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Mortgage related costs:

Mortgage application
Lenders may charge a mortgage application fee, which will vary depending on the lending institution.

Mortgage insurance
The federal government requires high-ratio mortgages with less than 20% down payment to be insured against default. Consult your mortgage broker for detail. 

Appraisal fees
Before your lender approves your mortgage, you may be required to have the property appraised. Sometimes your lender will cover this cost. If not, you're responsible. The fee ranges from $300 to $450 plus GST.

Land survey fees
Lenders may require a survey of the property. The fee ranges and is typically $500 plus GST.


Home inspection fees

A home inspection is a report on the condition of the home and includes structural and moisture problems, as well as electrical, plumbing, roofing and insulation. The fees are different depending on the size of the home and the complexity of the inspection. Normally, the inspection fee for condo and townhouse is about $400-$500, and for single house, it is around $700-$800. Some inspectors also charge an additional fee for an older home, luxury home or a home with a secondary suite, a crawlspace, or a laneway home. 


Goods and Services Tax (GST)

The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000.
Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, and Notary. 


Property Transfer Tax

Home buyers in BC pay a provincial Property Transfer Tax (PTT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to and including $2 million. The PTT is 3% on amounts greater than $2 million.
Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil.
To get detailed information regarding the qualification of the first-time home buyer, please contact Francie. 
Qualifying buyers of new homes may be exempt if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there's no rebate.  For detailed new home exemptions, please contact Francie for information.


Legal or Notary Public fees

Buyers typically hire a lawyer or Notary Public to assist with drafting documents and ensuring the title of the home is properly transferred.  The lawyer fee is usually around $1000-$1500. 


Property taxes

Depending on the Contract of Purchase and Sale, a property buyer will likely be required to reimburse the seller for any prepaid property taxes. The lender may require the buyer to add property tax installments to monthly mortgage payments. 


Utility bills

A buyer is typically required to reimburse the seller for any prepayments for municipal sewer and water fees.


Fire and liability insurance

Most lenders require property buyers to carry fire and extended coverage insurance and liability insurance.
Home insurance
Lenders typically require home buyers with a mortgage to buy home insurance. The insurance should be effective on the earlier of either the completion date or the date that the balance of funds is placed in trust. 


Utility hook ups

There are fees for hydro, gas, water and sewer, cable, and phone connections.


Locks

New owners should always have door locks rekeyed. Costs depend on whether the locks are standard or electronic.


Moving fees

Moving fees vary depending on the distance moved and whether professional movers do all of the packing. Rates vary.


Strata maintenance fees

Typically paid on the first day of each month. This fee will be calculated and showed on the final statement of adjustment prepared by the lawyer or notary public before completion. 

Francie Xue

Real Estate Professional

Royal Pacific Realty

Contact Me

Agent Bio

Francie Xue

Francie Xue

Real Estate Professional

Royal Pacific Realty

1200 West 73rd Avenue Unit 100, Vancouver, British Columbia, V6P 6G5

info@greatvanhome.com

(778) 866-2698

(604) 266-8989
Web4Realty
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General Terms of Use

Welcome to our website. If you continue to browse and use this website, you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our privacy policy govern this site’s owner’s relationship with you in relation to this website. If you disagree with any part of these terms and conditions, please do not use our website.

Listing Data were last updated: 2024-12-30 15:56:23

Listing Objects were last updated: 2024-12-30 14:54:13

Registrants
Requirements for Providing a Registrant with Access to an MLS® VOW
An MLS® VOW Participant must not provide a Registrant with access to MLS® VOW Data through the MLS® VOW Participant’s MLS® VOW unless and until:

