Buyers FAQ


I’m thinking about buying my first home. Where do I start?

Contact a realtor that you, your family or friends trust. Then contact a mortgage broker and find out what you can afford.


How much will I need for closing costs?

You will need to cover your legal bill for closing which is anywhere from $700 to $1400. In some cases you will need to cover GST at 5% and/or Property Transfer Tax at 1% on the first $200,000 and 2% on the balance.


What schools are in the Tobiano catchment?

Residents of Tobiano can attend Dufferin Elementary and Sahali Secondary Schools. There is a bus stop located in the middle of the Tobiano Development where kids are transported to Dufferin elementary.


Is there a “best“ time of year price-wise to buy a home?

Possibly the winter if the market isn’t a hot sellers market. There are less people who want to move in the winter, and those that do typically “need” to move


Can I contact the listing agent directly?

If you are looking for general information, then contacting the listing agent is fine as long as you tell them up front that you are working with a buyer agent. Your buyer agent’s job is to represent you, the buyer, in getting all the relevant information for you. Scheduling showings, writing offers, coordinating completion and handing keys over.


What does Dual Agency and Double Ending mean?

Dual Agency is when one agent represents both buyer and seller in a limited capacity. Dual Agency is no longer accepted in British Columbia unless under very specific conditions. Double Ending refers to commissions earned. Some buyers can choose to be unrepresented, therefore both the sell and buy side commission would go to the listing agent, hence the term double ending.


What should I look for in a lucrative investment property?

First you have to define what kind of investment you are looking for. Do you want to see an annual cap rate or value appreciation, or both? The money you put in, needs to provide you with a return in order to be classified as an investment.


What happens if something breaks or fails when I take possession of a home I just purchased?

The reality is we are buying used real estate most of the time and as such, we never know when something is going to fail like a dishwasher or fridge. It is not like the seller deliberately made the mistake, some things just happen and buyers need to be prepared to acknowledge that when buying real estate.


What does the new mortgage stress test mean?

The mortgage stress test is a measure used to calculate the gross amount of mortgage that your present earnings and expenses can handle. The new mortgage rules require everyone to be able to afford a mortgage rate plus 2%.

As a buyer, should you arrange a home inspection?

It is always advised to have an inspection clause in your contract. It is up to the buyer and their comfort level understanding the mechanics of home ownership, structure, electrical, plumbing, roofing and insulation etc. The buyer may choose to waive that condition.


You've just bought a home and the seller now wants to change the closing date. Can they do that?

Anything is open to change as long as both parties agree.


What should a buyer do in a multiple offer situations?

A multiple offer situation means you really only have one shot to have your offer chosen by the seller. This means, put the best price forward that you can, with the best dates and the least amount of subject clauses.


Should you sign an exclusive Buyer Agency Contract?

Yes you should. This agreement is between the buyer agent and the buyers. It shows a willingness to work with the agent and respect for the agents time and restricts the ability to go and do things on their own without their agent. In some markets, realtors will not work with a buyer who is not prepared to sign one of these agreements.