Buying and selling in Metro Vancouver

How much do I need for a down payment in Canada?

The minimum depends on the price: 5% on a home of $500,000 or less; 5% of the first $500,000 plus 10% of the rest up to $1.5 million; and 20% at $1.5 million or more. With less than 20% down you will typically need mortgage loan insurance.

Source: Financial Consumer Agency of Canada

What is the mortgage stress test?

It is the rate a lender must qualify you at, which is higher than the rate you actually pay. For uninsured mortgages from federally regulated lenders, OSFI sets it at the greater of your contract rate plus 2% or 5.25%. OSFI reviews the rate at least once a year, so check the current figure.

Source: OSFI

How much is property transfer tax in BC?

BC property transfer tax is 1% on the first $200,000 of fair market value, 2% on the portion from $200,000 to $2,000,000, and 3% above $2,000,000, plus a further 2% on residential value above $3,000,000. The buyer pays it when the transfer is registered, unless an exemption applies.

Source: Province of BC

Can first-time buyers avoid property transfer tax in BC?

First-time buyers can be exempt on the first $500,000 of a home with a fair market value of $835,000 or less, with a partial exemption up to $860,000. You must be a Canadian citizen or permanent resident, meet the BC residency test, never have owned a principal residence anywhere, and move in within 92 days.

Source: Province of BC

Is there a property transfer tax exemption for new homes in BC?

A newly built home used as your principal residence can be fully exempt up to a fair market value of $1,100,000, phasing out at $1,150,000. You must be a Canadian citizen or permanent resident, and other conditions apply.

Source: Province of BC

Can I back out after my offer is accepted in BC?

Yes, most resale home buyers have three business days to rescind an accepted offer, for a fee of 0.25% of the price. The right cannot be waived. You must give written notice before the period ends. Leasehold properties, auctions and court-ordered sales are among the exclusions.

Source: BC Financial Services Authority

What is a Form B, and why does it matter for a condo?

A Form B is the strata corporation’s information certificate for one unit. It states the monthly fees, amounts owing, the contingency reserve fund balance and any litigation, and it comes with the bylaws, budget and most recent depreciation report. The strata must provide it within 7 days of a request, for up to $35 plus copying.

Source: Province of BC

What tax applies to foreign buyers in Metro Vancouver?

Foreign nationals, foreign corporations and taxable trustees pay an additional property transfer tax of 20% of the fair market value of their share in Metro Vancouver. It is on top of the general property transfer tax, and limited exemptions exist.

Source: Province of BC

Can I run a short-term rental in a home I buy in Vancouver?

Generally only in your own principal residence, with a City of Vancouver licence and a provincial registration number, and only if the strata bylaws allow it. The city treats stays of fewer than 90 consecutive days as short-term, so a home bought purely to rent by the night will not qualify.

Source: City of Vancouver, Province of BC

What are the speculation and vacancy tax and the Empty Homes Tax?

They are two separate taxes on homes that sit empty, and both can apply in Vancouver. Most people who live in the home or rent it out for at least six months of the year will not pay the provincial tax, whose 2026 rate is 1% for Canadian citizens and permanent residents and 3% for foreign owners and untaxed worldwide earners. Vancouver’s Empty Homes Tax needs its own declaration each year.

Source: Province of BC, City of Vancouver

Do I have to fill out a Property Disclosure Statement in BC?

No, the Property Disclosure Statement is a voluntary form. You must still tell a buyer about material latent defects you know of before they enter a contract, whether or not you use the form.

Source: BC Financial Services Authority

Is real estate commission set in BC?

No, there is no standard commission in BC, and it is negotiated with the brokerage. It cannot be based on the difference between the list price and the sale price. When an offer is presented, the seller is told the expected amount in dollars.

Source: BC Financial Services Authority

What is the BC home flipping tax?

It is a provincial tax on profit from selling a property in BC owned for less than 730 days. The rate is 20% within 365 days and falls to zero by day 730. A primary residence deduction of up to $20,000 and several life-circumstance exemptions exist, and a return is due within 90 days of the sale.

Source: Province of BC

Does the buyer’s rescission period affect me as a seller?

Yes, after you accept an offer the buyer can still rescind for three business days, excluding weekends and holidays. If they do, you receive the 0.25% fee. Subject clauses such as financing or inspection run at the same time as this window.

Source: BC Financial Services Authority

Can one agent represent both the buyer and the seller in BC?

Generally no, because BC rules prohibit dual agency. The narrow exception is a property in a remote, under-served location where separate representation is impracticable, and it requires written agreement.

Source: BC Financial Services Authority

Why do I need an account to see sold prices?

Because the board keeps sold information for registered users. That is why this site shows homes for sale openly and opens sold prices and market figures with a free account.

How do I start working with Kyle Mark?

Book a free 30 minute call, or call or text 604-315-5379. The Buyer Blueprint and Seller Blueprint set out each step if you want to read first.