Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

Moved: House Prices

Moved: House Prices

Old Aug 22nd 2007, 10:00 am
  #1  
Forum Regular
Thread Starter
 
gaffer40's Avatar
 
Joined: Aug 2007
Location: Ayr Scotland
Posts: 47
gaffer40 will become famous soon enough
Default Moved: House Prices

Hi guys. When buying a house in Scotland you offer over the price that is stated. Is this the case in Canada or do you pay the price it is advertised at. Thanks and Regards Garry
gaffer40 is offline  
Old Aug 22nd 2007, 10:08 am
  #2  
Now on Vancouver Island
 
Judy in Calgary's Avatar
 
Joined: Feb 2005
Location: Nanaimo, British Columbia, Canada
Posts: 6,935
Judy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond repute
Default Re: House Prices

Originally Posted by gaffer40
Hi guys. When buying a house in Scotland you offer over the price that is stated. Is this the case in Canada or do you pay the price it is advertised at. Thanks and Regards Garry
With some exceptions, you offer less than the asking price. It depends on where you're buying property. It goes without saying that Canada is a huge country. The real estate market is hot in some places and in the doldrums in other places.

Although it doesn't get into the issue of house prices, the BE Wiki article on Canadian Housing goes into a lot of other things you need to consider when you're buying a house. I do recommend that you read it.

Last edited by Judy in Calgary; Aug 22nd 2007 at 10:11 am. Reason: Added link to Wiki on housing.
Judy in Calgary is offline  
Old Aug 22nd 2007, 10:24 am
  #3  
Banned
 
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Surrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond reputeSurrey Expat has a reputation beyond repute
Default Re: House Prices

Originally Posted by gaffer40
Hi guys. When buying a house in Scotland you offer over the price that is stated. Is this the case in Canada or do you pay the price it is advertised at. Thanks and Regards Garry
Depends on the market and if someone else is interested. No rules over what you offer. When you make an offer the Realtor writes it up and presents it to the seller, unless you decide to make an offer yourself and not use an agent, sometimes conditions attached to the offer. The seller then accepts, declines or counter offers. If the offer is accepted you are contractually bound to proceed, it can be VERY pricey if you back out anywhere beyond the point and offer is accepted. If the seller counter offers, you choose whether to accept, decline or counter back. This game can go on for a while. On occasion it is as simple as first offer accepted and it all goes though. In a hot market offers can come in over asking, sometimes more than one offer comes in at a time and the seller has a choice.

There are so many variables, not least how badly you want the property, how badly the seller wants rid of it and if there is much interest.

Two sites to look at for pricing are www.mls.ca this is the one Realtors want you to go to, another is www.propertyguys.ca this is owners selling direct. If you go direct and agree on a price you can both go to the same Notary or Solicitor and tell them you want the job done, this is what's agreed and thats it. Far simpler than Realtors would have you believe. Way way cheaper too.

Realtors can be much like used car salesmen on steroids. With prices on the rise they can get 7% on the first 100k and 2% on the rest. If the buyer has an agent and the seller has an agent then each agent gets half each. If the agent listing the property also sells it he can end up with the lot. The buyer does not have to pay any commission to the Realtor.

There is more interest in owners selling direct now through web sites for this reason.

You will however have to pay your legal costs. First time buyers will not have to pay the 1% property purchase tax.

Last edited by Surrey Expat; Aug 22nd 2007 at 10:27 am.
Surrey Expat is offline  
Old Aug 22nd 2007, 5:47 pm
  #4  
little snowy owl
 
Alberta_Rose's Avatar
 
Joined: Nov 2004
Posts: 6,921
Alberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond reputeAlberta_Rose has a reputation beyond repute
Default Re: Moved: House Prices

On the subjects of whether your (buyers') agent has a vested interest in you paying more than you should, for their share of the commission ...... We'd had excellent advice from ours as to how low to start the bidding, and when the offer was rejected (not unexpectedly) he vetoed our next proposed bid, and suggested another lower amount that we'd thought, and then a third, which was accepted. All in all we were very pleased with the way he negotiated on our behalf, being wimps at it, ourselves!!
Alberta_Rose is offline  
Old Aug 22nd 2007, 6:43 pm
  #5  
Now on Vancouver Island
 
Judy in Calgary's Avatar
 
Joined: Feb 2005
Location: Nanaimo, British Columbia, Canada
Posts: 6,935
Judy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond reputeJudy in Calgary has a reputation beyond repute
Default Re: House Prices

Originally Posted by Surrey Expat
First time buyers will not have to pay the 1% property purchase tax.
The provincial property purchase tax or land tranfer tax or whatever it's called, varies from province to province. Alberta does not have it at all.
Judy in Calgary is offline  
Old Aug 22nd 2007, 11:18 pm
  #6  
 
Joined: Apr 2005
Posts: 9,606
Souvenir is an unknown quantity at this point
Default Re: House Prices

Originally Posted by Surrey Expat
If the offer is accepted you are contractually bound to proceed
That merits a little clarification. In the case of the two houses we have bought, offers have been accepted. In both cases the offers were subject to proof of financing and a home inspection; things that had to be done within 5 working days. During that period the seller couldn't pull out. We could and on one occasion did.
Souvenir is offline  
Old Aug 22nd 2007, 11:26 pm
  #7  
Banned
 
Joined: Jun 2007
Posts: 785
Howard1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud ofHoward1944 has much to be proud of
Default Re: Moved: House Prices

Always Write

offer subject to Final Approval of my Lawyer.
Howard1944 is offline  
Old Aug 23rd 2007, 12:50 am
  #8  
RETIRED Realtor
 
MB-Realtor's Avatar
 
Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
MB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond repute
Default Re: House Prices

Originally Posted by Surrey Expat
If you go direct and agree on a price you can both go to the same Notary or Solicitor and tell them you want the job done, this is what's agreed and thats it. Far simpler than Realtors would have you believe. Way way cheaper too.
NEVER use the same solicitor/lawyer as the seller, always get your own legal advise.

