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Buying a home in BC
I'm FREE! The buyer's agent you work with is compensated directly from the seller, and this is disclosed to you in writing at the time of submitting an offer.
Purchasing a home in BC will require you to have a BC lawyer or Notary represent you in the purchase of your home. This cost varies but on average ranges from $800.00 $2,000.
In BC, the buyers are usually responsible for having the home professionally inspected. Depending on the age of the home, and the type of property inspection fees can vary.The most common is a Home Inspection that will cost you around $500.
When buying a home in BC you will need a downpayment. The downpayment amount depends on the purchase price of the home but a good rule of thumb is at a minimum to have 5% available.
Now that you have an accepted offer, Congrats! you should budget $300-$500 for an appraisal. Appraisals are not always required but in the event, they are, at least you are financially prepared.
If you are putting less than 20% down on the property you will be subject to CMHC's insurance premium. Your lender or Mortgage Broker will review these details with you.
For you out-of-province buyers, this is VERY important.For most residential properties the Property Transfer Tax rate is as follows1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 up to and including $2,000,000.If your buying a home for more than $2,000,000 (please call me) Then there is another 2% charged between 2 and 3 million.There are some exemptions to first-time home buyers and those of you purchasing on leasehold land.
When purchasing a new home in BC you will be subject to 5% GST tax on the fair market value of the property. *Disclaimer - I am not a tax accountant or lawyer, and will always refer you to the correct professionals regarding tax advice.
Depending on your completion dates, the lawyers will move around various debits and or credits to match up the Sellers fees and the Buyers fees. These can include the following thingsProperty Tax AdjustmentStrata FeesRental & Security Deposits
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