FAQ for
Buyers

Subjects are conditions in a purchase contract that must be met before the deal becomes firm. They exist to protect the buyer and allow time for due diligence. Common subjects include:

• Subject to financing — confirming your mortgage is approved
• Subject to inspection — having the home professionally inspected
• Subject to property disclosure statement — reviewing the seller's disclosures
• Subject to title search — verifying clear title
• Subject to strata documents — reviewing strata minutes, financials, bylaws, depreciation report, and insurance

Subjects are completed during the subject removal period, which is the window of time you have to satisfy or waive each condition.

The subject removal period is when you, as the buyer, complete your due diligence — confirming financing, reviewing documents, conducting inspections, and anything else outlined in the contract. Subjects are typically for the buyer's sole benefit, though in rare cases a seller may include their own subjects (for example, subject to the seller finding a replacement home).

The length of the subject removal period is negotiable. It's common to see 7 days (often 5 business days plus the weekend), but it can be shorter or longer depending on the situation. Check with your REALTOR® and mortgage broker to make sure you have enough time.

Once all subjects are removed, the deal becomes firm and you're committed to completing the purchase.

No. The subject removal period is your safety net. If you collapse the deal during this period because a subject couldn't be satisfied — for example, you couldn't obtain financing — you typically owe nothing because the deposit is due upon or within 24 hours of subject removal, not before.

However, once you remove subjects and hand in your deposit, the deal is firm. If you try to back out after that, you risk losing your deposit and may also face legal action from the seller.

Note: if you're writing a subject-free offer in BC, the 3-business-day rescission period applies. If you back out during that window, you owe the seller a penalty of 0.25% of the purchase price.

A subject-free offer is one with no conditions — you're telling the seller you're satisfied with the property as-is and are prepared to proceed without completing due diligence through standard subjects like financing or inspection.

In BC, a 3-business-day rescission period (cooling-off period) applies to all accepted offers, including subject-free ones. During that period, the buyer can still walk away, but will owe the seller a fee of 0.25% of the purchase price.

Subject-free offers are more common in competitive seller's markets because they give the seller more certainty. They carry more risk for the buyer — so it's important to be confident in your financing and the property's condition before writing one.

The minimum down payment rules in Canada are:

• $500,000 or less: 5% minimum down payment
• $500,001 to $999,999: 5% on the first $500K + 10% on the balance
• $1,000,000 or more: 20% minimum down payment

For example, on a $750,000 home: 5% of $500K ($25,000) + 10% of $250K ($25,000) = $50,000 minimum.

If you put less than 20% down, your lender will require mortgage insurance (e.g., through CMHC), which adds a premium to your payments. Speak with your mortgage broker to determine your affordability at different down payment levels.

The deposit is a portion of your down payment, typically around 5% of the purchase price, and is due upon or within 24 hours of removing subjects. It serves as collateral — showing the seller you're committed to completing the deal.

The down payment is the total amount you're putting toward the purchase, due at completion. The deposit you've already paid is rolled into this total.

For example, if your total down payment is 20% and your deposit is 5%, you'll owe the remaining 15% at completion.

Yes, always. A pre-approval confirms how much you can afford, locks in your interest rate for 90–120 days, and signals to sellers that you're a serious buyer. Most sellers expect you to be pre-approved before writing an offer.

The process typically takes 1–2 weeks and requires documentation including proof of income, employment history, and credit check. Factors like your credit score, debt levels, self-employment status, and the stress test all affect how much you qualify for.

Getting pre-approved before you start looking means you won't waste time viewing properties that are out of reach — and you'll be in a stronger position when it's time to make an offer.

