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Keith Baker - mortgage broker offers mortgage advice and pre-approvals in Canada

Home buying costs in B.C.

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When you are new to the country or you are budgeting for your house purchase it is a good idea to know what to expect in the way of costs involved in buying.

The table below will give you the basic information you need for this.

This is a rough guide for your budget for the closing costs when buying a property:


Property transfer tax 
The British Columbia province defines this tax and it has to be paid before the purchase can be completed.
1% of first $200,000
2% on remaining balance
Lawyer or Notary 
The legal fees cover the transfer of property title and recording this in the Land Title Office. If you are getting a new mortgage there is a fee to prepare and register the mortgage documents.
$600 - $1,000
Survey certificate 
If required by the lender or recommended by the lawyer. The survey ensures that the buildings are within the borders of the property and there are no encroachments. Applies to single family homes. The previous owner may have a Survey Certificate that is acceptable.
$250 approx
Mortgage Application Fee
This varies from lender to lender.
$300 - $500
Building inspection fee 
It is your option as the buyer whether or not to have a home inspection done to pinpoint any potential defects. This is not a lending institution requirement. We strongly advise you to have your home inspected.
$400 - $600
Appraisal fee
Most lenders require an appraiser’s report confirming that the purchase reflects fair market value. Depending on your down payment, some lenders will waive this requirement. 
$100 - $200
Property Tax
If the current owners have paid the property tax for the year, you will need to reimburse them for your share of the taxes. Property taxes are calculated from Jan – Dec and are paid at the end of June.
Harmonized Sales Tax (HST) 
This applies to newly constructed homes only. If the home is your primary residence then you may qualify for a rebate. See the CRA site for more details on rebates.
Strata fees
For condo’s, if the current owner has pre-paid the strata fees, there may be an adjustment that is needed.

You do not pay the realtor as a buyer. Realtors receive a commission from the selling realtor for introducing the buyer.

But remember that you will also need to consider the following costs: