Home Inspection

Tracy Head • March 28, 2025

In an ideal situation I have some time upfront to work with clients on their pre-approval. I like to go over what to expect in terms of both the process and what to expect in terms of closing costs when they have an accepted offer on a home. We usually talk about potential expenses like property transfer tax, an appraisal, a home inspection, home insurance, and legal fees.


This time of year we also talk about upcoming property taxes for anything they are purchasing before July 1st.


I think human nature is that we want to minimize our expenses and make sure we are getting the most bang for our buck.

There are a few areas of cross-over where I anticipate the clients’ realtor will be speaking to them about items like the requirement to organize home insurance and the importance of a home inspection. 


In practice I think most realtors encourage their buyers to move forward with a home inspection because they want to ensure clients are not buying any surprises that will create headaches down the road.


Sometimes clients are buying privately and are not represented. In those cases I always urge them to include a home inspection as one of their conditions.


I have had clients question the need for a home inspection, particularly if they are buying a condo or a new build.


Two recent examples have popped up that reinforce for me the importance of a home inspection:


- We are working with a lovely first-time home buyer in the lower mainland. Her budget isn’t huge so she has been waiting and watching for the right property to come up, and for her offer to be the one chosen. The stars aligned for her last week.

Her financing was approved and all of the financing conditions were signed off by the lender. We were doing a happy dance for her and had a rude awakening the day she did her home inspection.


The home inspector found an ongoing leak in the kitchen that has created a soft wall which is indicative of a bigger problem. On a surface level the kitchen is beautiful and relatively recently updated. As a first-time home buyer with no family nearby our client was thrilled by the aesthetics of this condo, then devastated by the potentially expensive work needed to repair / rectify the damage.


- The second situation really caught us by surprise.

We have clients on Vancouver Island who have an accepted offer on a brand-new home that has never been lived in. They did choose to invest in a home inspection and we are so glad they did. It turns out that somehow some of the larger windows were installed incorrectly and this has created damage to the windows and a leak in one corner.


Again, with a new build the temptation would often be to skip the home inspection.


Yes, any issues with this home will be covered by warranty.  Having the home inspection done and being aware of the issues upfront gives them a lot more power with respect to having these defects repaired quickly.


Now that I’ve driven that point home, its important to know that not all home inspectors are created equal. Do your due diligence – look at reviews, look at the home inspector’s qualifications and length of time / experience doing home inspections.

Going with the cheapest option is not always the best option.



Buying a home is the biggest investment you will likely make. Trying to save a few hundred dollars upfront may end up costing you thousands of dollars and sleepless nights down the road. Save yourself the pain and aggravation of hidden issues in your home.

Tracy Head

Mortgage Broker

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Importance of a PreApproval

By Tracy Head • May 16, 2026
There’s a moment I see all the time in this business. A buyer walks into an open house “just to look,” falls completely in love with the place, and by supper time they’re talking about writing an offer. It’s exciting. It’s emotional. And sometimes, it’s exactly where people get themselves into trouble. I can tell you one of the smartest things a buyer can do before house hunting is get a proper mortgage pre-approval in place. Not the casual “I think we qualify for around this amount” conversation. I mean an actual reviewed pre-approval with income, down payment, credit, and monthly budget all looked at carefully. Because once you’re standing in someone else’s dream kitchen imagining where your coffee maker will go, logic has a funny way of leaving the building. A pre-approval does a few very important things. First, it tells you what a lender is likely willing to lend you. That sounds obvious, but many buyers are shocked to discover that what they want to spend and what the bank is comfortable approving are two very different numbers. Second, it helps you shop with confidence. In competitive markets, sellers take pre-approved buyers much more seriously. A seller who has two similar offers in front of them will almost always feel more comfortable with the buyer who already has financing lined up. But here’s the part I think matters even more — a pre-approval gives you the chance to figure out what home ownership will actually feel like every month. And this is where many people make a mistake. They focus only on the mortgage payment. The mortgage payment is important, of course, but it’s only one piece of the puzzle. Before writing an offer, buyers should sit down and calculate the total monthly cost of the home. That means including: Mortgage payment Property taxes City utilities Home insurance Strata fees, if applicable Heating costs Potential maintenance expenses Because the difference between “technically approved” and “comfortably affordable” can be huge. Let’s use a simple example. Suppose you purchase a home for $650,000 with a reasonable down payment. At current interest rates, your mortgage payment might land somewhere around $3,100 per month. At first glance, that may seem manageable. But then we add: Property taxes: $350/month Utilities: $200/month Home insurance: $140/month Strata fees: $450/month Suddenly the true monthly housing cost is closer to $4,240 per month. That’s a very different conversation. And if you haven’t done those calculations ahead of time, you may find yourself house-rich and lifestyle-poor after possession day. I often tell clients this: your home should support your life, not consume it. You still want room for groceries, kids’ sports, travel, retirement savings, and the occasional dinner out where nobody has to do dishes afterward. Another benefit of getting pre-approved early is discovering issues before they become emergencies. Sometimes we uncover small credit issues, missing documents, or income challenges that can be fixed with a little planning and time. It’s much better to solve those things before you fall in love with a home than three days before financing conditions are due. And please remember — just because a lender says you qualify for a certain amount does not mean you have to spend that much. Some of the happiest homeowners I know bought below their maximum approval and left themselves breathing room financially. Funny enough, those are usually the people sleeping best at night when interest rates rise or life throws a curveball. Buying a home should feel exciting, not terrifying. So before you start measuring living rooms for sectional sofas or debating paint colours, take the time to get a proper pre-approval completed and run the real monthly numbers carefully.  Future-you will be very grateful.

