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.