Stephen Tan | 778-389-7799

Closing Cost:

Purchase price: Varies
However, if you are buying a new home, 5% GST is applicable to the purchase price.

Home Inspection: $450-$750
I always recommend the buyer to do a home inspection before a deal is finalized. A home inspector will check through the property and will sit down with you and go through a checklist of things about the house that needs to be aware of, whether good or bad. This cost is paid by the buyer at the time of inspection.

Legal Fee: $650-$ 1500
Once the deal between the buyer and the seller is firmed, the paperwork is sent to a lawyer or a notary public at your choice for processing, including mortgage registration and title transfer. You will need to sign some documents on the completion day.

Property Transfer Tax: Varies
This tax is charged by the Provincial Government based on the purchase price of the property: 1% of the first $200,000 and 2% on portion greater than $200,000 up to $2000,000, 3% on the portion greater than $2000,000 up to $3,000,000, and 2% on the portion greater than $3,000,000. You may be exempt fro the PTT if you are first home buyer.

Mortgage Appraisal Fee: $200-$300
The lending institution usually requires an appraisal done on the property you purchased. Often the cost of appraisal is waived but nor always.

Land Survey: @250-$500
A legal survey may be required by the lender.

CMHC Loan Insurance: Varies
For the high ratio mortgage(lower than 20% down), the buyer is required to purchase loan insurance from CMHC. The cost of insurance is based on the percentage of the down payment.

Stephen Tan
Homeland Realty
#200 - 8168 Granville Street
Vancouver, BC
V6P 4Z4 CA
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® 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 either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.