Costs to Consider
| Appraisal Fee | 275.00 | An appraisal is provided to the lender to confirm the fair market value of the property securing the mortgage. Usual cost is around $275.00 plus GST. |
| Home Inspection Fee | Varies | This is not required but is generally recommended when purchasing a house in particular, to ensure that it is structurally sound. |
| Mortgage Loan Insurance Premium | Can be included in the mortgage | The premium charged to insure a mortgage with a loan to value (usually) in excess of 80%. |
| Survey Certificate, if Applicable | Varies | Most Lenders require a surveyors certificate of the property, unless it is strata. Often an existing survey is available from the current property owner or, in some cases, the City or Municipality. If not available, the cost to prepare a surveyors certificate of a typical home usually falls in the range of $500 to $550. Your Lawyer or Notary Public usually orders it. Title Insurance is generally accepted as an option at a cost of $235. |
| Legal Fees And Disbursements | Varies | For a referral to a Lawyer or Notary Public please call me a 250-489-4512. When calling for quotes be specific. Ask whether Minister of Finance and Agency costs, local Courier Fees, GST and PST are included in the figure given. If they are not included, ask for a breakdown of any and all other costs. |
| Property Tax Information Cost | Cost USUALLY included with Legal Fees, etc. | Charges for this are about $10 to $35. This cost is usually INCLUDED in with the Legal Fees and Disbursements, however, confirm that it is included when discussing costs with Lawyers and/or Notary Publics. |
| Adjustments For Property Taxes and Utilities (Water And Sewer) | Varies | This adjustment takes into consideration Property Taxes and Utilities that have been paid by the current property owner but that cover a portion of the time when you will own the property. |
| House Insurance | Varies | Property insurance will be required by the mortgage Lender. This is not the same as insurance on the contents of your home. |
| Service Hook- Up Fees | Varies | Include the costs to hook-up hydro, telephone, cable, etc. for your new home. |
| Moving Expenses | Varies | Include any other costs of the move, including the cost to rent a truck or moving van. |
| BC Property Purchase Tax | 1% of the first $200,000 plus 2% of the balance. Waived in some instances for first time buyers. |