Here's what to expect with closing costs when you purchase a home! 🏡
- Down Payment
- Bank Fees ($400-$500) This fee is often waved, but be prepared to pay it!
- Home Inspection ($500-$800, this is based on the square footage of the home!)
- Legal Fees: $1500-$1900 + 5%gst for the Lawyer and $1500-$1900 + 5%gst for the Notary Public
- GST (applies to new homes only)
- Property Transfer Tax: This will be 1% on the first $200,000, 2% on the fair market value greater than $200,000 and up to $2,000,000. Further fees apply if the property is greater than $2,000,000.
- Foreign Buyer Tax: pay an additional 15% of the fair market value in the GVRD.
- Adjustment Costs: You will have to pay your municipal tax, strata, hydro, and other applicable utilities for the remainder of the year.
- House Insurance: This is required by the bank if you get a mortgage.
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Closing Cost When Buying A Home
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.