August is a busy month for families as the back-to-school season approaches. It’s also a fantastic time to focus on finding a home that meets your family’s needs. Whether you’re relocating for a better school district or looking for more space to accommodate your growing household, August offers a great opportunity to settle into a new home before the holidays roll around.

Here are three key tips to help you find the perfect family home this August:

1. Prioritize School Districts

For families with school-aged children, a great school district is often at the top of the priority list.

• Research schools in the areas you’re considering—look at ratings, programs, and extracurricular activities.

• Visit the schools if possible to get a sense of the environment and community.

• Even if you don’t have children, homes in top-rated school districts tend to hold their value well, making them a smart investment.

2. Focus on Family-Friendly Features

Think about what your family needs to thrive at home.

• Look for homes with multiple bedrooms, open living spaces, and functional layouts.

• Consider proximity to parks, playgrounds, and family-friendly amenities.

• Storage is key for families—look for homes with ample closets, garage space, or basements for organization.

3. Plan Ahead for a Smooth Move

Moving with kids can be challenging, so preparation is essential.

• Get your kids involved in the process by letting them pick out their rooms or help pack.

• Time your move carefully to minimize disruptions to school schedules.

• Partner with a realtor who understands your unique needs to streamline the process.

Ready to find the perfect home for your family? Let’s make it happen before the school bell rings! Reach out today to get started.

When you're buying a home—especially for the first time—the terminology can be confusing. Two of the most commonly misunderstood terms in Canadian real estate are "deposit" and "down payment." While they’re both related to the money you put toward purchasing a home, they serve very different purposes. Let’s break down what each term means, how they’re used, and what you need to know as a homebuyer in today’s market.

💰 What Is a Deposit?

The deposit is the money you put forward with your offer to purchase a home. In most Canadian markets, it’s customary to include a deposit as a sign of good faith. This shows the seller that you’re serious and committed to the purchase.

• Amount: Typically 1–5% of the purchase price, but it can vary depending on local market conditions and negotiations.

• When it's paid: Usually within 48 hours (or as specified in the contract) of your offer being accepted.

• Where it goes: The deposit is held in trust (usually by the buyer’s real estate brokerage).

• What happens to it: The deposit becomes part of your down payment if the sale goes through. If the deal falls apart due to conditions (like financing or inspection), you may get it back—depending on the terms of your agreement.

Example: You make an offer on a $600,000 home and include a $20,000 deposit. If your offer is accepted, that deposit counts toward your total purchase funds.

🏦 What Is a Down Payment?

The down payment is the total amount of money you are putting toward the purchase price of the home, and it's separate from the mortgage. In Canada, the minimum down payment depends on the price of the property:

• 5% for homes priced up to $500,000

• 5% on the under $500,000 portion, and 10% on the portion between $500,000 and $1.5 million

• 20% for homes priced at $1.5 million or more

• 20% is considered normal for investment properties

The down payment is due on closing day and directly affects the amount of mortgage you’ll need from your lender.

Continuing our example: If your down payment is $60,000 on that $600,000 home, and you’ve already paid a $20,000 deposit, you’ll need to provide the remaining $40,000 on closing.

🧾 Key Differences at a Glance

💡 Why This Matters for Canadian Homebuyers

Understanding the difference between a deposit and a down payment helps you prepare financially and avoid last-minute surprises. Here are a few quick tips:

• Have your deposit ready when you start house hunting. It needs to be accessible (not locked in investments or RRSPs with withdrawal restrictions).

• Budget for the full down payment, minus your deposit amount.

• Work with a REALTOR® and mortgage professional to ensure all your paperwork and finances are in order, especially if you’re buying with conditions like financing or inspection.

• Avoid large loans before a home purchase as this will affect your debt service ratio

• Avoid moving large sums of money between accounts as the bank needs to be able to track funds for at least 90 days

👋 Let’s Talk!

Whether you're a first-time buyer or an experienced homeowner, we're here to help you every step of the way. At David Lowes Personal Real Estate Corporation, we provide clear, honest guidance to help you make confident decisions in the Cowichan Valley and beyond.

Have questions about deposits, down payments, or the homebuying process in general? Reach out anytime—I’d be happy to walk you through it.