Costs
When you buy a home, you will be asked for a down payment, usually between 5% and 25% of the total price of the property. You might also have a number of other fees and expenses to pay. Some of the most common expenses are listed below.
| Expense | When it is Due |
|---|---|
| Mortgage application and appraisal fee | With Application |
| House inspection (optional) | With Application |
| Legal fees | At Closing |
| Legal disbursements | At Closing |
| Deed and/or mortgage registration | At Closing |
| Property survey (sometimes provided by the seller) | At Closing |
| Land Transfer Taxes (see more info below) | At Closing |
| Property tax adjustments | At Closing |
| Fuel adjustments | At Closing |
| Mortgage insurance | At Closing |
| Title insurance | At Closing |
Land Transfer Tax
Land transfer taxes are levied on properties changing hands, are the responsibility of the purchaser and range in cost structure across Canada. Purchasers in British Columbia are required to add this tax to their list of closing costs, based on the figures listed below.
- Up to $200,000 x 1% of total property value
- From $200,000 up x 2% of total property value