between lenders and mortgage products. Comparing rates across lenders can help buyers better understand the current lending environment before speaking with a bank or mortgage broker.

Buyers who make a down payment of less than 20% may be required to obtain mortgage default insurance.

The Canada Mortgage and Housing Corporation (CMHC) provides helpful information explaining how mortgage insurance works and when it is required.

Property Transfer Tax (PTT) is one of the largest closing costs for buyers in British Columbia. The amount depends on the purchase price of the property.

The BC government provides official guidance and a calculator to help estimate the tax payable.

GST may apply when purchasing a newly constructed home or substantially renovated property. In some cases, buyers may qualify for a partial GST new housing rebate.

The Canada Revenue Agency provides information on how the rebate works and who may be eligible.

British Columbia provides a limited rescission period for many residential property purchases, sometimes referred to as a “cooling-off period.” This allows buyers a short window to reconsider their purchase under certain circumstances. There is a fee that applies.

Mortgage brokers can help buyers explore financing options across multiple lenders and identify mortgage products that suit their financial situation.

A notary public or real estate lawyer is required to complete the legal transfer of ownership when purchasing a property.

Find a notary public in BC here.

Many buyers choose to hire a professional home inspector during the due diligence period to better understand the condition of the property.

Find a home inspector in BC here.