Property Transfer Tax - The B.C. Government imposes a tax which must be paid before any home can be legally transferred to a new owner. Some Buyers may be exempt from this tax, if they are buying from certain people they are related to. (1% of first $200,000, 2% on balance).
Goods and Services Tax (HST) - If you are purchasing a newly constructed home you may be subject to HST on the purchase price.
Property Tax - If the current owners have already paid the full year's property taxes, you will have to reimburse them for your share of the year's taxes.
Appraisal Fee - It may be your responsibility to pay the appraiser's fee, if the lending institution requires an appraisal before approving your loan.
Survey Fee - The purpose of the survey is to establish the boundaries of the property and to ensure that all the buildings are within those boundaries. If the current owner cannot provide a recent survey certificate, it will be your responsibility to pay the surveyor's fee.
Mortgage Application Fee - Lending institutions may charge a mortgage application fee, and the fee may vary between lending institutions.
Mortgage Default Insurance - This insurance is required on most mortgage loans in excess of 75% of the appraised home value. The insurance premium is payed to the lender and, in most cases, is added to the loan amount and paid over the term of the loan.
Life and Disability Mortgage Insurance - You may purchase insurance which will ensure that your outstanding mortgage balance is paid if you die or become disabled.
Fire and Liability Insurance - This insurance guarantees that, in the event of fire, the lender will receive the balance owing on the mortgage loan before you receive any insurance proceeds. The mortgage lender will likely insist that you purchase this insurance.
Legal Fees - You will probably want to engage a lawyer or notary public to act on your behalf during the completion of your purchase. The transfer of home ownership must be recorded in the Land Title Office in order to protect the new owner's interests. Mortgage documents may also need to be prepared and registered. The lawyer or notary public will charge a fee for these services.
Other Costs - Home inspection fees, Moving expenses, Deposits required by utility companies, Renovations or redecorating, Household goods (furniture, kitchen appliances, garden equipment).