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Buying Your Home

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 Us 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.

Property Transfer Tax Exemption...you might be eligible for an exemption of up to $6,500.

 

Lisa MacIntosh Team - Personal Real Estate Corporation - Dexter Associates Realty
Phone: 604-263-1144 Fax: 604-263-6699 website: www.lisamacintosh.com
Medallion Club Member -
Top 10% of Realtors in Greater Vancouver
email: Lisa MacIntosh Copyright © 2017. All rights reserved.

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