BUYER COSTS

Budgeting for New Home Expenses

In addition to your down payment and mortgage installments, other expenses may be incurred for the purchase of your new home. Some are one-time costs-others monthly or yearly.

Being educated and financially prepared will result in a seamless transaction.

List of Buying Expenses

The following is a list of expenses that may or may not apply to your particular situation, but it’s best to review all possibilities in order to budget appropriately.

  • A 5% deposit upon an accepted offer.
  • Appraisal Fee: may be requested by your lender. Costs vary. $700 – $1000
  • Building inspection. Costs vary depending on the size of the property. $350 – $700
  • 5% GST on new homes. Resale homes are GST exempt.
  • Mortgage application fee.
  • Survey Fee: may be requested by your lender. Costs range from $700 – $1000
  • Legal Fee: Costs range from $600 – $1200
  • Moving expenses.
  • Interest adjustments.
  • Land Transfer Tax: in BC the rate is 1% on the first $200,000 and 2% on the balance.
  • Homeowner’s Insurance
  • Service Charges: These include fees for utilities such as cable and TV installation.
  • Renovation Costs
  • Maintenance Fees (for condominium purchase only)

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