BUYING A HOUSE | WHITEHORSE

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For Buyers: • Helping You Find A House  Houses for sale in Whitehorse Terminology

Here are some resources (info, videos and step-by-step guides) for buying a house in Whitehorse or around the Yukon.

Buying a house is an emotional and rewarding experience. Dome Realty can help you through the process. In the meantime, you can review our house buying information.

If you are new to the Yukon, drive through our neighborhoods to get a feel for the areas that most appeal to you. You can review the local amenities links, below.

Dome Realty will put together home options that fit your criteria. From there, you can make some choices: narrow the list of available homes that fit your lifestyle, and carefully tour and review each potentially suitable home.

When you are equipped with the knowledge and tools, you can make an informed decision. Together we can hone in on the right home for you, your family and your lifestyle.

Example of things you may not know about securing the right mortgage

I offer much more mortgage info to my customers… i.e. Lower interest rates help buyers skip from entry level homes to higher end, extra bedrooms and space, but this brings higher property taxes, increased utility and maintenance costs. The key is not the rate, but the payment you make. Increasing your payment from $1,000 to $1,200 can save over 8 years of payments. An increase to your mortgage payment of $25 to $30 dollars will result in significant time taken off your mortgage repayment.

Real Estate Investing
Start small; i.e. townhouse. After a couple of years of making payments and building equity from property appreciation, take out enough equity for a 20% down payment on a property that generates enough rent to cover it’s mortgage payments. After a few years, take out the equity from both properties to buy another revenue property, or sell the revenue property to buy a property with two or three rental suites. Gradually build your pool of revenue properties and you will begin to earn enough income to cover expenses and generate personal income, while your assets continue to appreciate.

Buying a House | The Basic 10 Steps

Finding the right home means a home that strikes a balance between your wants and needs. We look at the housing market, location and price. Here is a basic outline for buying a home in the Yukon:

  • STEP 1: Know your Budget – What can you afford?
  • STEP 2: Mortgage Options – If you have a down payment that is less than 20%, you will likely be dealing with CMHC for a high ratio mortgage and mortgage default insurance. Get pre-approved for a mortgage so that you are in a better position to get the house you want.
  • STEP 3: Choose a Realtor® – This is your personal adviser, consultant and negotiator. Your Realtor® will have the tools and information to help you when viewing homes that match your criteria, and guide you through the home-buying process and the documents involved in your real estate transaction.
  • STEP 4: Choose a Lawyer – Find a lawyer specializing in real estate. He/she will review any offer to purchase, before you submit it. A real estate lawyer will also conduct a title search and check for outstanding taxes and liens on the property.
  • STEP 5: House Hunting – What are your “wants”? Know what you want, while considering your current needs, future needs and lifestyle. Take into account the house, lot, neighborhood, overall location and local amenities. Bring a checklist to help you compare and keep track of the homes you visit, and help you remember the features you did or didn’t like. Bring a flashlight too!
  • STEP 6: The Offer: Your Realtor® will present your offer to purchase. This document includes the price, conditions, deposit and closing date. The seller will accept, reject, or may make a counter offer.
  • STEP 7: Get a Home Inspection (are there any warranties?) A home inspection is voluntary, but smart. Make your offer, to purchase the home, conditional on a home inspection. If your inspection reveals major problems, you can negotiate price, based on the cost to repair, or legally withdraw your offer. New Home Warranty: In the Yukon, new home warranties are not mandatory, but a standard one-year warranty is typically offered; however the equipment in a home may have longer warranties.
  • STEP 8: Finalizing The Deal – Finalizing the deal will include the final approval of your mortgage and a meeting with your lawyer to finalize details, such as insurance and conditions, and the results of a title search.
  • STEP 9 : Moving Preparations – Typically you will be scheduling a transfer of utilities and other services like phone, cable and Internet, from your current location to your new home.
  • STEP 10: Closing Day – You legally take possession of the house, your lawyer completes the paperwork (so the home is in your name), payments are finalized and you receive the deed and the keys. Congratulations on your new home!

Buying a House | Detailed, Smart Information

Yukon Government info (Yukon Home Owners Grant and More…)

Real Estate Information for Whitehorse, Yukon

Buying a House in the US

CREA
First Time, Home Buyers’ Road Map

CMHC
Home Buyers Checklist – A Newcomers’ Guide and Workbook
Buying Your First Home in Canada What Newcomers Need to Know
Home Buying Guide
Home Buying Programs and Financial Assistance
Home Buying (Video)

Inspections and Permits
Hiring a Home Inspector – (PDF)
What to Look for When Inspecting a Masonry Chimney -_Checklist

YTG – Buying a home/Housing

City of Whitehorse Building Inspections

Zoning Bylaws
2012 Zoning Bylaw – Complete – (PDF)

Amenities (Maps)
Whitehorse, Riverdale, Porter Creek, Hillcrest, Crestview, Valleyview, Copper Ridge, Lobird, Kopper King, Takhini, Marsh Lake, Hot Springs, Hidden Valley, Haines Junction, Dawson City, Carmacks, Pelly Crossing, Watson Lake, Mayo, Faro, Beaver Creek, Burwash Landing, Carcross, Tagish, Old Crow, Ross River, Teslin

Yukon City/Town (websites)  
Whitehorse, Haines Junction, Dawson City, Carmacks, Pelly Crossing, Watson Lake,  Mayo, Faro, Beaver Creek, Burwash Landing, Carcross, Tagish, Old Crow, Ross River, Teslin

Buying a House in Whitehorse - AJ Malcolm – Dome Realty Whitehorse, Yukon