🏠 Exterior & Yard

• Clean gutters and downspouts to prevent water backup.
• Rake leaves and clear storm drains to keep water flowing away from your home.
• Check the roof for missing shingles or damage before winter storms hit.
• Trim back trees and shrubs away from the house and power lines.
• Store or cover patio furniture and clean your BBQ before putting it away.

🔥 Heating & Energy Efficiency

• Schedule a furnace or heat pump inspection and replace filters.
• Test your thermostat and consider upgrading to a smart model.
• Seal gaps around windows and doors to reduce heat loss.
• Check weather stripping and exterior caulking.
• Make sure fireplaces and space heaters are working safely.

🚿 Plumbing & Interior

• Disconnect and drain garden hoses; shut off exterior taps.
• Insulate any exposed pipes in unheated areas.
• Test smoke and carbon monoxide detectors.
• Deep clean dryer vents to reduce fire risk.

🧤 Bonus Tip

Stock up on winter essentials, ice melt, shovels, and emergency supplies, before the first cold snap arrives.

Thinking about Buying or Selling? Let’s chat!

🏡 What Is the First-Time Home Buyers’ GST Rebate?

The First-Time Home Buyers’ GST Rebate (FTHB GST Rebate) will fully refund the 5% federal GST on new homes priced up to $1 million.

For homes priced between $1 million and $1.5 million, the rebate is phased out on a sliding scale. (e.g., a $1.25M home would receive a 50% rebate = up to $25,000.) No rebate applies to homes priced at $1.5 million or more.

Who is Eligible?

To qualify, you must:

• Be at least 18 years old
• Be a Canadian citizen or permanent resident
• Not have owned or lived in a home you (or your spouse/common-law partner) owned in the current year or the previous four calendar years

You must also be purchasing the home as your primary residence, and be the first person to occupy it.

The rebate applies if you:

• Buy a new home from a builder
• Build (or hire someone to build) a home on land you own or lease
• Buy shares in a co-operative housing corporation

Timing & Deadline

You’re eligible if:

• You sign a purchase agreement on or after May 27, 2025, and before 2031
• Construction begins before 2031 and the home is substantially completed before 2036

Important Limitations

There are a few restrictions to keep in mind:

• One-time only: You can only claim the rebate once in your lifetime.
• Shared household: If your spouse or partner has already claimed the rebate, you cannot.
• Assignment sales: If you purchase a home through an assignment of a contract dated before May 27, 2025, you’re not eligible.
• Reworked deals: Rebates may be denied if a builder cancels a pre-May 27, 2025 agreement and reissues or modifies it to appear eligible.

This rebate could make a big difference for first-time buyers who are navigating high housing prices. Want more information? Let’s chat!

• Remove all personal photos and valuables 
• Clear everything off your appliances 
• Ensure all appliances are in proper working order
• Empty countertops in the kitchen and bathrooms 
• Replace burnt-out & low-wattage lightbulbs
• Declutter as much as possible – less is more! 
• Designated a tidy area for kids’ toys, books, etc. 
• Hide all pet beds, bowls, and food
• Clean your entire home thoroughly
• Have your carpets professionally cleaned
• Eliminate household odours
• Touch up pain
• Fix anything that is broken or missing 
• Power wash the balcony, deck, and walkways
• Mow the lawn and trim/prune overgrown trees

Selling your home doesn’t have to be overwhelming. With the right steps — and the right support — you’ll be in a strong position to get top dollar and a smooth sale.

In this post, we’re breaking down the most common mistakes buyers make—and more importantly, how to avoid them.

1. Not Getting Pre-Approved Early

The Mistake:
Starting the home search without knowing what you can actually afford.
Why It’s a Problem:
You risk falling in love with homes out of budget, and your offer may not be taken seriously.
How to Avoid It:
Meet with a lender before you start shopping. A pre-approval helps you shop with confidence and shows sellers you’re serious.

