Closing Costs when Buying a Home in BC [Closing Costs Explained]

📲 𝐁𝐨𝐨𝐤 𝐀 𝐂𝐚𝐥𝐥: https://calendly.com/alexdunbar/30min

What Are the Closing Costs when Buying a Home in BC?

𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐂𝐨𝐬𝐭 𝐂𝐡𝐞𝐜𝐤𝐥𝐢𝐬𝐭⁣
Your individual situation may require different closing costs but the following is a good general outline:⁣
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𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫 𝐓𝐚𝐱 (𝐏𝐓𝐓)⁣
1% on the first $200,000⁣
2% between $200,000 up to $2,000,000⁣
3% on anything greater than $2,000,000⁣
5% on anything greater than $3,000,000⁣
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𝘌𝘹𝘢𝘮𝘱𝘭𝘦: $800,000 Home would be $14,000 in Property Transfer Tax⁣
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*𝘍𝘪𝘳𝘴𝘵 𝘛𝘪𝘮𝘦 𝘣𝘶𝘺𝘦𝘳𝘴 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘧𝘰𝘳 𝘳𝘦𝘴𝘢𝘭𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘪𝘦𝘴 𝘪𝘧 𝘭𝘦𝘴𝘴 𝘵𝘩𝘢𝘯 $𝟻𝟶𝟶,𝟶𝟶𝟶 (𝘱𝘢𝘳𝘵𝘪𝘢𝘭 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘪𝘧 𝘶𝘯𝘥𝘦𝘳 $𝟻𝟸𝟻,𝟶𝟶𝟶)⁣
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*𝘌𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘱𝘳𝘦-𝘴𝘢𝘭𝘦/𝘯𝘦𝘸 𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘤𝘵𝘪𝘰𝘯 𝘰𝘳 𝘴𝘶𝘣𝘴𝘵𝘢𝘯𝘵𝘪𝘢𝘭𝘭𝘺 𝘳𝘦𝘯𝘰𝘷𝘢𝘵𝘦𝘥 𝘶𝘯𝘪𝘵𝘴 𝘶𝘯𝘥𝘦𝘳 $𝟽𝟻𝟶,𝟶𝟶𝟶 (𝘱𝘢𝘳𝘵𝘪𝘢𝘭 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘪𝘧 𝘶𝘯𝘥𝘦𝘳 $𝟾𝟶𝟶,𝟶𝟶𝟶)⁣
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𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐚𝐱 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬: $𝟷𝟶𝟶'𝘴 𝘵𝘰 $𝟷𝟶𝟶𝟶'𝘴⁣
𝘌𝘢𝘤𝘩 𝘱𝘢𝘳𝘵𝘺 (𝘣𝘶𝘺𝘦𝘳 & 𝘴𝘦𝘭𝘭𝘦𝘳) 𝘪𝘯 𝘵𝘩𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘪𝘴 𝘳𝘦𝘴𝘱𝘰𝘯𝘴𝘪𝘣𝘭𝘦 𝘰𝘯𝘭𝘺 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘱𝘰𝘳𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘢𝘭𝘦𝘯𝘥𝘢𝘳 𝘺𝘦𝘢𝘳 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦𝘺 𝘸𝘪𝘭𝘭 𝘰𝘸𝘯 𝘵𝘩𝘦 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺.⁣
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𝐒𝐭𝐫𝐚𝐭𝐚 𝐅𝐞𝐞 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭𝐬: $30 - $600⁣
Similar to Property Tax Adjustments but is based on the specific day you move in on that month in regards to your portion of strata fees owed⁣
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𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐕𝐚𝐥𝐮𝐞 𝐀𝐩𝐩𝐫𝐚𝐢𝐬𝐚𝐥: $300 - $400 (included if CMHC/Genworth insured)⁣
An appraisal is often a requirement from the lender to obtain a mortgage. It ensures that the mortgage institution lends an amount that is not greater than a home’s actual worth⁣
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𝐇𝐨𝐦𝐞 𝐈𝐧𝐬𝐩𝐞𝐜𝐭𝐢𝐨𝐧: $300 - $1000 (optional)⁣
An inspection of the home by a professional home inspector to check over the physical condition of the property⁣
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𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐒𝐮𝐫𝐯𝐞𝐲 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞: $20⁣
A survey certificate is a professional document used in British Columbia to determine legal boundaries of a property. Not required if you're buying a condo or townhouse⁣
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𝐓𝐢𝐭𝐥𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: $175⁣
An insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership⁣
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𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 & 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞⁣
As a homeowner, you need to insure your house for its rebuilding costs in the event of serious damage or destruction. ⁣
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𝐆𝐒𝐓 (𝐢𝐟 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞): 5% of purchase price⁣
Only applicable to pre-sales, new construction, and substantially renovated units. Net GST rebates are available in some circumstances⁣
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𝐋𝐞𝐠𝐚𝐥 𝐂𝐨𝐬𝐭𝐬: $1000+⁣
Sample costs are: legal fees, title filing, mortgage filing, insurance binder, Form A certificate, strata cost adjustments, out of pocket expenses, and more…⁣
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𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐀𝐝𝐣𝐮𝐬𝐭𝐦𝐞𝐧𝐭⁣
This is the interest you will pay for receiving your mortgage money before the official start of your mortgage (eg. if your “completion” were on the 23rd of a 30 day month, your interest adjustment would be 7 days interest)⁣
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⏰ 𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒⁣
⁣0:00 Introduction
1:06 What are Closing Costs?
1:37 Property Transfer Tax (PTT)
2:36 Property Tax Adjustments
3:29 Strata Fee Adjustments
3:57 Property Appraisal
4:26 Home Inspection
4:45 Property Survey Certificate
5:01 Property Insurance & Contents Insurance
5:30 GST (if applicable)
5:58 Conveyancing (Legal Costs)
6:21 Interest Adjustment
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