Comox Valley Buyer FAQ

In BC, the minimum down payment is 5 percent for homes under 500,000. For homes between 500,000 and 1 million, you need 5 percent on the first 500,000 and 10 percent on the remainder. Over 1 million requires 20 percent down. Remember, closing costs are separate and should be budgeted in addition to your down payment.

Most buyers should plan for 1.5 to 3 percent of the purchase price in closing costs. This may include Property Transfer Tax, legal fees, title insurance, inspection, appraisal, and tax adjustments. Your exact costs depend on price, financing structure, and eligibility for exemptions.

Yes, unless you qualify for an exemption. First time buyers may qualify for a full or partial exemption depending on the purchase price and residency status. The tax is 1 percent on the first 200,000, 2 percent up to 2 million, and higher tiers beyond that.

Subjects are conditions written into your offer that must be satisfied before the contract becomes firm. Common subjects include financing approval, home inspection, and review of documents. Once subjects are removed, the contract is legally binding. Structuring subjects properly protects you while keeping your offer competitive.

It varies by price range and property type. Entry level homes and well priced family homes often move quickly. Rural acreage, waterfront, and higher end properties can take longer but attract serious buyers. Understanding micro market dynamics is more important than broad headlines.

Rural properties may have wells, septic systems, zoning restrictions, or be located within the Agricultural Land Reserve. You should verify water quality and flow, septic condition, access, and permitted land use. Due diligence on rural properties is critical and different from buying in town.

From accepted offer to possession, most transactions close within 30 to 60 days. The search phase can range from a few weeks to several months depending on criteria and inventory. The tighter your criteria, the longer it may take in a smaller market.

Mortgage approval is based primarily on your income, debt levels, credit history, and down payment. Lenders look at your gross debt service and total debt service ratios to determine affordability. Stable employment, a solid credit score, and manageable existing debt will strengthen your approval. The best first step is speaking with a mortgage broker to get pre approved before you start making offers.

Start by having a conversation. The right agent should listen more than they talk, understand your goals, and explain the process clearly. Ask how they approach negotiation, how they analyze pricing, and how they structure offers in different market conditions. You are not committing to anything by reaching out. You are looking for clarity, communication, and strategy that feels aligned with you.

The right price is based on comparable sales, current inventory, property condition, and demand within that specific neighbourhood. Reviewing recent sales and understanding market momentum provides context beyond the listing price. With proper due diligence and clear analysis, decisions feel informed rather than rushed.