2. Making Big Financial Changes Before Possession Day

The Mistake:
Buying a car, switching jobs, or opening new credit lines after mortgage approval.
Why It’s a Problem:
Lenders re-check your finances before final funding, and changes can jeopardize your deal.
How to Avoid It:
Keep your finances stable until the keys are in your hand!

3. Focusing Only on the House (and Not the Neighbourhood)

The Mistake:
Getting swept away by new countertops and flooring and forgetting to explore the area.
Why It’s a Problem:
You might love the home but hate your daily commute or lack of amenities.
How to Avoid It:
Visit the neighbourhood at different times of day, test the commute, and think long-term about lifestyle fit.

4. Underestimating Closing Costs

The Mistake:
Budgeting only for the down payment.
Why It’s a Problem:
Closing costs add up fast!
How to Avoid It:
Calculate and set aside funds for additional costs like Property Transfer Tax, GST (if applicable), legal fees, home inspections, moving expenses, and potential mortgage discharge fees—so there are no surprises on closing day!

5. Skipping the Home Inspection

The Mistake:
Waiving the inspection to “win” in a competitive market.
Why It’s a Problem:
You may end up with expensive surprises like foundation issues, leaky roofs, or unsafe wiring.
How to Avoid It:
In a competitive market, consider arranging a pre-inspection before writing your offer. This allows you to write with fewer conditions, helping you present a stronger, more appealing offer to the seller.

6. Letting Emotions Drive the Purchase

The Mistake:
Falling in love too fast and ignoring red flags.
Why It’s a Problem:
It can cloud judgment, leading to overpaying or settling for a poor fit.
How to Avoid It:
Stay grounded with a checklist of “must-haves” vs. “nice-to-haves.” If something feels off, sleep on it.

7. Trying to Time the Market

The Mistake:
Waiting for the “perfect” time to buy.
Why It’s a Problem:
You could miss out on a great home while trying to predict the unpredictable.
How to Avoid It:
Focus on your personal timing, not the market’s. If you’re financially and emotionally ready, that’s the right time.

Mistakes happen—but they don’t have to happen to you! With the right knowledge (and the right agents!), your buying journey can be smooth and exciting. Thinking about making a move in Metro Vancouver? Let’s chat!

Painting

A fresh coat of paint is one of the most cost-effective ways to refresh your home. Stick with neutral tones like whites, greys, or soft beiges to appeal to a wider audience. Don’t forget about touch-ups for baseboards, doors, and trim—these small details can make a big difference, making your home look brighter and well-maintained while reducing signs of wear and tear.

Freshen up the Scent

Whether it’s pet odours or lingering cooking smells, homes often don’t have the best scents, and these odours can be off-putting to potential buyers. To create a welcoming atmosphere, air out your home, light a lightly scented candle, simmer a pot of water with citrus or herbs, or use essential oils. This will help ensure that buyers are greeted with a fresh, inviting scent when they walk in.

Re-caulk Showers & Sinks

Over time, the caulking around showers, tubs, and sinks can become discoloured, moldy, or cracked, making bathrooms and kitchens look worn and unkempt. This can raise concerns for buyers about potential water damage. Re-caulking these areas is a quick, inexpensive way to refresh your space, prevent moisture issues, and give your home a cleaner, well-maintained appearance.

Declutter and Deep Clean

A clutter-free home feels bigger, brighter, and more inviting. Spend time organizing closets, clearing out unnecessary items, and giving every room a deep clean. Pay special attention to windows—clean, streak-free glass makes a home feel more bright and airy.

Lighting

Lighting sets the mood and enhances your home’s overall appeal. Bright, well-lit spaces feel more inviting and spacious. Swap outdated fixtures for modern ones, add energy-efficient LED bulbs, replaced burnt out lightbulbs. An excessive number of burnt out bulbs often leads to buyers questioning if the home has electrical issues.

Change Hardware

A simple change like updating cabinet hardware can instantly modernize a kitchen or bathroom. Choose sleek, contemporary finishes like matte black, brushed nickel, or gold to give your cabinets a fresh, updated look.

