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Property Fees

 

1. The Down Payment

 

If you have a down payment of 25% or more, you may qualify for a conventional mortgage loan which does not require mortgage loan insurance. A minimum down payment of 5% is required for a high ratio mortgage and you'll have to pay to insure the mortgage.

 

2. Maintenance Costs

 

You may want to start a separate maintenance fund, particularly if you're buying an older home. You can do this by setting aside $500-$1000 and adding to it regularly.

 

3. Renovation Costs

 

Renovations will always take longer than expected, along with costs.

 

4. The Tax

 

There is 5% GST to new housing, and as of July 1, 2010 so does HST (7%). However, you may be eligible for a rebate of maximum of 2.5% to home that costs less than $450,000.  Resale housing GST does not apply.  Unless the home has been substantially renovated, applying the tax as if it was a new home.

 

In B.C. there is a PTT on all real estate, which is 1% to $100,000 and 2% on the remainder.  This is due when you pay your funds to the lawyer. New property is also HST (7%) applicable. First time buyers have an exemption if they meet certain criteria.

 

5. Appraisal Fee

 

If your loan is not insured, your lender may require a property appraisal at YOUR expense. This cost will be provided by the Financial Institution.

 

6. Property Taxes

 

Your realtor will calculate this amount to you.

 

7. Survey Fee

 

Your lender will require an up-to-date survey. If the Seller does not have one, you may have to pay to have one done. This is for Houses only.

 

8. Property Insurance

 

This covers the replacement value of the structure of your home and its contents; this is also a Third Party liability for condos.

 

9. Service Charges

 

You will be charged a fee for new services and utilities.

 

10. Lawyer’s Fees

 

Lawyers will review the Offer to Purchase contract, search the Land Title, draw up mortgage documents and tend to the closing details.  Fees will be at least $1000-$1500 plus Land Titles disbursements. Get a quote from a Notary Public or Lawyer.

 

11. Condominium Fees

 

When purchasing a unit in strata, Condominium Fees will be charged monthly. The property manager will provide you with a Form B, stating the fee.

 

12. Home Inspection Fee

 

Home inspection fees are around $400. 

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The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity 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 the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board or Chilliwack & District Real Estate Board.

ROYALTY GROUP REALTY

HAN LEE REAL ESTATE
1065 SEYMOUR STREET
VANCOUVER, BRITISH COLUMBIA V6B 3M6

P  778.789.9688
E  HAN@HANLEE.CA

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