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.
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.
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.