Closing Costs
Property Transfer Tax—1st Time Purchase of Principal Residence:
1% of the first $200,000.00 plus 2% of the balance
First time buyers exempt in most cases on the purchase price or fair market value up to $425,000 in the
lower mainland. A proportional exemption up to $25,000 over this $425,000 threshold is also available.
Must be primary residence for at least 1 year. Must be a Canadian citizen & resident of B.C. for at least
the last 12 months.
Details: http://www.sbr.gov.bc.ca/documents_library/bulletins/PTT_004.pdf
Interest Adjustment: The interest you pay for receiving mortgage funds early
- CMHC and Genworth Insurance Costs for Less than 20% Down Mortgages
- Insurance Costs Can Be Paid Up Front or Added to Mortgage
- Traditional 25 Year Amortization - Add .20% premium surcharge for every 5 years of amortization to a maximum of 35 years
| 5% Down | 2.75% | |
| 5% Cash Back | 2.90% | |
| 10% Down | 2.00% | |
| 15% Down | 1.75% | |
| 20% Down | 1.00% | |
| 25% Down | .65% | |
| Restrictions may apply view: www.cmhc.ca or www.genworth.ca | ||
Property Tax Adjustment and Home Owner Grant
Basic Home Owner Grant $570 Senior & Handicap Home Owner Grant $845
Property taxes for the calendar year are paid on July 1st. If a property is purchased
before July 1st, the seller will owe the buyer a credit at completion. If a property is
purchased after July 1st, the buyer will credit the seller at completion for the days he
owns the property up to and including December 31st. The minimum tax payable is $350.00.
The phase out threshold for the home owner grant is $1,050,000.00. For properties above
$1,050,000 the grant is reduced by $5.00 for every $1000.00 of assessed value in excess of this
threshold. Note: Restrictions may apply visit: http://www.sbr.gov.bc.ca/hog/
Site Survey Certificate: General Cost: $350.00. Maybe available from City Hall or Seller
Property Title Insurance: $200 or more
Security and Peace of Mind for matters relating to title. One Time Premium. No Deductible. Covers:
Fraud, Forgery, Unpaid taxes, strata charges, liens, mortgages or other financial charges. Claims by any
third party against title ie: former spouse, tenants. Claims arising out of lack of independent legal advise.
Can eliminate need for land or site survey.
Approximate Property Bank Appraisal: $300.00 - Home Inspection: $500
Approximate Legal Costs (including tax)| Purchase/Mortgage | $875 | Clear Title | $350 |
| Purchase/Mortgage & Sale | $1,250 | Sale with one discharge | $425 |
| Purchase No Mortgage | $699 | Refinance with one discharge | $550 |
