We'll tell you when not to buy it.

It depends on the purchase price, and the federal tiers move — the threshold above which mortgage default insurance stops being available was raised as recently as 2024. Rather than publish a number that may be out of date by the time you read it, we will introduce you to a mortgage broker who can tell you exactly what applies to your price range. Your lender may also ask for more than the federal minimum depending on the property and your file.

Plan for roughly 1.5% to 4% of the purchase price in closing costs. That covers legal or notary fees, property transfer tax where it applies, a home inspection, title insurance, appraisal, and adjustments for prepaid property taxes or strata fees. On a newly built home there is also GST on the purchase price, which resale homes do not attract — a difference large enough to change which properties are actually in your budget. First-time buyers in BC may qualify for property transfer tax relief and the GST rebate — thresholds change, so confirm the current rules before you budget around them.

Yes — on essentially every resale purchase. An inspection typically costs a few hundred dollars and can uncover issues that are far more expensive to deal with later.

Read the full document package before removing subjects: two years of minutes, the depreciation report, the contingency reserve fund balance, the current budget, any special levies passed or being discussed, the bylaws, and the Form B. A well-run building with a healthy reserve is worth more than a nicer unit in a building facing an envelope levy.