Yes — several federal and provincial programs are available to first-time buyers in BC:

• FTHB GST/HST Rebate — save up to $50,000 in GST on new homes up to $1M (read the full guide)
• BC Property Transfer Tax Exemption — full exemption on homes up to $835,000
• RRSP Home Buyers' Plan — withdraw up to $60,000 tax-free from your RRSPs
• First-Time Home Buyer's Tax Credit — up to $1,500 in federal tax relief
• First Home Savings Account (FHSA) — save up to $40,000 tax-free for your first home

These programs change from time to time, so always confirm your eligibility with your mortgage broker and your REALTOR®. Most benefits are only available when the home is your primary residence.

These are three key dates at the end of a real estate transaction:

• Completion date: the day the purchase money is paid and the buyer gains title to the home
• Possession date: the day you get the keys and can move in
• Adjustment date: the day calculations for property taxes, utility accounts, rents, and strata fees are prorated between buyer and seller

In the Fraser Valley and Greater Vancouver, the possession and adjustment dates are typically the same day, with completion happening at least one day earlier.

Closing costs are the fees beyond your down payment that are due at completion. Common ones include:

• Property transfer tax (unless exempt)
• GST on new builds (5% of the purchase price)
• Legal/notary fees
• Property tax and utility adjustments
• Strata maintenance fee adjustments (for strata properties)
• Title insurance
• Home insurance (required by your lender)

You should also budget for costs during the subject removal period, such as a home inspection fee ($400–$700) and potential appraisal fee. Moving expenses, mortgage insurance, and any immediate repairs or upgrades are additional costs to plan for.

A good rule of thumb: budget 1.5%–4% of the purchase price for closing costs on top of your down payment.

There's no standard timeline — it depends on the situation and is negotiated between buyer and seller. That said, 2–3 months from accepted offer to completion is common.

Some factors that affect timing:

• Vacant homes often close faster (the seller doesn't need to find somewhere to go)
• Sellers who are also buying may want to align their completion dates
• Tenanted properties require proper notice under BC tenancy rules
• Pre-sale/new builds can have much longer timelines (1–3+ years)

I've seen deals close in as little as 2 weeks and as long as 9 months — it all depends on the circumstances.

Resale homes: No. If you're buying a home that has been previously owned and lived in, GST does not apply.

New builds and presales: Yes. GST of 5% applies to newly constructed homes and is due at completion. In some cases, the GST can be blended into your mortgage.

If you're a first-time buyer purchasing a new home, you may qualify for the FTHB GST/HST Rebate, which can save up to $50,000 on homes priced up to $1 million. Read the full guide here →

Property transfer tax (PTT) is a BC provincial tax paid by the buyer at completion. It is not something you can blend into your mortgage — you'll need the funds available. The rates are:

• 1% on the first $200,000
• 2% on the portion from $200,001 to $2,000,000
• 3% on the portion above $2,000,000
• An additional 2% on residential property above $3,000,000

First-time home buyers may qualify for a full PTT exemption on homes up to $835,000 (partial exemption up to $860,000). There are also exemptions for newly built homes. An additional 20% foreign buyer PTT applies to foreign entities purchasing residential property in Metro Vancouver.

In most cases, no. The commission is typically paid by the seller. When a home is listed, the listing contract includes a gross commission that is split between the seller's agent and the buyer's agent. As the buyer, you benefit from professional representation at no direct cost to you.

In BC, realtors can no longer practice dual agency (representing both buyer and seller) except in very limited circumstances, such as remote areas with no other agents available.

Here's why having your own buyer's agent matters: the seller's goal is to get the highest price, while your goal is to get the best deal. One agent can't serve both interests equally — it's an inherent conflict. A buyer's agent works exclusively in your best interest, negotiates on your behalf, and ensures you're fully protected throughout the process.

You can choose to be "unrepresented" (a customer relationship), but you should understand the risks: the listing agent owes their fiduciary duty to the seller, not to you.

Yes. Whether you're buying or selling, you'll need a lawyer or notary to handle the legal side of the transaction. Their role includes facilitating the title transfer, preparing the statement of adjustments, and producing the documentation both parties sign to finalize the sale.