Property Purchase Costs

Understand other expenses associated with buying and selling property...

Realtor's Fees are paid by the vendor and are negotiable between 3 and 7 percent of the home's market value. As a rule of thumb, Realtors often charge 7 percent on the first $100,000 of the sale price and 3 percent on the remainder. GST of 5 percent is also applied to the Realtor's commission and is payable by the vendor.

Appraisal Fee: Your lender may require a property appraisal at your expense. The cost is between $150 and $250.

Survey Fee: Your lender will require an up-to-date survey. If the Seller does not have one, you will have to pay to have one done. This can be approximately $150 to $350.

Lawyer's Fees: Lawyers review the Offer to Purchase, search the title, draw up mortgage documents and tend to the closing details. The fee will be approximately $500 to $800. This amount varies between Provinces, depending on the complexity of the sale and the type of property.

Home Inspection Fee is usually around $450. This is the equivalent of a survey in the UK and other countries and is carried out at the purchaser's request.

Property Insurance which covers the replacement value of the structure of your home and its contents.

Service Charges can be in the region of $35 to $50 to hook up new services and utilities.

Condominium (Strata) Fees are charged monthly and cover building insurance and maintenance. The building’s property manager will provide you with the invoice. For a newly built condo worth $250,000, expect to pay approximately $200 per month (this varies from building to building).

Further Information

Information by Nicola Way of AssignmentsCanada.ca and BestHomesBC.com AssignmentsCanada.ca is Canada's only property assignments web site. BestHomesBC.com lists off-plan and resale homes throughout British Columbia +1.604.781.9279 BestHomesBC.com / AssignmentsCanada.ca Copyright © AssignmentsCanada.ca 2004-2014 All Rights Reserved