First-Time Homebuyer? A Brief Guide on How to Survive the Closing and Mortgage Selection Process

Marci • June 2, 2014

Buying a home is one of the biggest decisions you’ll make, and likely the largest purchase of your lifetime. With that being said, you should make sure that you remain aware and conscientious throughout the home buying and mortgage selection process. If you’re a first-time homebuyer, you’ll need some basic information in order to ensure that the process goes as smoothly as possible. Here’s your brief guide on how to survive and thrive in your closing and mortgage process of Vancouver real estate.

Mortgage Pre-Approval: Best Before You Commence Your Search

Before you actually start searching for home, you need to figure out one key piece of information: how much you can afford. Sometimes, buyers believe they can afford a particular price and they start home shopping before they are pre-approved for a mortgage, only to later discover that they can’t get financing for that amount. To avoid this, make sure you get pre-approved for your mortgage in Vancouver, and make a visit to your mortgage broker before you commence your property search.

Negotiations: Remain Calm and Have a Plan B

Once you’ve found the house you would like to purchase, you’ll enter into another realm that will put you one step closer to having keys in your hand: negotiations. This can be a stressful time, and one that can also take longer than many buyers expect, so it is important to remain cool and calm. During this time, rely on your real estate professional for the proper advice, and if possible have a plan B—i.e., another home you’d consider purchasing if an agreement can’t be reached on the first.

Mortgage Selection: Do Your Research Beforehand

Once you have found your future home and negotiated on the price with an accepted offer, one of your conditions on the contract will likely be to get approved for financing. This is when you will be presented with different mortgage options from your mortgage broker. By this time, you should have done your research to determine whether you feel most comfortable with a fixed or variable-rate mortgage. Once the home price is established, your broker will be able to give you a determined mortgage cost, and you will be able to make an educated, thought-out decision.

Home Inspection: Caution Versus Acceptance

During your home inspection, be sure to remember one piece of critical information: there will virtually always be deficiencies found in any home, even if it’s brand new. With that in mind, use your common sense and rely on your realtor and home inspector to help you remain both cautious and accepting.

Final Walk-Through: Ensure Contractual Rights Are Met

The last step before you get keys and move into your new home is to do a final walk-through. This is when you will ensure that the home is in the same condition as it was when you viewed the property, and that any additions, changes, or updates included in the contract have been completed by the seller.

Though the process of buying your first home can be overwhelming and stressful, it can also be a lot of fun, especially when dealing with trusted professionals. Hire the realtor and mortgage broker that are right for you, and be sure to make the most of this life milestone. For more specified information on how to survive your unique closing and mortgage selection process, contact us via email today.

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What You Need to Know From the CMHC 2025 Housing Market Outlook

By Marci Deane • June 26, 2025

The Canada Mortgage and Housing Corporation (CMHC) has just dropped their highly anticipated 2025 Housing Market Outlook, and if you’re a homeowner, future buyer, or just like to keep your finger on the real estate pulse, there’s a lot to unpack. Here’s the short version: The Big Picture (Canada-Wide) Mortgage rates are expected to decline in 2025, giving some long-awaited relief to buyers. Home sales and prices are heading back up, though we’re not expecting the wild ride of 2021. Rental markets are softening slightly with more supply coming online. Condo construction is slowing, while purpose-built rental and ground-oriented housing hold strong. CMHC is cautiously optimistic, but they’re also tracking risks like U.S. trade tensions and lower immigration. What About British Columbia? If you’re in BC, especially Greater Vancouver or Vancouver Island, here’s what matters most: Prices are forecast to hit new highs by the end of 2025. Sales are rebounding, thanks to lower mortgage rates and some recent financing policy changes. Tighter inventory will drive demand in townhomes and entry-level properties. Rental markets are finally seeing some relief, with rising vacancy rates and record rental construction underway. Why It Matters This isn’t just “market noise.” For buyers, sellers, renters and industry pros, these trends point to a more balanced housing environment in the next 12–18 months. That means better planning opportunities, less panic-buying, and a slightly calmer market for everyone involved. If you’re making moves in the real estate world, or just want to understand what the data says about where we’re headed, this report is worth a closer look. ➡ Download the full 3-page PDF summary here . Need help making sense of how this impacts your mortgage, buying power, or investment strategy? Ask Marci About Mortgages. I’m always happy to walk you through it.

