| An
Overview of Closing Costs - Purchase
Price
- Usually
paid partially by down payment and mortgage
- Under
the Home Buyers Plan (HBP) up to $20,000 can be used from your RRSP towards your
down payment. Under the HBP, you have to repay all withdrawals from your RRSP
within a period of no more than 15 years. More Information - Canada
Customs & Revenue Agency Website
- Lawyer
or Notary Fees and Expenses
- Searching
& Investigating Title
- Drafting
documents
- Land
Title Registration fees
- Survey
Certificate
- If
required by lending institution.
- Costs
of Mortgage
- Mortgage
Company's Lawyer/Notary
- Appraisal
(if applicable)
- Land
Title Registration Fees
- Property
Transfer Tax
- Property
Transfer Tax: 1% of the first $200,000 plus 2% on any remainder
- Under
the First Time Home Buyers Plan - first time buyers of a principal residence may
be exempt. The fair market value must not exceed $375,000 ( A proportional exemption
is provided for eligible residences with a fair market value of up to $25,000
above the threshold -i.e. up to $400,000) and amount borrowed must be over 70%
of fair market value. More Information visit the Government
of BC Website.
- Goods
and Service Tax (GST)
- Fire
Insurance & Home Insurance Premium
- Check
rates and plans with your Insurance Broker
Tricks
& Tips for Successful Home Buying Let
Me Help Find the Right House for You...an
easy to fill out form highlighting your "Dream Home". Ten
Steps to Buying Your Home...find
out the most important steps in planning the purchase of your first home. Buying
Your Home With Just 5% Down...see if you qualify. Getting
Pre-approved for a Mortgage...find out how you can increase your bargaining
power. Saving
Money on Your Mortgage...helpful suggestions to reduce the amount of interest
you pay. Avoid
Paying the Property Transfer Tax...you might be eligible for an exemption
of up to $3,500. | 
