Real Estate Fees

How about some good news to start things off? The buyer's agent you work with is compensated directly by the seller's brokerage and does not cost you anything to use a licensed Realtor in BC when buying a home. 

Legal Fees

When you purchase a home in British Columbia, you will be required to have a British Columbia Notary or Lawyer who specializes in real estate transactions represent you on purchasing your new home. If you are buying out of province or out of state, you will need to have a BC lawyer prepare your paperwork here in BC for you, but it can be signed locally to you before making the move.

Costs for this run anywhere from $1500 to $3500.

Inspection Fees

When purchasing a home in BC, depending on its location, amenities and services, there are a few inspections that you most likely will need to budget for. A thorough home inspection is always recommended, costing you approximately $550. 

Now, if you require additional inspections for a specialized property, I would recommend you budget another $2,000 for just-in-case inspections. These inspections can include

WETT Fireplace and chimney inspection and certification
Pool and equipment inspection
Hot Tub Inspection
Well Water testing for quantity and quality of water
Septic inspection
Survey of the property

Down Payment

In British Columbia, the typical down payment for a home is generally 5% of the purchase price for homes up to $500,000. For homes between $500,000 and $999,999, the down payment is 5% of the first $500,000 plus 10% of the remaining balance. Homes priced at $1 million or more require a 20% down payment. It's always a good idea to check with a mortgage advisor or a financial institution for the most accurate and up-to-date information tailored to your specific situation.

Property Transfer Tax

For you out-of-province buyers, this is VERY important. For most residential properties, the Property Transfer Tax rate is as follows: 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 up to and including $2,000,000.If you are buying a home for more than $2,000,000 (please call me), Then there is another 2% charged between $2 and $3 million. There are some exemptions for first-time home buyers and those of you purchasing on leasehold land.

GST Tax

When purchasing a new home in BC, you will be subject to paying a 5% GST tax on the property's fair market value. *Disclaimer - I am not a tax accountant or lawyer, and I will always refer you to the correct professionals regarding tax advice.

Strata / HOA Fees

A homeowners association fee (HOA fee) or Strata Fee is an amount of money that must be paid monthly by owners of certain types of residential properties. HOAs and Stratas collect these fees to assist with maintaining and improving properties in the association and or strata. This cost will vary depending on the property's type, style, age and amenities, so be sure to confirm these amounts with your real estate agent ahead of time.