Add Planters

First impressions matter! Enhance your curb appeal by placing fresh planters with seasonal flowers near your front door or on your patio. This can help make your home feel warm and inviting.

Thinking about making a move in Metro Vancouver? Let’s chat! We can help you ensure your Vancouver home is looking its best, so that it sells quickly and for top dollar!

Your Space Feels Cramped

What once felt cozy and efficient might now feel cluttered and restrictive. If your living space is overflowing with furniture, it’s a clear sign you’ve outgrown your home. A larger space can provide better functionality and overall comfort.

You’re Working from Home More

A makeshift home office at the kitchen table may not be cutting it anymore. If you need a quiet, dedicated workspace upgrading to a larger home with an office or flex space could greatly improve your productivity and work-life balance.

Your Family (or Pets) Are Growing

Whether you’re expecting a baby, your kids are getting older, or you have added a pet to the family, you may find that your current home no longer accommodates your lifestyle. More bedrooms, a play area, or a backyard could make a huge difference in your daily comfort.

You’re Running Out of Storage

If every closet is packed to the brim and your storage locker is maxed out, you’re not alone. Many condo and townhouse owners struggle with space for seasonal decor, sports equipment, or even bulk groceries. A new home can offer a garage, basement, or walk-in closets.

You Want More Privacy & Outdoor Space

Living in a shared building or complex often means dealing with close neighbours, noise, and limited outdoor access. If you’re longing for a private backyard, a spacious patio, or simply a little more breathing room, a detached home or a larger townhome with more green space could be the perfect solution.

You Can Afford It

If your income has increased, or you’ve built up equity in your current home, moving up might be more financially realistic than you think. With smart planning, you can find a home that offers more space while still being a solid investment for your future.

Thinking about making a move? If you’re starting to feel like you’ve outgrown your current home, let’s chat! We would love to help you explore your options and find the perfect space for your next chapter.

How much Down Payment is required?

There is no set down payment amount—it depends on the property’s purchase price. If your down payment is less than 20%, you’ll need CMHC mortgage insurance, which protects the lender in case of default. If you put 20% or more down, your mortgage is uninsured, meaning no CMHC fees, but lenders may have stricter qualification requirements.

Minimum Down Payment Requirements:

• Up to $500,000 → 5% of the purchase price
• $500,000 to $1,000,000 → 5% on the first $500,000, plus 10% on the portion between $500,000 and $1,500,000
• Over $1,500,000 → 20% on the amount above $1.5M

Are there other factors that can affect my Down Payment Requirements?

Yes, several factors can impact how much down payment you need, including:

• Appraisal value vs. purchase price – If the appraisal comes in lower than the purchase price, you may need to cover the difference.
• Property type – Rental and leasehold properties typically require a higher down payment.
• Credit score and financial history – A lower credit score or past financial issues may lead to higher down payment requirements.
• Limited credit history – If you’re a new immigrant or have little credit history, lenders may require a larger down payment.

When is a Down Payment Payable?

Your full down payment isn’t due until a few days before your completion date. The funds are provided to your lawyer or notary along with your other closing costs.

Is a Down Payment the same as a Deposit?

No, down payments and deposits are not the same. While a deposit eventually becomes part of your down payment, it is usually paid when an offer becomes firm (after subjects are removed). Whereas, the down payment is paid to your lawyer closer to the completion date.

If you would like more information on the buying process take a look at our Home Buying Guide. 

The BC Home Flipping Tax came into effect on January 1, 2025. It applies to the net income from properties sold within two years (730 days) of purchase, even if the purchase was made before January 1, 2025. Certain property types and circumstances are exempt from this tax. It is important to note that this tax is separate from/ in addition to the Federal Property Flipping Tax.

How is the BC Home Flipping Tax Calculated?

The BC Home Flipping Tax is based on the net income from the sale. This amount is calculated as the sale price minus the purchase price and any expenses for improvements.

• Tax Rate: If the property is sold within 365 days of purchase, the net income is taxed at 20%.
• Rate Reduction: This tax rate gradually decreases over the next 365 days and ends after 730 days.

