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Typical Purchaser's Closing Costs

Purchase Price  Less deposit (Typically 5%) held by Re/Max Real Estate Services in trust (and accrued interest if applicable).
 B.C. Property Transfer Tax 1% on first $200,000 & 2% on the balance if the purchase price if over $425,000.  Thus a purchase price of $500,000 will amount to a Property Transfer Tax of $8,000.

Note: 1st time homebuyers may be rebated as long as the property is used as the principal residence and the amount of financing is no less than 70% of the property.  Also the purchaser must be a Canadian Citizen or permanent resident of Canada (PR Card).
 Annual Property Taxes  To City or Municipal Hall (net of Home Owner's Grant of $570.00).  Prorated to completion date for the calendar year.
 Utilities  Your share of this year's utilities that the seller has already paid-water / sewer / Hydro / Gas, etc.
 G.S.T. on New Properties For new homes costing $350,000 or less, you may receive a rebate of 36% of the GST paid.  That means you pay approximately 3.84% (not 6%) GST on the purchase price.

The rebate for new homes costing between $350,000 and $450,000 declines to zero on a proportional basis which equates to approximately 5% that you pay.

For new homes purchased for $450,000 or more do not qualify for the GST new housing rebate.  Thus the buyer pays 6% on the purchase price.
 Appraisal & Admin Costs Fee payable to the mortgage company +/- $275.00
 CMHC Insurance Premium On high ratio mortgages, there is a CMHC insurance premium.  The Fee charged ranges from 0.75% to 3.75% of the mortgage amount, depending on the size of the down payment and is included in the mortgage.
 CMHC Processing Fee  $75
 Home Inspection Report  $300 - $500 to independent home inspection company.
 Insurance  Mortgage company requires home owner's insurance effective on Completion Date.
 Strata Move-In Fee  For apartment buildings: $100 - $250.  (Deposit may be refundable).
 Legal Fees  Estimated legal fees range from $800 to $1,200 (fees, disbursements, couriers, taxes).
 Moving Expenses  $600 to $1,200 on a local move.
 Mad Money  Your new home may need something, (ie. appliances, drapes, new carpet / flooring, paint, reno's, etc.).