• Buying
Feb 22


So you’re thinking now is the time to get into the housing market. You think you earn enough money and you’ve be saving up and don’t know if you have enough money for a down payment. Where do you start. Its easier than you think.

Please note you can do Step 1 or 2 first, but if you do Step 1 first you will know how much you have to shop for a house with if you follow the order.

Step 1 – Choose a Mortgage Broker: Google a mortgage broker or call up your bank to set up an appointment. Many companies can do the pre-qualifying electronically, however, I STRONGLY suggest since this is your first time purchasing you talk to someone face to face to answer all your questions. You will have lots.

To make everything easier, here is a list of items they will need at some point to properly qualify you.

  1. Your last two years of T4’s and Notice of Assessments (NOA)
  2. Your most recent two pay stubs.
  3. An exact amount of how much you have saved as a down payment. The minimum in BC is 5% of the purchase price down, there are some government incentives to help you achieve this if you do not quite have that amount. So for a $300,000 home you would need $15,000 min plus an extra $3,000…I will tell you why later.
  4. Write down all of your monthly payments, debts etc.. This will help the Mortgage Broker or Bank determine what your debt ratio’s are.

Step 2 – Choose a Realtor: Talk to family or friends, see who they have used in the past for a realtor, check out social media, or google. Some realtors specialize in certain area of Real Estate, look for one that will best suit you and your needs. There is a good chance you will find a perfect match.

Step 3 – Meet with Your Realtor: Once you’ve chosen you’re Realtor, go meet with them face to face. This is a great opportunity to ask all those questions you’ve been wanting to know. You’re Realtor will be able to:

  • Explain the Buying process
  • Explain the market you’re buying in.
  • Find out exactly what you’re looking for and make suggestions
  • Most Realtors have an automated email system that will send you Listings that meet your search criteria, show solds and even price reductions. It’s a great tool to learn the market.
  • Explain the costs associated with Purchasing your home like home inspections, appraisals, lawyer costs etc…
  • Explain any contracts you may have to sign up front to begin working with your Realtor.
  • Let you know of any valuable tools ie: www.Realtor.ca , https://www.bcassessment.ca/

By the end of this meeting you should have a clear outline of the direction you are going and set the expectation for your Realtor.