Revelstoke Buyer’s Guide
Buying property is a big decision. We make the process easier to understand, easier to navigate and a little less overwhelming.
Revelstoke Buyer’s Guide
Buying property is a big decision. We make the process easier to understand, easier to navigate and a little less overwhelming.
Whether you are purchasing your first home, an investment property or a place to spend more time in the mountains, the right preparation makes every step easier.
Our role is to help you understand the market, narrow your search, write a strong offer and coordinate the details that take you from accepted offer to possession day.
Phase one
Before the property search begins, get clear on your budget, priorities and ideal timeline. A mortgage pre-approval helps you understand your purchasing power and makes it easier to move confidently when the right property appears.
Phase two
With a budget and priorities established, your Realtor ® can help identify listings that fit, organize viewings and point out details that may affect value, use or future plans.
Phase three
When you are ready to move forward, your Realtor ® helps determine an offer price, possession date and appropriate conditions, then prepares the Contract of Purchase and Sale and explains each term.
Phase four
Any conditions in your contract, such as financing, inspection, insurance or title review, must be completed by the agreed deadline. Once subjects are removed, the purchase becomes firm.
A lawyer or notary then handles conveyancing and legal transfer of ownership. On possession day, the property is officially yours.
The short answer is none. Buyers do not pay for any services born by their Realtor. Realtors are paid a percentage commission based on the property sale price which is paid by the seller on completion of the sale. As the BCFSA requires transparency in remuneration, your Realtor will disclose their expected commission to you at the time you enter into a Contract of Purchase and Sale.
Purchase price: This is the price agreed upon between you and the seller as written on the Contract of Purchase and Sale. The deposit you placed in trust will apply towards the purchase price and the remainder will be paid in cash or through financing arrangements.
House Inspection: $600 – $700. Although a house inspection is not required to purchase a property, we recommend having a certified inspector review the property prior to closing.
Property Appraisal: $400 – $500. Lending institutions often require a property appraisal prior to extending a mortgage loan, this cost is passed onto the purchasers.
Legal/Notary Public Fees: $2000-$2500. This fee covers the conveyancing (described above) of the property by a Lawyer or Notary Public.
Taxes:
Property Transfer Tax (PTT): Cost will vary based on several factors (property value, foreign buyer, exemptions, etc). Read more about Property Transfer Taxes in BC here.
Goods and Services Tax (GST): Under the Excise Tax Act, 5% GST applies to the sale of new residential homes in BC and used residential property that meet specific criteria.
We strongly recommend you discuss the potential tax payable on a property with a tax professional to avoid any surprise expenses.
As of April 1, 2024 first time home buyers in British Columbia may be eligible for a full or partial exemption from the property transfer tax on properties that have a fair market value of $835,000 or less. Read more about the first time home buyers program here or discuss your eligibility with your Realtor.
Property Tax: Property taxes are paid annually and cover critical local programs and services such as police/fire, emergency rescue, road construction/maintenance and more. Learn more about BC Property Taxes here.
City Utilities (Water/Sewage/Garbage): If you are purchasing a property within Revelstokes city limits, you can expect to receive a bill for city utilities.
Utilities (Hydro/Electric): Outside of city utilities payable, you will also need to budget for gas and electric. Pricing will vary based on the properties size, efficiency and time of year.
House Insurance: Pricing will vary based on a number of factors however it is important to add this to your ongoing housing budget.
Maintenance: Life happens and things can break. We always recommend budgeting for regular house maintenance. Whether that be saving for a new hot water heater or a fresh coat of paint, you will want to budget to keep your property in good condition.
*Strata fees: Strata fees will apply if you are purchasing a Strata Lot property within a Strata Corporation. Often referred to as condo fees or maintenance fees, this monthly fee goes towards the maintenance of the building and common property.
Revelstoke is home to a wide range of properties; from heritage homes built in the late 1800s, mobile homes to luxury ski chalets. It is generally a good idea to have your potential property inspected before purchasing so you can uncover more information about the state of the property.
Gas: Contact Fortis BC.
Electrical: Contact BC Hydro.
Wifi: The most common internet provider in the Revelstoke area is Telus. They offer high speed PureFibre wi-fi in most locations. Starlink is also available as an alternative.
Canada Post PO Box: Unlike most metropolitan areas, mail in Revelstoke is often delivered directly to the post office, not your doorstep. In order to set up a post box, take your personal identification and property address to the Canada Post location and talk with the postage staff.
Whether you want to start browsing or talk through your options first, we’ll meet you wherever you are in the process.
Local Experts
Get to know the local Realtors who can help you understand the market, compare neighbourhoods and guide your purchase from first showing to possession.
Homes in Revelstoke
Browse the current Revelstoke market, save the properties that stand out and start getting a feel for what is available in your price range.
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Have questions about buying, selling, or the latest developments in Revelstoke? We’re here to help! Reach out by email at welcome@royallepagerevelstoke.ca, call us at +1 (250) 837-9544, or fill out the form below—we’ll be in touch shortly.