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Payable on all property purchases in B.C. The calculation is based on 1% of the purchase price up to $200,000 and 2% of any amount above $200,000. First time home buyers are exempt from having to pay this tax according to the following criteria:
a) You have never owned a principal residence before;
b) The fair market value threshold for eligible residential property is $425,000 (A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000);
c) You have never received a first time home buyers’ exemption or refund;
d) You are a Canadian citizen or permanent resident and residing in B.C. for a minimum of 12 months;
e) The property will only be used as your principal residence. You may apply for the exemption when you register your property at the land title office, which is generally done by a lawyer or notary on your behalf.
Required by the lender to support the value of the property. This may not be required for high ratio financing. $250 to $350 depending on bank requirements.
Recommended to ensure the home is safe and habitable. Involves structural, system, and component evaluation. $150 to $350 depending on size of house.
Lawyer/notary fee for closing the sale. $600 to $1500 depending on the complexity of the deal. Your mortgage consultant can find a discounted package for you.
Required for an up to date survey of the property if the seller has not provided you with one. Confirms to the bank that the house or any outbuildings do not encroach or cross over any property lines. $150 to $350 depending on the type of property.
The mortgage lender requires this because the home is security for the mortgage. This insurance covers the cost of replacing the structure of your home and its contents. Property insurance must be in place on closing day.
A high-ratio mortgage (80% or more of the total purchase price of the home) must be insured against default. Home buyers pay an insurance premium that typically ranges from 0.5% to 2.75% of the total purchase price. The premium is based on the size of your down payment and can be paid up front along with your property taxes or added to the mortgage amount.
Determine the amount of work you are willing do yourself, from packing to unloading and setting up in your new home. Contact several moving companies to get an idea of prices and levels of service available.