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Associated Costs

The list below has many of the costs associated with purchasing a home.  The costs associated with purchasing real estate can be a few thousand dollars, and it is important to keep this in mind when deciding your top dollar for a purchase.  You do not want any surprises at closing time and be scrambling to come up with the extra costs.  Be sure to ask your lawyer or notary of ALL final costs associated with closing a real estate purchase, and get it in writing!  Please note these numbers are only approximate  and you will need to get your quotes and/or actual costs associated with these services.

 

  • Property Transfer Tax – The British Columbia provincial government  and it has to be paid before the purchase can be competed.

1% of the first $200,000 and 2% of the remaining balance

  • Solicitor or Notary – The legal fees cover the transfer of the property title and recording this in the Land Title Office.  If you are getting a new mortgage there is a fee to prepare and register the mortgage documents.

Between $800 and $1,500 depending on the complexity of the transaction.

  • Survey Certificates – If required by the lender or recommended by the solicitor.  The survey ensures that the buildings are within the borders of the property and there are no encroachments.  This applies to single family homes.  The previous owner may have a Survey Certificate that is acceptable.

Approximately $250

  • Mortgage Application Fees – Many banks will charge an application fee.  However we work with several well established mortgage brokers and in almost all cases there are no costs associated with arranging your mortgage.

 

  • Building Inspection Fee (Home Inspections) – It is your option as the buyer whether or not to have a home inspection done to pinpoint any potential defects.  In some cases your lender may request one and we strongly recommend getting a home inspection.

Approximately $300 – $700

  • Appraisal Fee – Depending on your financing an appraisal may be requested by your lender.  The requirement depends on your down payment and type of financing you require.

Approximately $250 – $500

  • Property Tax – If the current owners have paid the property tax for the year, you will need to reimburse them for your share of the taxes.  Property taxes are calculated from January to December and are paid at the end of June.

Varies depending on chosen property and the time of year you purchase.

  • Strata Fees – For condo’s, town homes and some single detached homes within a strata community.  The owner may have prepaid the strata fees for the year and this will need to be adjusted and reimbursed to the seller.

Varies depending on chosen complex and the time of year you purchase.

5 Responses to Associated Costs

  • Thank you with this article. That’s all I will say. You most surely have made this web site into some thing special. You clearly understand what you do, you’ve covered a lot of bases. Many thanks!

  • Thanks for the great article, i have been searching for my first flat in Upp Thomson and so far the results have not been great. Any advice?

    • debvale says:

      The best advise for a buyer is to get pre approved and have it in writing from your lender. Then you know how much you can afford on a home and not be disappointed if you find the home you love only to find out later that you cannot afford it.

  • But wanna say that this is extremely helpful, Thanks for taking your time to write this. “Some things have to be believed to be seen.” by Ralph Hodgson.

  • Heather says:

    “Associated Costs | Pat & Deb Vale for Fraser Valley Real Estate
    • Pat: 604-302-6174 • Deb: 604-302-5348”
    was in fact actually pleasurable and useful!
    In modern universe that is quite hard to manage. Thx, Alfonso

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