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Dee Hnatko 604.831.3215

Your Real Estate Provider in the Tri-Cities Area                                      Contact Dee Hnatko

Dee Hnatko - Tri-City Real Estate
Cell:604-831-3215
Office:604-942-0606
Toll Free:888-942-0606
Fax:604-945-5053
RE/MAX Sabre Realty Group
#102 - 2748 Lougheed Highway
Port Coquitlam, BC
V3B 6P2 CA

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Home Buyers' Guide to Expenditures


This page is prepared to assist buyers of a home to calculate the total expenditures that may be necessary for any home purchase. It can be upsetting to not be prepared for all of the costs at completion. These are some of the potential costs a buyer should be aware of:

 
GUIDE TO PURCHASER'S EXPENDITURES
  1. Property Purchase Tax: Property purchase tax is payable on the purchase of all real property in British Columbia. The tax is 1% of the purchase price up to $200,000.00 and 2% of any amount above $200,00.00. There does exist a FIRST TIME HOME BUYERS exemption from the tax. Consult your Lawyer to determine if you qualify.
  2. Goods and Service Tax: GST of 7% is payable on the purchase of any new home or any home that has been substantially renovated. A buyer is entitled to a GST rebate of 36% of the 7% tax if the buyer or a relation of the buyer will be moving into the new home and making the home his or her permanent residence. The full GST rebate is available only on residential premises priced at $350,000.00 or less. Buyers of new or substantially renovated residential premises priced at between $350,000.00 and $450,000.00 are entitled to a gradually reduced rebate that is determined by the purchase price of the property. Buyers of new or substantially renovated residential premises sold at $450,000.00 or more are not eligible for any rebate.
  3. Legal Fees: This will be the amount of legal fees paid to the buyers Lawyer or Notary. This includes explaining the effect of a mortgage, explaining the consequences of a default on the mortgage, explaining a buyers options if a seller decides to back out of the Contract of Purchase and Sale and determining if the Contract of Purchase and Sale is binding. You should budget about $500.00 for Legal Fees plus GST and PST.
  4. Disbursements: This refers to any out of pocket expenses incurred by the Lawyer or Notary on behalf of the buyer. It will include various Land Title searches, tax searches, courier costs, photocopies, postage, filing agent fees, long distance telephone calls, etc. Disbursements will average about $250.00 for a purchase with one mortgage.
  5. Filing Fees: The Government charges $55.00 each to file the transfer and mortgage.
  6. Insurance Binder: This is a requirement by the bank or trust company to ensure that the buyer has arranged fire insurance on the new home. Proof of insurance coverage by way of an insurance binder is necessary and the typical cost will range up to $35.00.
  7. Survey: Generally, a bank or trust company will require a Survey to confirm that the house does not encroach or cross over the property line. A seller will often already have a Survey, especially if the seller also had a mortgage on the property. Otherwise, a new Survey on a house will cost approximately $350.00. Surveys are not necessary if the buyer is buying a strata property or condominium. Some Lenders will accept title insurance in lieu of a survey at a cost of $150.00-$250.00.
  8. Form F Certificate: This is required only when a strata property or condominium is purchased. The certificate is issued by the Strata Corporation in order to confirm that the previous owner does not owe the Strata Corporation any money. This certificate will range in price up to approximately $60.00.
  9. Adjustments: These are prepaid expenses which will need to be prorated between the seller and the buyer. For instance, a typical adjustment deals with the property taxes paid to the City or Municipality. The amount paid will be adjusted as of the adjustment date and one party will be required to reimburse the other. If the purchase occurs before taxes are paid to the City the seller gives his share of the years taxes to the buyer. If the sale completes after the taxes are paid to the City the buyer pays his share of the year to the seller. This information is being provided to assist in the planning of a home purchase. It is not intended to be legal advice and the information set out may not be applicable in all cases. In some situations, a buyer may be required to pay for other additional expenses such as a second mortgage, an assignment of rents, or a power of attorney. Each client will be different and I recommend that the buyer consult with their Lawyer as early as possible to confirm the actual cash requirements necessary to buy a home.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.