Cost of buying and selling real estate in BC
Taxes, professional fees, etc to be paid when buying or selling real estate in BC.
An exemption is possible for first time home buyers of properties not exceeding $425,000.
- Purchasers of new development have to HST as well PTT. In case of a real estate purchase a rebate is given on the 12% HST rate which reaches its maximum at $26,500 at a purchase price of $525,000. HST calculator (this link takes a little time to respond).
- Home inspector fees; these differ between inspectors and usually depend on the square footage of the property to be inspected. Most home inspector's fees start at around $380.
- Mortgage costs; you may be able to negotiate those down or away with your mortgage broker or consultant
- Lawyer's fees; fees differ slightly, ask for a quote before you nominate a lawyer. The fees of some notaries are lower than those of lawyers. If the buyer has a mortgage or is not local (a courier is required) fees will be higher than for a local cash buyer.
- List of cost saving programs for property buyers and owners as compiled by the Real Estate Board of Greater Vancouver
| Seller's costs
- Realtor commission for both the seller's and the buyer's realtor
- Lawyer's fees; as mentioned under "Buyer's costs" ask for a fee quote before nominating a lawyer or notary public. Fees for sellers are lower than for buyers and like with buyers the fee also depends on whether the seller has a mortgage and is in Vancouver to sign documents.
| In general
Costs already paid by the seller for the time period the property is owned by the buyer - like property tax and monthly management fee in case of condos - will be refunded to the seller on completion as calculated and agreed by the parties' lawyer and reflected in the statement of adjustments.