Home buyers should be aware that when they are purchasing a home there are additional costs on top of the purchase price. Here are a few examples:

1)     Property Purchase Tax is a land registration tax payable when an application is made at any Land Title Office in British Columbia to register changes to a certificate of title.  Property Transfer Tax is payable on the fair market value of the property being transferred.

      The tax rate is 1% on the first $200,000 of the fair market value of the property, plus 2% on the fair market value between $200,000-$2,000,000.   For example, if the fair market value of the property is $150,000 the tax is 1% of $150,000 or $1,500.  If the property's fair market value is $250,000 the tax is 1% of $200,000 ($2,000) plus 2% of the remaining $50,000 ($1,000) for a total tax of $3,000.   It should be noted that the property tax increases to 3% above 2,000,000 and then increases again to 5% for homes over $3,000,000.

2)     Home Inspection fees can range between $350 - $1000 depending on the size of the home

3)     Interest Adjustment:  The interest you pay for receiving your mortgage funds early

4)     Property Tax Adjustment: Property taxes for the calendar year are paid on July 1st.  If a property is purchased before July 1st, the seller will owe the buyer a credit at completion.  If a property is purchased after July 1st, the buyer will credit the seller at completion for the days he owns the property up to and including December 31st.

5)     Legal Fees: They can range approximately from $700 - $1200.

6)     Property Title Insurance:  Approximately $200 or more.  This insurance provides security and peace of mind in matters regarding title.  It may eliminate the need for land/site survey.

*It should be noted that these figures are only examples and do not include taxes (GST).  Individual cases will vary. 

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