Costs associated with the initial stages of the Home Buying Process:
1. Home Inspection
- Prices range from approximately $400 (condo) to $700 (house)
- Prices vary depending on the company and the equipment used
2. Bank Appraisal
- Approximately $300
- Usually this cost is covered by the lender providing the mortgage
3. Deposit
- 5% of purchase price
- To be paid upon subject removal by way of bank draft
Closing costs applicable at the end stages of the Home Buying Process:
Lawyer/Notary
- Approximately $800-$1000
- To transfer the Title of the property and register your mortgage
- 1% on the first $200,000 and 2% on the balance of the purchase price
- Tax to the government when land transfers hands
- First Time Home Buyers purchasing under $475,000 can be exempt if all requirements are met (See First Time Home Buyers tab)
- You will be responsible for a per diem amount based on your Completion date
- This will be adjusted at the meeting with your lawyer
- Varied amounts, based on your lender
- Applicable when putting less than 20% down on the purchase. Can be paid upfront or incorporated into the mortgage, speak with your mortgage broker for all the details.
- 5% of purchase price
- Applicable on new construction products or substantially renovated construction projects
Transition Tax
- 2% of purchase price
- Applicable on new or substantially renovated construction projects
- Approximately $300 + tax
- To define the lot lines of a property and its structures
Additional costs to budget for once you are moved into your new home:
- Property Taxes, due annually
- Property and Content Insurance, due annually
- Strata Fees: applicable for strata properties (condo or townhouse), due monthly
- Maintenance and repairs, annually and ongoing
- Hydro and natural gas bills, if applicable
- Internet and cable, if applicable
