There are other costs besides down payment when purchasing real estate; these are described only as guidelines:

Application Fee $165 to $185 usually only for high ratio mortgages.

Life & Property Insurance is optional and ranges depending upon the age of the applicant and the size of the mortgage. Fire insurance is mandatory with the first loss payable to the lender. Cost varies.*

Survey Certificate $350 is required for all high ratio and some conventional mortgages. Generally, if the vendor has an existing survey where the improvements have not changed, most lenders will allow the use of this certificate.*

Building Inspection Fee, depending on property, is optional and only arranged at the applicant's request.

*Not required for stratas.



Appraisal Fee $150 to $250 usually only for conventional mortgages and cost depends upon location and type of property.

Legal Fees Approximately $650 for a single detached or $750 for strata. For more complex purchasers or leasehold properties, the fees may be as high as $1,500.

Property Purchase Tax 1% of the1st $200,000 and 2% on the balance. Waiver of this tax is available if:

• purchase price in the Vancouver and Fraser Valley areas cannot exceed $275,000




• applicants must not have owned a primary residence anywhere in the world

• applicants' financing requirements must be 70% or greater

• applicant must be a Canadian citizen or permanent resident of Canada and have lived in BC for 12 consecutive months prior to registration to the transfer

• applicants must move onto the property within 92 days of title transfer

• the main conditions exist as above, but please consult your solicitor for further details

• applicants' term must be for one year or greater

• purchase price in all other areas of the province cannot exceed $225,000



  Costs to be Borne by the Seller
Lawyer or Notary Fees and Expenses:
    - attending to execution of documents
Costs of clearing title, including:
    - discharge fees charged by encumbrance holders
    - prepayment penalties
Real Estate Commission
Goods and Services Tax

Costs to be Borne by the Buyer
Lawyer or Notary Fees and Expenses:
    - searching title
    - investigating title
    - drafting documents
    - Land Title Registration fees
Survey Certificate (if required)
Costs of Mortgage, including:
    - mortgage companies Lawyer/Notary
    - appraisal (if applicable)
Fire Insurance Premium
Sales Tax (if applicable)
Property Transfer Tax
Goods and Services Tax