B.C. Property Purchase Tax:
This tax applies to every property purchase except for certain 1st time Buyers. This tax will be collected and remitted to the B.C. Government by the conveyancing Lawyer at the rate of 1% on the first $200,000 and 2% on the balance of the purchase price.
Goods and Services Tax (GST) of 5% is payable on newly constructed homes and is sometimes included in the quoted sales price. Certain Buyers may qualify for a rebate. There is no GST on resale housing unless the home has been substantially renovated, and then the tax is applied as if it were a new home.
Provincial Sales Tax (PST) is 7%.
Property Tax is an annual fee levied within local communities. This amount varies depending on the property and location.
Appraisal Fee Your Lender may require a property appraisal at your expense. The cost is between $200-$400.
Survey Fee Your Lender may require an up-to-date survey. If the Seller does not have one, you will have to pay to have one done.
Lawyer's Fees Lawyers review the Contract of Purchase and Sale, title search, draw up mortgage documents and tend to the closing details. The fee will be approximately $700-$1000.
Home Inspection Fee is usually around $300-$500.
Property Insurance covers the replacement value of the structure of your home and its contents.
Service Charges can be in the region of $35-$50 to hook up new services and utilities.
Maintenance/Strata Fees are charged monthly and cover building insurance and maintenance. The building's property manager will provide you with the fee. For a newly built condo worth $230,000, expect to pay approximately $200 per month (this varies from building to building).
*The information contained on this page is for information purposes only and does not constitute as legal advice. Although, drawn from sources deemed to be reliable, the accuracy and completeness of the information is not guaranteed. Diane Luu or Legend Real Estate Group does not assume any responsibility or liability. Any distribution, use or copying of the content on this page is prohibited.