If you’ve owned the property for at least 365 days and used it as your primary residence, you may qualify for a primary residence deduction of up to $20,000

What Properties Are Subject to the Tax?

The BC Home Flipping Tax applies to the income earned from selling:

• Properties in a housing unit
• Properties zoned residential
• Assignment of a Purchase Contract for a pre-sale property

However, all leasehold properties are exempt from the tax.

Exemptions From Paying the Tax

If you sell your property within 2-years of owning if for any of the following reasons, you may be exempt from the BC Home Flipping Tax:

• Serious illness or disability affecting you or a related individual 
• Death of an owner
• Relocation due to work or school
• Change of household membership (e.g., marriage, divorce, expecting a child)
• Involuntary loss of employment
• Threats to personal safety
• Property was acquired through a lottery
• Foreclosure
• Bankruptcy and insolvency

Some exemptions are automatic, while others require filing a BC Home Flipping Tax return within 90 days of the sale.

For more information Reach Out!

About the Homes

A total of 2,600 studios, 1-, 2-, and 3-bedroom homes built at the Heather Lands, located at West 33^rdAvenue and Heather Street. These condos will be strata leasehold properties with 99-year leases, meaning buyers will own the home, but not the land it is on. Construction is expected to begin in 2025.

How it Works

• Buyers only pay 60% of the market price through their downpayment and mortgage, while the Province covers the remaining 40%. 
• Monthly payments to the Province are not required.
• Buyers need a minimum deposit of 5% of the 60% purchase price.
• The 60/40 financing option is available only for the initial purchaser.

For example, if the market value of a home was $500,000, the Province would finance $200,000. The buyer would need a minimum downpayment of $15,000 and would need to secure a conventional mortgage for $285,000.

Repayment

However, there is a catch! The Province’s 40% contribution must eventually be repaid if:

• The property is sold
• The home is no longer the owner’s principal residence
• If 25 years have passed since the initial purchase 

For instance, if the original buyer sells the home after 4 years, they must repay the government not only the initial 40% but also 40% of any property appreciation. If the home is sold within the first three years, an even larger share of profits goes to the Province, with no profit retained if sold within the first year.

If the buyer keeps the home for 25 years, they must repay the 40% contribution with 1.5% interest (compounded annually) as well as 40% of any profits.

Pricing

Prices for these homes will be set at the time of sale. However, based on today’s market value, the approximate pricing would be: 

• Studio, market price $620,000 – buyer’s 60% is $372,000, Province finances $248,000
• One bedroom, market price $850,000 – buyer’s 60% is $510,000, Province finances $340,000
• Two bedrooms, market price $1,300,000 – buyer’s 60% is $780,000, Province finances $520,000
• Three bedrooms, market price $1,500,000 – buyer’s 60% is $900,000, Province finances $600,000

It is important to note that several 1- and 2-bedroom condos in East Vancouver are currently priced below $510,000 and $780,000 respectively. So, if you are open to areas outside of Vancouver West, there may be better options for you that still allow for a 5% deposit without requiring you to give up any equity. 

Reach out for more information on if this program is right for you!

First, as of December 15, 2024, the purchase price threshold for insured mortgages will increase from $1 million to $1.5 million. This means that if you’re purchasing a home for $1.5 million or less, you will no longer be required to have a minimum 20% down payment. The previous threshold for insured mortgage was $1 million. This is the first change to purchase price cap for insured mortgages since 2012. 

While this change will benefit some individuals, there are important factors to consider. A higher insured mortgage value means higher insurance premiums, which could impact affordability. Additionally, to take full advantage of this new threshold, you would need to qualify for a $1.5 million mortgage, which currently requires a household income of around $300,000.

30-Year Amortization

Secondly, as of December 15, 2024, eligibility for 30-year mortgage amortizations will be expanded. This will now include all first-time homebuyers, regardless of the type of property purchased, as well as all buyers of new construction homes. While this will help reduce monthly payments, it will also increase the total interest paid over the life of the mortgage. 

For more information on contact me!