Closing Cost When Buying A Home

Closing Cost When Buying A Home

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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