To avoid any surprises along the purchasing process and on closing your purchase, here is a list of what to expect as far as closing costs go:


Part of your down paymentTo be readily available upon subject removal of an accepted offer;

In most cases, a minimum of 5% of the offered purchase price is considered.

Has to be by way of bank draft.

Will be kept in our brokerage trust account until sent to your lawyer/notary.

Purchase Price

Usually paid partially by down payment and mortgage.

Under the Home Buyers Plan (HBP) up to $35,000 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 at Canada Customs & Revenue Agenc

Lawyer or Notary Fees and Expenses

Searching & Investigating the Title

Drafting documents for the conveyance of the title into your name

Registering your mortgage on title

Land Title Registration fees

Costs of Mortgage

Mortgage Company's Lawyer/Notary

Appraisal and/or Survey (if applicable)

Interest adjustment (monthly mortgage payment are due on the 1st of the month. Unless the closing date is the first of the month, you must prepay the amount of the interest accrued up to the 1st day of the following month. This amount is due on closing day.

Property Transfer Tax

1% of the first $200,000 +

2% on any remainder up to a purchase price of $2 mio +

3% on the portion of the fair market value greater than $2mio +

2% on the portion of the fair market value greater than $3mio (as of February 2018)

Foreign Buyer: add 20% to the previous example.

Under the First Time Home Buyers' Program

First time buyers of a principal residence may be exempt (fair market value must not exceed $500,000-$550,000), under very specific guidelines. For exact details, please visit

If purchasing a Newly Built Home (pre-sale) as your principal residence, and not exceeding a purchase price of $750,000, then no PTT to be paid. Please visit for more details.

Good Sales Tax (GST) of 5%

Applied to all related services (i.e. Lawyer/Notary & House Inspection)

Applied to New Homes - Rebate may be available.

Prepaid Expenses

If the seller has prepaid any expenses such as utilities, water and sewage taxes, or property taxes, they are entitled to a refund of these overpayments. This will be reflected as an adjustment and your lawyer/notary will be responsible to advise you of this via a "statement of adjustment".

Insurance Premiums

Home Insurance, Fire Insurance, High Ratio Mortgage Insurance (if applicable).

We strongly suggest that upon insuring your future home, especially if you are purchasing a strata, for you to obtain a quote to insure yourself against the deductibles of the strata corporation insurance.

We can discuss this point at length together.

Moving Expenses

Hiring a moving company or renting a moving truck.

Purchasing different furniture

Decoration, paint, renovation, etc.

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Lisa MacIntosh Team - Keller Williams Realty VanCentral

Cell: 778-228-4144

3995 Fraser St, Vancouver, BC V5V 4E5

Office: 604-262-1581

Fax: 604-630-7089

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