Purchasing Costs

While buying a new home is often one of the most exciting times, it is important that you know and understand all of the costs involved with the purchase of a new property. Here are the fees you can expect:

  • Property Transfer Tax – 1% of the 1st $200,000 & 2% on the balance of the purchase price.
  • Lawyer / Notary Fees – Includes your lawyer’s fees & registration of mortgage and certificate of title and disbursements.
  • Appraisal Fee – Some lenders may require an appraiser’s report confirming that the purchase reflects fair market value.
  • House Inspection Fee – When buying a property that is not brand new it is often a good idea to have a property inspection conducted on the property to pinpoint defects. This is not a lending institution requirement
  • Property Tax Adjustment – Based on the “adjustment date,” you may have to reimburse the seller for prepaid property taxes.
  • HST – HST is not payable on used residential housing. Some buyers may be eligible for partial HST rebates.
  • First Time Home Buyers requirements – A first time home buyers may qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00). A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00. Also, there is no longer a requirement for any financing.For more information, please see http://www.sbr.gov.bc.ca/documents_liberary/bulletins/PPT_004.pdf