There are different costs and stages when it comes to purchasing a home in BC. Below are some of the typical stages and fees you will come upon in your journey in buying a home. Please note the costs are approximate and may change at any time.

When your offer is accepted by the seller, here are some common costs related to your purchase before the actual closing date:

Home Inspection – $400-800 plus GST depending on the size, and age of the home. This cost is to be paid by the buyer at the time on inspection directly to the inspector or related company.

Deposit on the home – this is usually 5% of the purchase price. How and when this is to be paid depends on the contract. The deposit is typically made out to the buyer agent’s  brokerage to be placed in trust until the time of completion. This deposit forms  part of your down payment and is also part of the purchase price.

Property Appraisal for Mortgage – $300 - $450, an appraisal is hired by the lender to confirm the value of the home you’re purchasing. Consult with your mortgage broker if this fee is covered as a part of their service.

Once your contract is firm, here are some typical closing costs when buying a home in BC. Make sure you factor in these other costs and fees besides the purchase price of the home.

Balance of the Purchase Price – The purchase price minus your initial deposit. This can be coming from you directly or from your lender if you are approved for a mortgage. This is to be brought to your lawyer who is helping you with the closing process.

Property Tax, Annual Utility and Monthly Maintenance fee Adjustment – Your lawyer will prepare a statement of adjustments calculating how property taxes, utilities, and strata fees if you’re buying a condo, are adjusted. You will see these items either as a credit or debit on your statement.

Legal Fees – $1000 - $2500. This amount will vary depending on each lawyer or notary, and these fees will cover the cost of conveyance and title registration etc. Reach out to your lawyer or notary for a quote so there are no surprises.

CMHC Insurance Premium – Insurance premium charged if you have less than 20% down payment. Speak to your mortgage advisor regarding the fees.

Title Insurance – $250 - $500 depending on the property. Speak to your lawyer regarding the benefits of purchasing title insurance. Sometimes it is required by your lender.

Documentation Fees (Strata Properties) –  An updated Form B and other documents may be required by the lender or lawyer. They will order the documents from the property management company, and if required there may be a rush fee of $100 - $200 extra.

Strata Move in Fee – $100 - $350 most stratas will charge you upfront a move-in fee. This is usually reflected on your statement of adjustments from your lawyer. This fee may vary depending on each strata corporation.

Survey Certificate – $500 and above. For single detached homes, lenders may require a survey of the property.

Home Insurance – If you have a mortgage, lenders typically require home buyers to purchase home/ fire insurance. Even if one is not required, it is a good idea to have insurance in place

Property Transfer Tax (PTT) –  When buying a home in BC, the property transfer tax rate is calculated as:

1% on the first $200,000

2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000

3% on the portion of the fair market value greater than $2,000,000. 

If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000

GST - 5% of the purchase price if you are buying a new home.

As a buyer one of your biggest costs besides the purchase price is the taxes involved. Once of which is the Property Transfer Tax (PTT) charged by the provincial government. Use the calculator to estimate how much PTT you will have to pay:

• Property Transfer Tax Calculator (PTT)

Property transfer tax exemptions may apply to first time home buyers purchasing a primary residence that qualifies under $835,000, and for newly built homes under $1,100,000.

Find out if you are qualified for these tax exemptions to save you money:

• First time home buyer property transfer tax exemption
• Newly built home exemption

Here are other costs to consider after getting the keys to your home:

• Moving Costs - $1,000 and above. Beer and pizza if you have friends helping.
• Furniture and other household items
• New locks, new keys
• Internet, phone, alarm system, cable etc.
• Renovation and repairs
• Annual property taxes and utilities, home insurance
• Monthly strata fees
• Hydro and Natural Gas fees