If you decide to buy privatly just remember that the law is slanted to favor the Seller and not the buyer. The rules of "Buyer Beware" apply in Canada.
MB-Realtor is offline  
Old Aug 23rd 2007, 3:03 am
  #9  
 
Joined: Apr 2005
Posts: 9,606
Souvenir is an unknown quantity at this point
Default Re: House Prices

Originally Posted by MB-Realtor
NEVER use the same solicitor/lawyer as the seller, always get your own legal advise.

If you decide to buy privatly just remember that the law is slanted to favor the Seller and not the buyer. The rules of "Buyer Beware" apply in Canada.
In QC the same notary acts for both sides.
Souvenir is offline  
Old Aug 23rd 2007, 4:32 am
  #10  
Assimilated Pauper
 
dbd33's Avatar
 
Joined: Mar 2005
Location: Ontario
Posts: 40,024
dbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond reputedbd33 has a reputation beyond repute
Default Re: House Prices

Originally Posted by Surrey Expat
Makes way more sense. They have standards to adhere to and are regulated. If there is a conflict of interest a good one should tell you..
<shits self laughing>
dbd33 is offline  
Old Aug 23rd 2007, 4:36 am
  #11  
Just Joined
 
poobar's Avatar
 
Joined: Aug 2007
Posts: 16
poobar is an unknown quantity at this point
Default Re: Moved: House Prices

Brought a hours in Ontario about 18 months ago and couldn't believe the realtors rates.

We just posted a note on the mail box where we wanted to live, someone rang and we brought it.

Found that a lot of people don't want to sell due to the fees, but this way, only paid solicitors fees!!
poobar is offline  
Old Aug 23rd 2007, 9:58 am
  #12  
BE Forum Addict
 
MarkG's Avatar
 
Joined: Apr 2005
Location: Saskatoon, Saskatchewan
Posts: 4,106
MarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond reputeMarkG has a reputation beyond repute
Default Re: Moved: House Prices

As mentioned, it depends on the area. Six months ago Saskatoon was crazy and we were often getting outbid even though we were offering 10-15% above the asking price ourselves... now we just bought a place for below the asking price, and well below the highest price they'd been asking before they dropped it, plus they did extra work and left behind various appliances that they originally planned to take.

Three years ago I suspect you could have bought pretty much any house here with an offer below the asking price, and the price would have been quite a bit lower in the first place. At least the house we bought isn't much more expensive than original purchase price plus work the owners did plus taxes and fees, and cheaper than the last house that sold in the road, which was also smaller, so I don't feel too ripped off .
MarkG is offline  
Old Aug 30th 2007, 4:22 am
  #13  
BE Forum Addict
 
DAVIE_MAC's Avatar
 
Joined: Jan 2007
Posts: 1,554
DAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of lightDAVIE_MAC is a glorious beacon of light
Default Re: Moved: House Prices

Just a quick question.

When looking at houses for sale on MLS.ca is there any other tax to add onto the price.

For example like when you go into the shops you add the tax onto items you have bought when you reach the till's...is this the case with the houses on MLS or is the price shown on the site the price you pay....if this makes sense

Dave
DAVIE_MAC is offline  
Old Aug 30th 2007, 5:30 am
  #14  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,695
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Moved: House Prices

I am sure there are charlatans out there, but the realtors I have worked with have been honest, hardworking, ethical people.

When you are looking for a home you work out what you need, where it should be, and how much you want pay. You will then go to see houses that meet your criteria as well as one or two that are a bit more expensive, and one or two that are a bit cheaper – just to see what the difference in price buys.

When a realtor lists a house they should have a very good idea what a home will sell for. However, they have to choose what price to list it at to generate the most interest and encourage an offer. Higher, so people will visit to see what it’s all about and, hey, you never know? Right at the market? Or lower, so people will visit and think they can get a bargain – hoping to start a bidding battle?

So you generally offer less than the listing price, but not always. An offer slightly above listing price can nip a bidding battle in the bud. Your realtor will, of course, know the best thing to do.
JonboyE is offline  
Old Aug 30th 2007, 5:43 am
  #15  
Binned by Muderators
 
Joined: Jul 2007
Location: White Rock BC
Posts: 11,695
JonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond reputeJonboyE has a reputation beyond repute
Default Re: Moved: House Prices

Originally Posted by DAVIE_MAC
Just a quick question.

When looking at houses for sale on MLS.ca is there any other tax to add onto the price.

For example like when you go into the shops you add the tax onto items you have bought when you reach the till's...is this the case with the houses on MLS or is the price shown on the site the price you pay....if this makes sense

Dave
Brand new houses are subject to GST. This is 6% but reduced if the home will be your main home. This may or may not be included in the price. Look for phrases such as "net GST included". This means the reduced GST of a home owner is included. If you are buying as an investment you will have to pay the difference.

There is no GST on "second hand" homes.

Most Provinces have a property transfer tax that is paid by the buyer, but this may be waived for a first time buyer. In BC this is $2,000 + 2% of the excess of the purchase price over $200,000. First time buyers paying less than $375,000 ($265,000 in the interior) are exempt.

Last edited by JonboyE; Aug 30th 2007 at 7:12 am. Reason: Clarity
JonboyE is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.