COST FOR BUYING A HOME
PROPERTY PURCHASE TAX
1%
of the first $200,000.00 & 2% of the balance is payable to the
Provincial Government at the time the transfer of title to the property
is filed for registration in the Land Title Office
If you are a first time buyer you may be exempt from paying the Property Purchase Tax if:
- you have never owned a principal residence anywhere in the world.
- you are a Canadian citizen or permanent resident of Canada.
- you have resided in B.C. for at least one year immediately prior to your application to register the purchase.
- the purchase price does not exceed $275,000.00 (lower mainland) & $225,000.00 (outside lower mainland).
- you are financing at least 70% of the Purchase Price (fair market value) (this does not include any amounts borrowed from related individuals).
- the mortgage must have a term of one year or more.
- you do not pay down more than $11,000.00 (lower mainland) $9,000.00 (outside lower mainland) on your mortgage during the first year.
- the property is occupied as your principal residence and you take occupancy within 92 days of registration of the transfer at the land title office.
PROPERTY TAXES
After the tax due date (most lower mainland areas taxes are due on the
1st business day in July) you will be required to pay a portion of the
taxes for the balance of the year.
This also applies to utilities (water, sewer & garbage) if they are billed separately.
MORTGAGES
Your mortgage lender may require an application fee and an appraisal fee.
C.M.H.C. charges a fee based on the amount of the mortgage.
SINGLE FAMILY HOMES
The mortgage lender will require written proof of fire insurance
coverage (an Insurance Binder). Most insurance agents charge a fee for
an Insurance Binder, generally from $0 to $30.00.
The mortgage lender may require a Survey Certificate. If you are unable to obtain a copy of an existing survey from the Vendor or City/Municipality, a new one will cost approx. $200.00 plus GST.
STRATA TITLE HOMES
Strata Certificates required:
- Insurance Certificate - confirmation of insurance coverage on buildings & common property
- Form A - Certificate of Full payment of Maintenance Fees ( confirmation that strata fees are paid up to date.
- (the cost for all 3 certificates is usually between $30.00 & $60.00).
- some condominiums require you to pay a move-in fee of $50.00 to $100.00.
- Section 36 Certificate - sets out information on the Strata Corporation.
Legal costs do vary. When requesting a quote ask that it include fees, all disbursements (the cost of searches, registration fees, couriers, photocopies, faxes, land title agent's fees, etc.) and taxes (GST & PST) to be charged.