Frequently Asked Questions

There's no fixed legal minimum, but 5% of the purchase price is a common starting point in BC and Alberta, sometimes higher in a competitive market. The deposit is held in trust and credited toward your purchase at completion — it's not an extra cost on top of the price.

Sometimes, but it genuinely raises your risk — you're committing before confirming financing, inspection results, or (for strata property) reviewing the strata documents. If you're considering it in a competitive multiple-offer situation, get your financing pre-approved and, where possible, arrange an inspection before you write the offer, so you're informed even without a formal subject.

From an accepted offer to keys in hand is typically 30–60 days, depending on your subject period and the completion date you negotiate. Add time on the front end for financing pre-approval and house hunting itself, which varies enormously by how specific your search criteria are and how competitive the market is for that property type.

New construction comes with warranty coverage, modern systems and (for residential) GST that resale doesn't have; resale skips the GST but may need more near-term maintenance and gives you a clearer picture of the actual finished product rather than renderings. Neither is universally better — it depends on your timeline, risk tolerance and how much you value warranty coverage versus avoiding new-build GST.

A real comparative market analysis — recent comparable sales, current competing listings, and your property's specific condition and location — is far more reliable than an automated online estimate, which can't see your renovations, your view, or your actual condition. Request a free evaluation and we'll walk you through real comparables, not just a number.

It depends entirely on the specific renovation and your local market. Cosmetic work (paint, decluttering, minor repairs) reliably pays off; large structural or system renovations often don't return their full cost at resale unless the property is genuinely dated relative to its comparables. Ask us before you spend — we'll tell you honestly whether a specific renovation is likely to help.

Days-on-market varies significantly by city, property type and price point — check the Area Statistics on comparable active listings, or ask us for current data on your specific neighbourhood and property type. A well-priced, well-prepared listing in a normal market typically gets serious offers within the first few weeks.

Selling first gives you certainty on your budget and avoids carrying two properties, but may mean a temporary move if timing doesn't line up. Buying first (sometimes with a subject-to-sale condition, or bridge financing) avoids a temporary move but adds real financial risk if your current home takes longer to sell than expected. We'll walk through both scenarios against your actual numbers before you commit to either.

Get a real mortgage pre-approval from a lender or broker, not an online calculator estimate — a pre-approval accounts for your actual income, credit and debts, and the mortgage stress test, which together determine your real price ceiling far more accurately than a rule-of-thumb percentage of income.

It's less about predicting rates and more about how much payment uncertainty you can genuinely tolerate. A fixed rate gives you a payment that never changes for the term; a variable rate typically starts lower but can move with the market. See our [fixed vs. variable guide](/news/fixed-vs-variable-mortgage-rates) for a fuller breakdown, and talk to a mortgage professional about your specific risk tolerance.

It's a federal rule requiring you to qualify at a higher "stress test" rate than you'll actually pay, even though your real payment is based on your lower contract rate. It applies to virtually all mortgages from federally regulated lenders, regardless of your down payment size, and is the main reason your approved amount is more conservative than your income alone might suggest.

Yes — the Home Buyers' Plan lets eligible first-time buyers withdraw up to a set limit from their RRSP tax-free to put toward a down payment, provided it's repaid to the RRSP over a set number of years. Confirm the current withdrawal limit and repayment terms with your accountant or mortgage professional, since program limits are periodically updated.

Legal/notary fees, title insurance, a home inspection, property tax adjustments, and — the biggest variable — property transfer tax in BC (Alberta has none, only much smaller Land Titles registration fees). See our [full closing costs checklist](/guides/taxes-closing-costs/complete-closing-costs-checklist-bc-alberta) for the complete breakdown.

In BC, either a real estate lawyer or a notary public can handle a straightforward residential conveyancing file, and notary fees are often somewhat lower. A lawyer is the better choice if your situation has any complexity — a dispute, a non-standard title issue, or anything requiring legal advice beyond conveyancing itself, which a notary generally can't provide. In Alberta, this work is done by a lawyer.

It's not always legally required, but most lenders require it and most lawyers/notaries recommend it regardless — it's a relatively small one-time cost that protects against title defects, fraud, or survey issues that a standard title search might not catch.

It depends entirely on the market and property type — a lower cap rate in a strong-appreciation market can still be a better investment than a higher cap rate in a stagnant one. Cap rate is a useful comparison tool between similar properties, not a single universal target number. Ask us for typical current cap rates in the specific market and property type you're considering.

Self-managing can work well for an owner who lives nearby and has the time and temperament for tenant communication, maintenance coordination and staying current on landlord-tenant law. A property manager makes more sense for an out-of-town owner, multiple properties, or simply wanting the work off your plate — typically for a percentage of monthly rent. See our [property management guides](/guides/property-management) for the fuller picture.

The federal ban on non-Canadians purchasing residential property is currently in effect, with exemptions for permanent residents, certain work-permit holders, and other specific categories — and it doesn't apply to commercial or most vacant land purchases. Eligibility rules are specific to your situation and the ban's current expiry date, so confirm directly with us before assuming you either qualify or don't.

In most BC and Alberta transactions, the seller's listing agreement covers the cooperating (buyer's) brokerage's commission, so buyers typically pay their agent nothing directly. We'll confirm the specific commission structure on any property before you commit to working with us on it.

Tell us your city, budget, and what you're trying to do — buy, sell, invest, or lease commercial space — and we'll match you with an agent who actually specializes in that segment, rather than a generic referral. Browse our [full team](/agents) or just [reach out](/contact) and we'll do the matching for you.

No — alongside our BC and Alberta brokerage business, we work with buyers on select international presale opportunities in Mexico and Belize. See our [Mexico](/mexico) and [Belize](/belize) resources for what's currently available and what foreign buyers need to know in each market.