By facing your new financial responsibilities head-on,you may even manage to dodge some of them. Don’t forget to ask me, your REALTOR® about these and other costs when calculating the total cost of your new home.
Mortgage costs
· Mortgage company’s lawyer or notary
· Appraisal, if applicable
· Land title registration fee
· Mortgage loan insurance and application fee - if you get a high-ratio mortgage (where you pay less than a 20% down payment) you will have to buy the mortgage loan insurance from CMHC or a private company. For fee descriptions, please go to: www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm
Legal or notary fees and expenses
· Title search
· Investigating title
· Drafting documents
· Land title registration fee
Pre-paid property taxes or utility bills
You will have to reimburse the sellers for any prepayments.
GST
When you buy a newly constructed home, you must pay the 5% GST. However, if your house is less than $450,000 you may be eligible for a rebate. For information, please go to: www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/cnstrctn/bldngsllnghms-eng.html
Appraisal fee
Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender will cover this cost, if not, you are responsible. The fee ranges from $150 to $350.
Home inspection fee
Most REALTORS® recommend that you get a home inspection by a certified home inspector. It will cost between $150 to $350 for a smaller home.
Home insurance
To be safe, make the insurance effective on the earlier of either the completion date or the date that you pay the balance of the funds in trust.
Survey fee
Your lender may require an up-to-date survey of the property. If the seller does not provide the document, you will have to pay to have one done. The fee ranges form $150 to $350.
Moving fee
Maintenance and utility costs of your new home
source: Real Estate Board of Greater Vancouver