Owning vs. Renting: A Broker’s View from the Front Lines

By Tracy Head • May 4, 2026
After a couple of decades in the Canadian mortgage world, I’ve learned that the “rent vs. buy” debate isn’t really about right or wrong—it’s about timing, lifestyle, and how comfortable you are trading flexibility for long-term wealth building. Let’s walk through both sides with some real numbers, because that’s where the story gets interesting. The Case for Buying: Building Equity (and Stability) Let’s assume you purchase a home for $600,000 CAD with a 20% down payment ($120,000), leaving you with a $480,000 mortgage at a 4% interest rate , amortized over 25 years. Monthly mortgage payment: ≈ $2,530 First-year interest portion: roughly $19,000 First-year principal paydown: roughly $11,000 That principal portion is the quiet hero here. Every payment chips away at your loan and builds equity—essentially forced savings. Fast forward 5 years: You’ve paid down roughly $60,000–$70,000 in principal If the home appreciates at a modest 3% annually , your $600,000 home could be worth about $695,000 Your equity position: Original down payment: $120,000 Principal paid: ~$65,000 Appreciation: ~$95,000 Total equity: ~$280,000 That’s a meaningful wealth position built largely through time and discipline. Other advantages: Predictable housing costs (especially with a fixed rate) Protection against rising rents Freedom to renovate and personalize Leverage: you control a $600K asset with $120K down The Reality Check: The Costs of Ownership Owning isn’t just about the mortgage. On that same $600,000 home, you might also be looking at: Property taxes: $3,000–$4,000/year Maintenance: ~1% annually (~$6,000) Insurance: $1,500–$2,000/year So your true monthly cost isn’t $2,530—it’s closer to $3,200–$3,500 when everything’s factored in. And unlike rent, surprises are your responsibility. Roof leaks don’t call the landlord—they call your bank account. The Case for Renting: Flexibility and Liquidity Let’s say a comparable home rents for $2,500/month . Right away, you’re saving: ~$700–$1,000/month compared to owning (after ownership costs) Now here’s where renters can quietly win— if they’re disciplined . Investing the difference: If you invest $800/month at a conservative 5% annual return : After 5 years: ~$54,000 After 10 years: ~$125,000 Add to that your original $120,000 down payment (which you didn’t tie up in real estate), also invested: $120,000 at 5% over 5 years: ~$153,000 Total investment portfolio after 5 years: ~$207,000 That’s not far off the homeowner’s equity position—and it’s far more liquid. The Trade-Offs: It’s Not Just Math Here’s where the decision gets personal. Buying tends to win when: You plan to stay put for 5+ years You want stability and control You’re comfortable with maintenance and unexpected costs You value long-term wealth building through real estate Renting shines when: Your lifestyle or job requires flexibility You prefer predictable monthly costs You’re disciplined about investing savings You’re wary of market fluctuations or high entry prices A Final Thought from the Broker’s Desk I’ve seen clients build substantial wealth through homeownership—and I’ve seen others feel financially stretched because they bought too soon or too much house. On the flip side, I’ve met renters who quietly built six-figure investment portfolios… and others who simply spent the difference. The truth? Both paths can work beautifully—or poorly—depending on behaviour. If you’re buying, do it with a long-term mindset and a financial cushion.  If you’re renting, treat your savings like a mortgage payment to your future self. Either way, the goal isn’t just having a roof over your head—it’s making sure that roof supports the life you actually want to live.