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How to Buy a Condo in BC

There are many benefits to condominium living, including amenities and facilities, greater security, and less maintenance and repair responsibilities. If you’re interested in condo ownership, here are some tips to help you through the process.

The first step is to determine whether a condo is the right choice for you. Familiarize yourself with condo ownership specifics like fees, pet and other restrictions, and policies and bylaws before moving forward and purchasing.

Financing

Start your condominium search by calculating all housing and other expenses, and allow extra for emergencies and inflation, to determine what you can afford. Remember to include closing costs such as legal fees, surveys and home inspections, property appraisal fees, title insurance and government registration, and an estoppel certificate fee. Don’t forget any moving costs, immediate repairs that are required, new furnishings, or any other expenditure you may have before moving in.

Minimum down payments are required for a BC mortgage. If the purchase price is less than $500,000, the minimum down payment is 5%. If it is between $500,000 and $999,999, the minimum rises to 10% for amounts over $500,000. Homes over $1,000,000 require a minimum payment of 20%. However, a lender can require higher down payments. Opting for minimum amounts will affect the affordability, as you will pay interest on a higher proportion of the home sale price. It also increases the amount of CMHC insurance premium required.

Shop for a mortgage broker with best condo mortgage rates and take advantage of the Canadian Home Buyer’s Plan or First Time Home Buyer Incentives to help.

Location

While you can upgrade your home, you can’t change where it is once you purchase it. Research areas of interest by actively visiting, in addition to your online research on safety ratings, access to schools or amenities, and so on. Consider commute times, parking and other transportation factors. Be sure to research future construction and zoning for plans that may impact your enjoyment of your new place.

Presale Condos

A presale condo offers the opportunity to have a brand new, customizable home; buying a presale has some unique considerations though.

The presale process is different from buying from a current owner, because the condo isn’t built yet and perhaps won’t be for a few years. Presales are like ‘holds’ that contract you to pay for the finished condo on a set day.

Regardless of changing market conditions, buyers are committed once they sign, so be sure you can fulfill your obligations. If the value of the presale condo drops, you may need to find additional money to make up the difference between the purchase price and the market value on completion. If you need to sell a presale property before taking ownership, restrictions make it complicated. A realtor can help you, as a buyer, when purchasing to avoid issues like these and answer any common questions you have.

Read the developer disclosure statement and home warranty carefully, and confirm details like whether the developer can delay the occupancy date. Also, have a home inspector help you conduct your pre-occupancy walk through, as you gain access just once to assess for items to be fixed by the developer.

Review the contract for hidden fees and other details, and confirm what’s included before purchasing a presale. It’s recommended to have a lawyer review it, too.

Strata Corporation

‘Strata housing’ and ‘condos’ are terms often used interchangeably, but strata-titled properties comprise multiple housing types which are self-governed under strata corporations, with fees, bylaws and rules. Duplexes, townhouses and detached buildings, as well as the more typical apartment units are included. Owners and residents must follow the Strata Property Act.

Monthly Condo Fees and Expenses

Buyers should always confirm the average monthly condo fees and insurance premiums and deductibles.

Strata corporations, in general, must generate a depreciation report. It identifies common property assets and indicates what maintenance needs doing, including major repairs or upgrades, which could then impact condo fees.

Be sure to also review strata council minutes, strata corporation insurance certificates and other strata documents. Note that condo homeowner insurance is a separate insurance which covers personal property or pays for a strata’s deductibles.

The Homeowners Association can provide information upon request.

Offer and Closing

When you finally find a unit meeting your needs, you can submit an offer.

If the offer is accepted, on the closing day, the unit becomes yours and the sale is complete! Prepare ahead of time as much as possible to reduce stress. At this point, all closing costs are due to be paid, including British Columbia GST and Property Transfer Tax.

The BRAND Real Estate Group

A realtor can help you navigate the condo-buying process and answer questions. The BRAND Real Estate Group specializes in Vancouver real estate, giving you the benefit of our expert local market knowledge.

We’re professional realtors who will help you at every step, advising on Vancouver neighbourhoods, presales, strata fees, contracts, market trends, and more. We’re experts on this important information that enables easier buying with no surprises. 

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