Home Buyer Expense List


Home Buyer Expense List - Carlos de Ibarrola - Tri-City Realtor

Here is a home buyer expense list for budgeting purposes. You will be responsible for paying these fees when buying a home in BC.

 

Home Buyer Expense List:

 

Property Transfer Tax:

The property transfer tax is 1% on the first $200,000 and 2% on the remainder. This need to be paid when the property is registered at the Land Title Office.

 

Lawyer or Notary:

You will need to select a Lawyer or Notary to help with all the administrative aspects of your purchase. Fees vary but for budgeting purposes it is safe to calculate an expense of $700 to $1,000 dollars. It is convenient to choose a Lawyer that is close to you.

 

GST:

If you are buying a new home or one that has had significant renovations you will be subject to paying the Goods and Services Tax which is charged at a rate of 7%. You may receive a rebate if you’ll be making this home your principal residence. Get all the information from the CRA here.

 

Mortgage Costs:

These costs will most likely be included in your mortgage and refer to the mortgage company’s Lawyer, a home appraisal if needed and mortgage registration.

 

Home Buyer Expense List

 

 

*Expenses may be subject to change.