Frequently asked questions…

FAQ – Buyers & Sellers | Real Estate in BC

For Buyers:

1. How do I start the home-buying process in BC?
The first step to buying a home in British Columbia—especially in markets like Vancouver—is to get pre-approved for a mortgage. This helps determine your budget. From there, we’ll discuss your needs and lifestyle preferences. We’ll review the neighbourhoods you love plus one’s you may not have thought of to help you find the perfect home. Once you’re ready, we’ll walk through writing an offer and negotiating terms.

2. What is a Buyer’s Market in real estate?
A Buyer’s Market occurs when there are more homes for sale than there are buyers. This gives you greater leverage to negotiate price, terms, or repairs. I closely monitor trends in the Greater Vancouver real estate market to help you time your purchase and make strategic offers.

3. What are closing costs for buyers in BC?
Closing costs typically range from 2% to 5% of the purchase price. These may include mortgage application fees, a home inspection, title insurance, legal or notary fees, and the Property Transfer Tax (PTT).

4. What is the Property Transfer Tax (PTT) in British Columbia?
The BC Property Transfer Tax is paid by the buyer when purchasing a property. Rates are:
– 1% on the first $200,000
– 2% on the portion between $200,001–$2,000,000
– 3% on the portion over $2,000,000
– An additional 2% applies to residential properties over $3 million
You may qualify for a first-time home buyer exemption or other rebates. Let’s discuss your eligibility.

5. How long does it take to buy and close on a home in Vancouver and surrounding area?
On average, it takes 30 to 60 days to find a property and close the sale, depending on market conditions and your readiness. I’ll work at your pace and help streamline each step of the buying process.

6. Is a home inspection necessary in BC?
Yes! A professional home inspection helps identify hidden issues that could affect property value or lead to expensive repairs. It’s an essential part of protecting your investment.

7. What is the 3-day rescission (cooling-off) period for resale homes?
In BC, buyers of resale properties have 3 business days to cancel their offer—no explanation needed. A rescission fee of 0.25% of the purchase price applies. I’ll walk you through how and when this applies to your transaction.

8. What is the 7-day rescission period for presale condos in BC?
For presale or new construction homes, BC law gives you 7 calendar days to cancel after signing the contract—penalty-free. This gives you time to review the developer’s disclosure statement and make an informed decision.

9. Do I need a real estate lawyer or notary in BC?
Yes. A lawyer or notary public is required to handle the legal aspects of your purchase, including transferring title, managing funds, and ensuring a smooth closing. I can recommend trusted professionals to support your transaction.

10. Can foreign buyers purchase residential real estate in BC?
Due to current federal restrictions, most foreign buyers are not permitted to purchase residential property in BC in CMA (Census Metropolitan Areas) which is set to expire January 1, 2027. However, exceptions may apply . Contact me to find out if any apply to you.. Areas such as Whistler or the Sunshine Coast which are outside of the CMA are still eligible.

👉 Have more questions about buying a home in Vancouver or the BC real estate market?
Let’s connect! I’ll help you make confident, informed decisions.
📞 +1 778-840-3357 | ✉️ catherine@catherinemccourtrealty.com

For Sellers:

1. How should I prepare my home for sale in Vancouver?
First impressions count. I’ll guide you through the most valuable preparations—like staging, deep cleaning, and small repairs—to ensure your property stands out in today’s competitive market. My goal is to help you maximize your return.

2. What is a Seller’s Market in real estate?
A Seller’s Market occurs when there are more buyers than homes available. In hot markets like Vancouver, this often leads to bidding wars and above-asking sale prices. I’ll guide you with market data to time your listing and price competitively.

3. How is the listing price of my home determined?
We’ll conduct a Comparative Market Analysis (CMA) to determine the right list price based on recently sold homes in your neighborhood. I’ll ensure your home is priced to attract qualified buyers while protecting your investment.

4. How long does it take to sell a home in BC?
Homes typically sell within 30 to 60 days, depending on the price point, condition, and marketing. I use proven strategies to give your home maximum exposure and attract serious buyers quickly.

5. Should I accept the first offer I receive?
Not always. I’ll review all offers with you to assess their terms, conditions, and buyer strength. Sometimes the first offer is the best; other times, negotiation can lead to better outcomes. I’ll guide you every step of the way.

6. What happens after I accept an offer on my home?
The buyer will typically conduct a home inspection and finalize their financing. I’ll help manage any conditions or renegotiations and coordinate with your lawyer or notary to ensure a successful closing.

7. What closing costs should I expect as a seller in BC?
Sellers usually pay:
– Real estate commission
– Legal fees
– Repairs (if agreed upon)
– Possibly a portion of buyer’s closing costs
I’ll provide a personalized estimate so you can plan ahead with clarity.

8. What do I need to sell a strata property in BC?
When selling a condo or townhouse, you’ll need to provide:

• Form B (Strata Information Certificate)

• 2 years of strata meeting minutes

• Financial statements and insurance summary
  I’ll help you gather and organize these documents for a smooth transaction.

9. Can non-residents sell property in British Columbia?
Yes, non-residents can sell property in BC, but special tax rules apply. The CRA may require a withholding on sale proceeds. We can connect you with experts in non-resident real estate tax law to guide you.

10. Do I have to disclose defects in my home when selling in BC?
Yes. Sellers in BC are legally required to disclose any known material latent defects. I’ll help you accurately complete the Property Disclosure Statement (PDS) to protect you from legal issues later.

👉 Thinking of selling your Vancouver home or investment property?
Let’s discuss your goals and create a strategy to attract the right qualified buyer and maximize your return.
📞 +1 778-840-3357 | ✉️ catherine@catherinemccourtrealty.com