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.).|
NOT ALL CHARGES MAY APPLY. ALL PRICES ARE APPROXIMATE AND ARE SUBJECT TO CHANGE.