Rose Marie Manno RE/MAX Colonial
Pacific Realty
236-878-1581
Buyer tool

Is the asking price fair, and what will it really cost you?

Enter the listing, a few recent sold prices, and your financing. You get a reference value from the comparables, the cash you need to close in BC, the monthly cost of holding the home, and the due-diligence list for that type of property. Scenario math on your inputs, not an appraisal.

Rooftops on the White Rock hillside looking across Semiahmoo Bay

The listing

$
sq ft

Recent comparable sales

Sold prices, not asking prices, from the last 90 days in the same building or on nearby streets. Sizes are optional but make the read much better.
$
sq ft
$
sq ft
$
sq ft

Your financing

%
%
years
$
$

Price read

Reference value from comparables—

Asking vs comparables—

    Cash to close

    Down payment$0
    Property Transfer Tax$0
    Lawyer or notary$0
    Home inspection$0
    Title insurance$0
    Strata documents$0
    Closing costs$0
    Cash needed on completion$0

    Monthly carrying

    Mortgage$0
    Payment$0
    Strata fee$0
    Property tax (monthly)$0
    Home insurance (placeholder)$0
    Per month$0

    Before subjects come off

      Assumptions. BC Property Transfer Tax at 1% to $200,000, 2% to $2 million, 3% to $3 million and 5% above, with the first-time buyer exemption (full to $500,000, $8,000 cap to $835,000, phased out by $860,000). Default insurance when the down payment is under 20% on a price of $1.5 million or less, premium by loan-to-value, added to the mortgage. Payment on Canadian semi-annual compounding. Legal $1,500, inspection $600, title insurance $300, strata documents $250 and home insurance $40 (strata) or $150 (detached) a month are placeholders. Confirm thresholds with the BC government and figures with your lender and lawyer before you write.

      Have Rose pull the real comparables

      Send the listing address and Rose comes back with the sold comparables for that building or street, what she would offer, and which subjects to keep. No obligation.

      Questions

      About the offer check

      Is the reference value an appraisal?

      No. It is arithmetic on the sold prices you type in: the median price per square foot of your comparables multiplied by the home's size, or the median price if you leave sizes out. A real read needs the right comparables, adjusted for view, lot, condition and date, which is what Rose does for a specific address.

      Which closing costs are included?

      Property Transfer Tax with the first-time buyer exemption if you tick it, a lawyer or notary allowance, a home inspection, title insurance and, for strata, the document package. Not included: moving, appliances, immediate repairs, GST on a new home, or the adjustments for prepaid property tax and strata fees that are settled on completion.

      How is the mortgage insurance worked out?

      When the down payment is under 20% and the price is $1.5 million or less, the premium is estimated from the loan-to-value ratio using the standard published premium bands and added to the mortgage. Lenders and insurers set the final figure; confirm it with your broker.

      Why does the monthly carrying include insurance and tax?

      Because that is what you pay each month to hold the home. The home insurance figure is a placeholder and the property tax is the annual amount you enter divided by twelve. Replace both with real quotes before you rely on the number.

      Where do the thresholds come from?

      The tax brackets, first-time buyer thresholds and minimum down payment tiers follow the BC and federal rules in force when this page was last reviewed. They change; the page states the assumptions so you can check them against the government pages before you write an offer.

      Related: mortgage and down payment calculator, closing costs in detail, property transfer tax, and how Rose works with buyers.