There are many factors to consider but the short answer is 15 - 20% is a good starting point. This range gives you substantial equity from the outset and helps you maximize leverage while keeping your monthly payments manageable.

There are benefits to both renting and buying. However in many cases your mortgage payments can be comparable to monthly rental payments for the same property. Unlike renting, however, paying down a mortgage builds equity and based if there is anything history has taught us, property does appreciate. So if you plan to stay in the area for at least 5 - 10 years, buying is the answer.

Lower interest rates typically make borrowing more affordable, which increases buyer activity and pushes prices upward. Meanwhile higher interest rates increase the cost of borrowing, leading to higher monthly mortgage payments hence reducing purchasing power.

Choosing a variable-rate mortgage hinges on your financial comfort and risk tolerance. Can you handle a sudden rise in interest rates or a shift in the Bank of Canada's stance on rate cuts without losing sleep? If not, a variable rate probably isn't for you. However, if you're comfortable with that risk, there's potential to save money.

Currently, variable rates are slightly higher than five-year fixed rates. But, with the Bank of Canada expected to cut rates by further in 2025, a variable mortgage could pay off in the short term.

Still, remember that unpredictable U.S. government actions, like those related to tariffs, can significantly impact markets and influence future Bank of Canada decisions. Anyone opting for a variable rate today needs to be aware of this potential volatility. Always consult a mortgage specialist when making decisions on what to choose based on current conditions and your personal finances. 

Buying a home is a intimate process, always start with a needs and want list. Budget comes next, then prioritize these items on your list. Location is key, look for properties close to the list you've created. Conduct a thorough due diligence by investigating the age and condition of major components like roof, foundation, and windows. Hire a reputable home inspector is essential. Have your realtor provide a comparative market analysis (CMA) to ensure the price aligns with recent sales. 

When purchasing a property in Canada, closing costs are essential expenses beyond the down payment that you must budget for. These costs typically range from 1.5% to 4% of the home's purchase price, depending on the province, property type, and specific circumstance. In B.C. the main largest closing cost is the property tax transfer (PTT) which is calculated as follows:

• 1% on the first $200,000 of the fair market value

• 2% on the portion greater than $200,000 and up to $2,000,000

• 3% on the portion greater than $2,000,000

• 2% further on the portion of the fair market value greater than $3,000,000. 

 For example, on a $1,000,000 property, the PTT would amount to $18,000.

If you are a first time home buyer and purchasing a home under $835,00 fair market value you may be exempt from this tax. 

Check the Province of BC website for current rules around this exemption: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

Other common closing costs may include legal/notary fees, title insurance, home inspection, and property appraisal, which can add a few thousand dollars to your total.

Modernizing the kitchens and bathrooms can offer a substantial return on investment. Replacing worn carpets with hardwood laminates or tile flooring will enhance the perceived value of your property.  However for the cost conscious seller simple upgrades can make a big difference as well. Before listing, decluttering, deep cleaning, and addressing minor repairs can dramatically boost its appeal. Low-cost renovations with strong ROI include fresh paint, basic landscaping (enhance curb appeal), updating fixtures or kitchen appliances, and removing outdated popcorn ceilings. For vacant properties or properties with very dated furnishings, staging may also generate a good ROI.

When choosing a Realtor, focus on experience, market knowledge, and communication style. Ask about their recent sales, how they market properties, and what they know about your target area. A good advisor should come prepared with market data, a detailed service plan, and relevant advice. Pay attention to how well they listen to your goals and whether they ask you the right questions: this shows their understanding of your needs and their ability to guide you effectively.