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 FEE – Generally ranges between $500 – $700
PROPERTY TRANSFER TAX – 1% 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.
GST – 5% – On new or substantially renovated homes only
LEGAL FEES AND DISBURSEMENTS – Range between $900 – $1,200
PROPERTY TAX – Likely required to reimburse the seller for any prepaid property tax
STRATA MAINTENANCE FEES – Your 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.