Your Costs

Don’t forget the tax
The 5% GST applies to new housing. However, there is a rebate, to a maximum of 2.5%. If your home costs less than $450,000. These 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.
Appraisal fee
If your loan is not insured, your lender may require a property appraisal at your expense. A basic appraisal for mortgage cost between $150-$250.
Property taxes
If you have a high-ratio mortgage, your lender may require that you have your property tax installments added to your mortgage payments.
Survey fee
Your lender will require an up-to-date survey. Ask the vendor to provide one as a condition of your Offer to Purchase, or you will have to pay to have one done.
Property insurance
The insurance covers the replacement value of the structure of your home and its contents. Your lender will insist on this because your home is the security for your mortgage.
Prepaid taxes or utility bills
You will have to reimburse the vendor on a prorated basis if some bills have been prepaid beyond the closing date.
Land transfer tax
In British Columbia there is 1% of the first $ 200,000 and 2 % of the remaining of the purchased price.
Service charges
You’ll be charges a fee to hook up new services and utilities, such as your telephone, at your new home.
Lawyer (notary) fees
Lawyers’ fees for a mortgage range widely depending on the complexity of the deal but will probably be at least $800.
Mortgage loan insurance premium and application fee
If you have a high-ratio mortgage, your lender will require mortgage loan insurance provided by CMHC or a private company. The insurance will cost between 0.5% and 3.25% of the amount of the total mortgage and can be included in the mortgage. The application will range from $75 to $235 depending upon how the lender processes your application.
Mortgage broker’s fee
A broker may charge a fee to find you a lender.
Condominium fees/Strata fees
Condominiums or strata charge monthly fees for common-area maintenance, such as grounds keeping and carpet cleaning. Fees will probably be at least a hundred dollars per month.
Home inspection fee
Inspection on a house can average about $300 for a home priced under $500,000. Larger, more expensive homes cost more to inspect.