Property Transfer Tax

Property Transfer Tax (PTT) can be one of the largest closing costs when buying a home in BC. The amount depends on the property’s value, although exemptions may be available for qualifying first-time buyers and some newly built homes.

Because thresholds and eligibility can change, check the current BC Property Transfer Tax information when planning your purchase.

Legal or Notary Fees

A lawyer or notary typically handles the legal side of completing your purchase, including title searches, registration, transferring funds and adjustments between the buyer and seller.

Fees vary, so it’s worth getting an estimate before closing.

Home Inspection

A professional inspection can help identify potential issues with a property before you complete your purchase. Inspection costs vary depending on the size, type and condition of the home.

Mortgage and Appraisal Costs

Your lender may require an appraisal as part of the mortgage approval process. Depending on your financing, there may also be other lender or mortgage-related expenses.

Ask your lender or mortgage broker about these costs early in the buying process.

Insurance, Taxes and Adjustments

Home insurance should also be factored into your budget. At closing, you may also have adjustments for expenses such as property taxes or strata fees that have already been paid by the seller.

These home buying costs in BC can vary depending on the property and your completion date.

GST on New Homes

GST may apply when purchasing a newly constructed or substantially renovated home. Rebates may be available in certain situations, so confirm the tax implications before purchasing.

Don’t Forget Moving Costs

Finally, leave room in your budget for moving expenses, utility setup, repairs, furniture and other costs that come with settling into a new home.

Final Thoughts

Planning for home buying expenses before you start shopping, understanding home buying costs in BC before you start shopping can help you set a realistic budget and avoid surprises at closing.

If you’re considering buying in New Westminster, Burnaby, Coquitlam or elsewhere in Metro Vancouver, the Adam Lloyd Home Selling Team can help you understand the buying process and prepare for your next move.