Your Questions
Answered.

A pre-approval is a lender's written confirmation of the maximum mortgage amount you qualify for, based on your income, debts, credit, and assets. Yes, you should get one before you start searching. It tells you exactly what you can afford, locks in your interest rate for 90–120 days, and shows sellers you're a serious buyer. Without one, you risk falling in love with a home you can't finance.

The minimum down payment in Canada depends on the purchase price:

• 5% for homes up to $500,000
• 10% on the portion between $500,000 and $999,999
• 20% for homes $1,000,000 and above

Putting down less than 20% requires CMHC mortgage default insurance, which adds a premium of 0.6%–4% to your mortgage balance.

The stress test requires all Canadian buyers to qualify at the higher of 5.25% or your contract rate + 2%, regardless of your actual rate. This ensures you can still afford your mortgage if rates rise. For example, if your bank offers you a 5% rate, you must prove you can carry payments at 7%. This applies to all insured and uninsured mortgages at federally regulated lenders.

Both are valid options. A mortgage broker shops multiple lenders on your behalf, often finding better rates and more flexibility — especially useful for self-employed buyers or those with unique situations. A bank can be faster if you have an existing relationship and straightforward finances. Inder works with trusted mortgage brokers in the Fraser Valley and can refer you to one who fits your needs.

Most lenders require a minimum credit score of 620–650 for an insured mortgage and 680+ for better rates. The higher your score, the better your rate options. If your score is below this, focus on paying down credit card balances, avoiding new credit applications, and ensuring all bills are paid on time for 6–12 months before applying.

Inder will pull a Comparative Market Analysis (CMA) — a report of recently sold homes similar in size, age, and location. This tells you what buyers have actually paid, not just what sellers are asking. Listing price is an opinion; sold price is a fact. Never rely on the list price alone to judge value.

There's no magic number. Some buyers find their home on the first showing; others tour 20+ properties. What matters is being clear on your must-haves vs. nice-to-haves before you start. Inder helps you stay focused so you're not touring homes that don't fit your criteria — saving time and preventing decision fatigue.

Beyond layout and finishes, pay attention to:

• Signs of water damage — stains on ceilings, walls, or around windows
• Age and condition of the roof, furnace, and hot water tank
• Electrical panel type (aluminum wiring or fuse boxes can be issues)
• Basement moisture or efflorescence (white powder on concrete)
• Neighbourhood traffic, parking, and nearby development
• Natural light, storage, and flow between rooms

Inder will point out red flags during every showing.

A standard BC purchase offer (Contract of Purchase and Sale) includes:

• Purchase price and deposit amount
• Subject clauses (financing, inspection, strata documents, etc.)
• Completion date (when money changes hands)
• Possession date (when you get the keys)
• Included items (appliances, fixtures, blinds)
• Any special terms or requests

Inder prepares every offer carefully to protect your interests.

In BC, a deposit of typically 5% of the purchase price is standard and shows the seller you're serious. The deposit is due within 24–48 hours of subject removal (not when you write the offer). It is held in trust by the seller's brokerage and applied toward your down payment on completion. If you remove subjects and then back out, you risk losing the deposit.

It depends entirely on the market conditions and how the home is priced. In a seller's market with multiple offers, offering at or above asking (sometimes with an escalation clause) may be necessary. In a buyer's market or for overpriced listings, offering below ask is reasonable. Inder will advise you on the right strategy based on recent comparable sales and the seller's situation — not just a gut feeling.

A rejected offer is not the end. The seller may counter at a different price or terms — this is normal negotiation. Inder will guide you through each counter and help you decide whether to proceed, counter back, or walk away. No offer means no deal; it's always worth trying.

Yes — always. A professional home inspection (typically $400–$700) examines the structure, roof, foundation, electrical, plumbing, HVAC, and more. It gives you a clear picture of the home's condition and potential repair costs before you commit. In competitive markets, some buyers waive inspections — Inder will advise you on the risks and alternatives (such as a pre-offer inspection) so you never go in blind.

Subjects (also called conditions) are clauses in your offer that must be satisfied before the deal is firm. Common subjects include:

• Subject to financing — your mortgage is approved
• Subject to inspection — you're satisfied with the home's condition
• Subject to strata documents — for condos/townhomes, you've reviewed the financials, minutes, and bylaws

Removing subjects means all your conditions are satisfied and you're fully committed to buying. At this point your deposit is due and the deal is binding.

When buying a condo or townhome, review:

• Strata financials — are the contingency reserves adequately funded?
• Meeting minutes — any major upcoming repairs or disputes?
• Bylaws — pet restrictions, rental restrictions, renovation rules
• Special levies — any one-time charges being assessed to owners?
• Insurance — is the building properly insured?

Inder can help you review these and flag anything concerning.

Completion date is when the funds transfer from your lawyer/notary to the seller's lawyer and the title is registered in your name. Possession date is when you physically receive the keys and can move in. These dates are sometimes the same, but possession is often one day after completion to allow for the legal process to finalize. Both dates are negotiated as part of your offer.

Yes. In BC, you need either a real estate lawyer or a notary public to handle the legal side of your purchase. They review the title, prepare the transfer documents, receive your mortgage funds from the lender, and pay the seller on completion day. Legal fees typically run $1,200–$2,000 depending on complexity. Inder can refer you to trusted professionals in the area.

Yes, and you should. A final walkthrough is typically done the day before or morning of possession to confirm the home is in the same condition as when you made your offer, that all included items are present, and no new damage has occurred. If issues are found, Inder will help you address them with the seller before keys are handed over.

Budget approximately 1.5%–4% of the purchase price for closing costs, which may include:

• Property Transfer Tax (PTT) — unless you qualify for the first-time buyer exemption
• Legal/notary fees — $1,200–$2,000
• Home inspection — $400–$700
• Title insurance — $200–$400
• Property tax adjustment — prorated portion owed to seller
• CMHC insurance premium (if applicable)
• Moving costs

PTT is a provincial tax paid by the buyer on every real estate transaction in BC. The rate is:

• 1% on the first $200,000
• 2% on the portion from $200,001 to $2,000,000
• 3% on the portion above $2,000,000

First-time buyers may be fully exempt on homes up to $500,000, with a partial exemption up to $525,000. Newly built homes under $1,100,000 also qualify for a separate exemption program.

In most BC transactions, the seller pays the commission for both the listing agent and the buyer's agent out of the sale proceeds. As a buyer, you typically pay nothing directly for Inder's services. This means you get full professional representation, market expertise, negotiation support, and guidance through closing — at no direct cost to you.

Yes — beyond your mortgage payment, budget for:

• Property taxes — paid annually or monthly through your lender
• Home insurance — required by your lender, typically $1,200–$2,500/year
• Strata fees — if buying a condo or townhome, monthly fees cover common area maintenance
• Utilities — hydro, gas, water/sewer
• Maintenance reserve — set aside 1%–2% of home value per year for repairs