The Hidden Costs of Buying a Home

When buying a property, some of the fees that come into play are:  Legal fees, property transfer taxes, GST, mortgage closing costs and the costs of moving.  These are the main items to watch out for.

Legal Fees:  Generally range  between $800 to $1200 depending on whether you use a notary or a lawyer, and how complicated the transaction is. 

Property Transfer Tax:  This is the governments way of thanking you for buying property in British Columbia.  A total of 1% on the first $200,000 of the purchase price, 2% on the remainder is charged to every property purchase, however,  as a first time homebuyer, you are exempt from this fee

GST:  The federal government needs their piece of the pie as well.    As a buyer, you only pay GST on new properties.  Some new homes and developments are advertised as GST included, and some are not. 
 
Mortgage Closing Costs: These fees include the costs of the mortgage companies lawyer, surveys, etc.  These are determined by your lender, and as a realtor I have no control over these.

Moving Expenses:  Hiring movers, renting trucks, taking time off work.

These are the main fees that home buyers tend to overlook.  As your real estate professional, I do all that I can to show you these fees up front.