Costs associated with the initial stages of the Home Buying Process:
1. Home Inspection
- Prices range from approximately $500 (condo) to $1000 (house)
- Prices vary depending on the company and the equipment used
- Additional inspections as needed - perimeter drainage, oil tank scans, etc
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 $1800 - $2000
- To transfer the Title of the property into your name and register your mortgage
- 1% on the first $200,000 and 2% on the balance of the purchase price up to $2M
An additional 3% of the fair market value greater than $2,000,000
- First Time Home Buyers purchasing under $475,000 can be exempt if all requirements are met. Additional resources: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax
- Partial exemptions can be available for both first time buyers at a certain threshold and some new construction options. Details can be found: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions
- You will be responsible for a per diem amount based on your Completion date
- This will be adjusted at the meeting with your lawyer
- 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.
- 5% of purchase price
- Applicable on new construction products or substantially renovated construction projects. Some exemptions available.
Transition Tax
- 2% of purchase price
- Applicable on new or substantially renovated construction projects
- 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
