Clearance Certificate: The typical fees associated with preparing and filing a clearance certificate, paid by the Seller, range from $300-$1000, depending on the complexity of the transaction.
Capital Gains Tax is applicable on investment properties, not on principal residences.
Goods and Services Tax (GST) of 5% is only payable on newly constructed homes. 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 & Sale, title search, draw up mortgage documents and tend to the closing details. The fee will be approximately $400-$1000.
Home Inspection Fee is usually around $300-$500.
*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 Coronet Realty does not assume any responsibility or liability. Any distribution, use or copying of the content on this page is prohibited.