COSTS OF BUYING YOUR HOME

Down Payment Requirement

• 5 % for Canadian purchaser with qualification
• 25 % - Canadian investor
• 50 % - foreign purchasers / investor

Where down payments can come from

• RRSP
• Savings
• Gift
• Equities
• Loans, etc.

Appraisal fee

Approximately $375.00 + HST
( if required by lender)

Survey Certificate ( typically for houses only )....

Approximately $450.00
(if required by lender)

Home Inspection fee....

$375.00 and up ( depending on size of the home )

Mortgage Default Insurance....

0.5%-2.75% of loan amount
(depending on how much cash you can put toward the loan) This insurance is mandatory if your down payment is less than 20 % of the purchase price and it can be rolled into the mortgage.

Title Insurance ( www.firstcanadiantitle.com )....

$260.00
Legal fees....$ 950.00+ plus HST
Property Transfer Tax....

• 1% of the first $200,000 +
• 2% of the remainder balance of the purchase amount
• Full exemption to this tax - first time home buyers purchasing a property with a purchase price under $475,000.

This exemption applies only if:

• 1. Financing is 70 % or greater and for a minimum 1 year term
• 2. Must move in to the property within 92 days after registration of purchase and reside there for a min. 1 year
• 3. Must have resided in British Columbia for at least 1 year prior to purchase

HST: Harmonized Sales Tax ( as of June 01, 2010 )

Applicable on new construction: 12% of the purchase price if price is above $ 525,000 ( some Rebates )

Vacant Land: 12%

Property Tax Adjustment....

Prorated from date of purchase

Condominium Maintenance Fee....

Prorated from date of purchase

Other costs....

As a rule of thumb you should have, in addition to your down payment, cash on hand to cover costs such as hookups for phone, power, cable, gas, oil, water, etc. and moving expenses.

Want to Defer your Closing Costs?

If interested, ask us and we will explain this option available to you.