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.
👉📱Text to connect! 778-347-4663
😀🏠We are happy to help anytime!
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Closing Costs
