Budgeting for your new home

There are several additional costs that accrue during the Home Buying Process beyond the purchase price of the property. Planning for all expenses ensures your budget stays on track and unforeseen financial stressors are minimized. Below is a sequential list of the fees one can expect when purchasing a new home. 

Costs associated with the initial stages of the Home Buying Process:

1.  Home Inspection
  • Prices range from approximately $400 (condo) to $700 (house)
  • Prices vary depending on the company and the equipment used
2.  Bank Appraisal
  • Approximately $300 
  • Usually this cost is covered by the lender providing the mortgage
3. Deposit
  • 5% of purchase price 
  • To be paid upon subject removal by way of bank draft

Closing costs applicable at the end stages of the Home Buying Process:

Lawyer/Notary 
  • Approximately $800-$1000 
  • To transfer the Title of the property and register your mortgage
Property Transfer Tax (PPT) 
  • 1% on the first $200,000 and 2% on the balance of the purchase price
  • Tax to the government when land transfers hands
  • First Time Home Buyers purchasing under $475,000 can be exempt if all requirements are met (See First Time Home Buyers tab)
Property Tax
  • You will be responsible for a per diem amount based on your Completion date 
  • This will be adjusted at the meeting with your lawyer
High Ratio Insurance Premium 
  • Varied amounts, based on your lender 
  • Applicable when putting less than 20% down on the purchase. Can be paid upfront or incorporated into the mortgage, speak with your mortgage broker for all the details.
GST
  • 5% of purchase price 
  • Applicable on new construction products or substantially renovated construction projects
Transition Tax 
  • 2% of purchase price 
  • Applicable on new or substantially renovated construction projects
Survey Certificate 
  • Approximately $300 + tax 
  • To define the lot lines of a property and its structures 

Additional costs to budget for once you are moved into your new home:

  • Property Taxes, due annually
  • Property and Content Insurance, due annually 
  • Strata Fees: applicable for strata properties (condo or townhouse), due monthly
  • Maintenance and repairs, annually and ongoing
  • Hydro and natural gas bills, if applicable
  • Internet and cable, if applicable

Quick Contact

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Kate Miller Royal Le Page Sussex Realty 
2996 Lonsdale Avenue North Vancouver BC 

Phone: 604-916-3739 Email: