Ready to buy your next home with VP3?

We’re ready to help. At VP3, we take the time to develop a relationship with you, our client. When you work with us, you’re a member of the team.

Buy Real Estate With Confidence

Buyers who work with VP3 can be confident that we will work with you and for you, to make sure you feel at home, even before you move in.

Tailored Service

With hands-on support and a thorough understanding of the North Okanagan real estate market, we can guide you through the entire home-buying process. Our REALTORS® are committed to giving you the best advice, tailoring your search to match your priorities, and finding the right home at the right price.

Find A Home With Ease

Searching for a new home is an exciting process that shouldn’t be diminished by the less-enjoyable steps. Our REALTORS® offer consultation throughout the process, including getting pre-approved for a mortgage, determining your budget, and adjusting the search criteria for your new home.

Saving Your More

Once you’ve chosen your home. Our team’s extensive experience in market analysis and negotiation will ensure that you get the best possible deal for your purchase, allowing for less headache and more excitement in the days leading up to receiving the keys.

Frequently Asked Questions

Do I need a pre-approved mortgage?

Pre-approved mortgages are not required, however, they do offer specific advantages for improving your position as a buyer. Mortgage pre-approval can define your budget, strengthens your standing with the seller by confirming your interest, and reduces the time between purchase agreement and closing,

Are home inspections worth it?

Yes. Real estate is one of the most significant investments you can make, so you should have as much information as possible before making your buying decision. The cost of home inspections usually falls on the buyer, but it is tough to put a price on peace of mind. Make sure your inspection covers the following areas at least: Structural, environmental hazards, roof, EMP (electrical, mechanical, plumbing), and termite/wood damage.

What is title insurance?

Titles insurance falls into two categories: Lender’s title insurance & Owner’s title policy. The “Title” refers to the right to own a piece of property.

Lender’s title insurance is required by most banks when applying for a mortgage, as it covers the balance borrowed, protecting the banking institution from potential losses.

Owner’s title policies, commonly known as residential insurance, protect owners from the various factors that could stop you from selling your property, such as lawsuits, fraud, transactional errors.

Title insurance is only paid once, unlike most other insurance premiums, and the cost depends on several factors including, but not limited to, location, mortgage type, property type, and property value.

What is home insurance?

Home insurance, hazard insurance, and homeowners insurance are different names for insurance that covers private homes/property. Policies cover losses to the home, contents, personal possessions, and more. The depth of coverage varies depending on the policy. For example, a standard coverage policy might only insure your personal property and land value, while an extensive all-risk policy would insure against essentially everything from natural disasters to costs incurred by blocked gutters.

How much is GST in BC on new homes?

Partial GST New Housing Rebate: Property purchases between $350,000 and $450,000 have partial rebates at a much lower amount. For homes valued between $350,000.00 and $450,000.00, the rebate is gradually reduced and is calculated by using the following formula: $6,300 x [$450,000 – the purchase price] / $100,000

Homes over $450,000 receive no GST New Home Rebate at all and are subject to paying the full 5% GST on the new home purchase.

What is the Property Transfer Tax?

The Buyer is responsible for paying transfer fees as prescribed by the Property Transfer Act of BC amounting to a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million. If the property is residential, a further 2% PTT is payable on the portion greater than $3 million.

What is the First Time Home Buyers’ program?

The First Time Home Buyers’ program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home.

What Is The Property Transfer Tax Newly Built Home Exemption

The newly built home exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home.

What costs are associated with buying a home?

Some of the costs to consider when buying a home include:

  • Lawyer or notary fees and expenses
  • Searching title
  • Drafting documents
  • Land title registration fees
  • Survey certificate (if required)
  • Cost of mortgage, including
  • Mortgage company’s lawyer / notary
  • Appraisal (if applicable)
  • Land title registration fees
  • Fire insurance premium
  • Sales tax (if applicable)
  • Property transfer tax, and
  • Goods and services tax (if applicable)