RULES of COOPERATION of the CADREB, FVREB and REBGV
(a) the MLS® VOW Participant establishes a lawful REALTOR®/ consumer or REALTOR®/client relationship with that Registrant, including, where necessary, completion of any applicable agency, non-agency, and other disclosure obligations, and execution of any required agreements;
(b) the Registrant has provided the MLS® VOW Participant, through the MLS® VOW, with the Registrant’s name, valid e-mail address and, at the option of the MLS® VOW Participant, other information;
(c) the MLS® VOW Participant has displayed the Terms of Use to the Registrant on the MLS® VOW;
(d) the Registrant has affirmatively and expressly agreed to the Terms of Use where at a minimum, the Registrant has been required to open and review the agreement and agree to the agreement by “mouse-clicking” an acknowledgement of agreement displayed on the MLS® VOW;
(e) the Registrant has supplied the MLS® VOW Participant with a user name and a password, both of which must be unique to the Registrant, (the user name and password may be established by the Registrant or may be supplied by the MLS® VOW Participant at the option of the MLS® VOW Participant). The Registrant’s password and access to MLS® VOW Data must expire on a date not later than 30 days after being issued. Passwords may not be automatically renewed upon expiration;
(f) the MLS® VOW Participant has sent an e-mail to the Registrant at the e-mail address described in (b) above confirming the user name and password and the Registrant has acknowledged receipt of the e-mail by mouse-clicking an acknowledgment of receipt displayed in the e-mail; and
(g) upon expiration of their password the Registrant must provide the MLS® VOW Participant with a new password to regain access to the MLS® VOW Data. The MLS® VOW Participant shall not permit the Registrant to regain access to the MLS® VOW Data until the MLS® VOW Participant has sent an e-mail to the Registrant at the e-mail address described in (b) above confirming the new password and the Registrant has acknowledged receipt of the e-mail by mouse- clicking an acknowledgement of receipt displayed in the e-mail.


Terms of Use
The Terms of Use must include an express acknowledgement and agreement by the Registrant in favour of the MLS® VOW Participant, the corresponding brokerage and the Board that:

RULES of COOPERATION of the CADREB, FVREB and REBGV
(a) the Registrant has received, read and understood the form published by the British Columbia Real Estate Association entitled “Privacy Notice and Consent” (this document may be linked);
(b) the Registrant acknowledges entering into a lawful REALTOR®/ consumer or REALTOR®/client relationship with the Member;
(c) all data obtained from the MLS® VOW is intended for and may only be used for the Registrant’s personal, non-commercial use;
(d) the Registrant has a bona fide interest in the purchase, sale or lease of real estate of the type being offered through the MLS® VOW;
(e) the Registrant will not himself, and will not permit or assist others to, directly or indirectly:
(i) copy, redistribute or retransmit any of the MLS® VOW Data or information provided;
(ii) display, post, disseminate, distribute, publish, broadcast, transfer, sell or sublicense any of the MLS® VOW Data to another person.
(iii) engage in Scraping (including “screen scraping” and “database scraping”), “data mining” or any other activity intended to collect, store, re-organize, summarize or manipulate any MLS® VOW Data or any related data;
(f) the Registrant acknowledges the Board’s ownership of, and the validity of the Board’s proprietary rights and copyright in the MLS® VOW Data, and listing information; and
(g) the Registrant expressly authorizes the Board or their duly authorized representatives, to access the MLS® VOW and Registrant’s information provided to the MLS® VOW Participant, for the purposes of verifying compliance with and pursuing enforcement of the Terms of Use and all applicable rules, regulations, bylaws, policies, and laws.


Terms of Use may not Impose Financial Obligation
A Terms of Use agreement may not impose a financial obligation on a Registrant or create an agency agreement with the Registrant. Any financial obligation or agency agreement entered into by a Registrant through an MLS® VOW must be set forth separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click. The Registrant must also receive a subsequent confirmation of the terms of any such financial obligation or agency agreement and the financial obligation or agency agreement may not become effective until the Registrant acknowledges acceptance of those terms by mouse click. Prior to entering into an agency agreement with a Registrant the MLS® VOW Participant must ask the Registrant whether the Registrant is a party to any other agency agreements. 

Maintenance of Records
MLS® VOW Participants must maintain a record of the name, telephone number, e-mail address and, if required by the MLS® VOW Participant the street address supplied by the Registrant, and the user name of each Registrant during the currency of the Registrant’s password and for not less than one hundred and eighty (180) days after the expiration of the validity of the Registrant’s password.

Privacy Policy
An MLS® VOW must boldly display a privacy policy that informs Registrants of the ways in which information obtained from them will be used, and obtain each Registrant’s consent to all of the ways in which personal information that they provide may be collected, used, or disclosed including the fact that personal information may be shared with the Board for auditing and/or legal purposes.

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This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

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