Straight answers from Laxman
Questions I get every week.
Every answer here is one I've given on a real call with a first-time buyer or presale investor. Short, honest, and specific to Metro Vancouver and the Fraser Valley.
How much down payment do I need in BC?
At least 5% of the first $500,000 and 10% of the part above that, up to $1.5M. Above $1.5M you need 20%. With less than 20% down you pay CMHC insurance, which is added to your mortgage. Use the calculator to see your exact number.
What closing costs should I budget for?
Roughly 1.5–4% of the price: property transfer tax (often reduced or zero for first-time buyers), notary or lawyer fees, inspection, title insurance and adjustments for property tax and strata fees. I give you a line-by-line estimate before you make an offer.
Do I pay property transfer tax as a first-time buyer?
Often less or none. On resale homes you pay nothing up to $500,000 and get up to $8,000 off up to $835,000. On newly built homes used as your principal residence, you can be fully exempt up to $1.1M. Citizen/PR and other rules apply.
Should I rent a bit longer or buy now?
It depends on your monthly comfort, how long you'll stay and what you'd pay in rent. I compare rent vs. own for your exact situation, including what you build in equity, so the decision is based on numbers, not fear.
Can I use my FHSA and RRSP together?
Yes. First-time buyers can use the FHSA (up to $40,000) and the RRSP Home Buyers' Plan (up to $60,000) on the same purchase. Check the timelines with your bank or accountant before you withdraw.
How do presale deposits work?
You pay the deposit in stages, often 5% at signing and 5% within a few months to a year. Some projects ask for 15–20% in total. The deposit is held in trust until completion.
Can I cancel a presale after signing?
Yes, within 7 days of receiving the disclosure statement, under BC law. After that the contract is binding, so we review the disclosure statement together inside that window.
What happens if rates go up before completion?
You qualify for your mortgage when the building completes, not when you sign. We stress-test your numbers at a higher rate up front so a rate change doesn't catch you off guard.
Do I pay GST on a presale?
Yes, 5% GST applies to new homes. First-time buyers can get it all back on homes up to $1M (phasing out by $1.5M) for agreements signed on or after March 20, 2025. Investors usually pay it, though some rebates may apply.
Can I sell my presale before it completes?
Sometimes, through an assignment. It depends on the developer's rules and fees, and taxes may apply to the profit. Read the assignment clause before you sign. I'll point it out for you.
How much does it cost to work with you as a buyer?
Usually nothing. On resale homes, the seller pays my commission. On presales, the developer pays it. So in almost every purchase you get expert advice at zero cost to you. Buying a home is one of the biggest purchases of your life, so always have a professional on your side. I'll confirm how it works for your specific home before you commit to anything.
Can we talk in Telugu or Hindi?
Yes. I work in English, Telugu and Hindi, and your family is welcome on every call and showing.
What areas do you cover?
Vancouver, Burnaby, New Westminster, Coquitlam, Surrey, Langley and the wider Fraser Valley, with a focus on condos, townhomes and presales.
How do I get started?
Send me "START" on WhatsApp with your budget and the areas you like. I'll reply with a simple plan and next steps. No pressure.
Still have a question?
Ask me directly. I usually reply within the day.
General information only, not financial, legal or tax advice. Rules and programs change, so confirm with your lender, notary or accountant.