Home Buying Costs

ARE YOU BUYING A HOME? DON’T FORGET TO INCLUDE THESE COSTS. IF YOU HAVE ANY ADDITIONAL QUESTIONS ABOUT REAL ESTATE, I CAN HELP!

DEPOSIT Generally 5-10% of the purchase price

DOWN PAYMENT  At least 5% of purchase price required for a high-ratio mortgage and at least 20% of purchase price required for a conventional mortgage

MORTGAGE LOAN INSURANCE PREMIUM Paid upon Completion or or added to your mortgage – cost ranges between 0.06 to 3.38% of mortgage amount

MORTGAGE APPRAISAL FEE Cost sometimes covered by lender, if not – ranges around $300+GST

LAND SURVEY FEE – Sometimes required typically $700+ GST 

HOME INSPECTION FEEGenerally ranges between $500 – $700

PROPERTY TRANSFER TAX1% ON 1ST $200,000 & 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000 & 3% on the portion of the fair market value greater than $2,000,000. (Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $500,000 as well as purchases of newly built homes up to $750,000)

If you are a foreign national or foreign corporation and the residential property is located in the GVRD, you also pay the 15% additional property transfer tax on the fair market value of your proportionate share, UNLESS you have a work permit and pay taxes in BC.

HOME INSURANCE

GST – 5% – On new or substantially renovated homes only

LEGAL FEES AND DISBURSEMENTSRange between $900 – $1,200

PROPERTY TAX Likely required to reimburse the seller for any prepaid property tax

STRATA MAINTENANCE FEESYour unit’s share of the annual budget and common expenses. Usually paid on the first of the month.

USING A REALTOR No cost to the buyer, fees are paid for by Seller out of the proceeds of the sale.