Older Canadians Have Mortgage Options

By Marci Deane • June 25, 2025

Although it’s ideal to have your mortgage paid off by the time you retire, that isn’t always possible in today’s economy. The cost of living is considerably higher than it has ever been, and as a result, many Canadians are putting off retirement, hoping to make just a bit more money to add to that nest egg. So if you find yourself in the position where you’re considering your mortgage options into retirement, you’ve come to the right place. The advantage of working with an independent mortgage professional instead of a single bank is choice. When you work with an independent mortgage professional, you won’t be limited to an individual institution’s products; rather, you will have access to considerably more options. Here are some options available to older Canadians as they plan for mortgage financing through their retirement. Standard Mortgage Financing If you’ve got a steady income, decent credit, and equity in your home, there is no reason you shouldn’t qualify for standard mortgage financing, which usually comes at the lowest interest rates and best terms. Some lenders use pension and retirement income to support your mortgage application even if you’ve already retired. Reverse Mortgage Financing A reverse mortgage allows Canadian homeowners 55 years and older to borrow money from their homes with no proof of income, no credit check, and no health questions. A reverse mortgage is a fabulous mortgage solution that has helped thousands of older Canadians enhance their lifestyle. Home Equity Line of Credit (HELOC) A line of credit secured to the equity you have in your home is an excellent tool to allow you to access money when you need it but not pay interest if you don’t need it. Many older Canadians like the idea of rolling all their expenses and income into one account. Private Financing If you happen to be in a bit of a tight spot, you have a plan but need a financial solution; private financing might be the answer. Indeed not the first choice for many because of the higher interest rates. However, private financing can provide you with options where a traditional bank can’t. If you have any questions about securing mortgage financing for your retirement, please connect anytime. It would be a pleasure to work with you and walk you through all your options.

First-Time Homebuyer? A New GST Rebate Could Put Thousands Back in Your Pocket

By Marci Deane • June 20, 2025

If you’re a first-time homebuyer eyeing a new build or major renovation, there's encouraging news that could make homeownership significantly more affordable. The federal government has proposed a new GST rebate aimed at easing the financial burden for Canadians entering the housing market. While still awaiting parliamentary approval, the proposed legislation offers the potential for thousands in savings —and could be a game-changer for buyers trying to break into today’s high-cost housing landscape. What’s Being Proposed? Under the new legislation, eligible first-time homebuyers would receive: A full GST rebate on homes priced up to $1 million A partial GST rebate on homes between $1 million and $1.5 million This could mean up to $50,000 in tax savings on a qualifying home—a major boost for anyone working hard to save for a down payment or meet mortgage qualification requirements. Why This Matters With interest rates still elevated and home prices holding steady in many regions, affordability remains a challenge. This rebate could offer meaningful relief in several ways: Lower Upfront Costs: Removing GST from the purchase price reduces the total amount of money buyers need to save before closing. Smaller Monthly Payments: A lower purchase price leads to a smaller mortgage, which translates to more manageable monthly payments. Improved Mortgage Qualification: With a reduced purchase amount, buyers may find it easier to meet lender criteria. According to recent estimates, a homebuyer purchasing a $1 million new home could see monthly mortgage payments drop by around $240 —money that could go toward savings, home improvements, or simply everyday expenses. Helping Families Help Each Other This proposal also offers a win for parents who are supporting their children in buying a first home. Whether through gifted down payments or co-signing, a lower purchase price and more affordable monthly costs mean that family support can go further—and set first-time buyers up for long-term success. Is This the Right Time to Buy? If you’re thinking about buying a new or substantially renovated home, this proposed rebate could dramatically improve your financial position. Now is the perfect time to explore your options and make sure your mortgage strategy is aligned with potential policy changes. 📞 Let’s connect for a free mortgage review or pre-approval. Whether you’re buying your first home or helping someone else take that first step, I’m here to help you make informed, confident decisions.