Buying and selling costs

Taxes, professional fees, etc to be paid when buying or selling real estate in BC.

Buyer's costs

- Property transfer tax is payable by buyers on the purchase price of all real estate in British Columbia. PTT is 1% on the first $200,000 of the purchase price and 2% on the balance. Property tax calculator

 An exemption is possible for first time home buyers of properties not exceeding $425,000.

- Purchasers of new development have to pay GST as well as Property Transfer Tax.

- Home inspector fees; these differ between inspectors and usually depend on the square footage of the property to be inspected. Most home inspector's fees start at around $380.

- Mortgage costs; you may be able to negotiate those down or away with your mortgage broker or consultant

- Lawyer's fees; fees differ slightly, ask for a quote before you nominate a lawyer. The fees of some notaries are lower than those of lawyers. If the buyer has a mortgage or is not local (a courier is required) fees will be higher than for a local cash buyer.

- List of cost saving programs for property buyers and owners as compiled by the Real Estate Board of Greater Vancouver

 Seller's costs

- Realtor commission for both the seller's and the buyer's realtor

- Lawyer's fees; as mentioned under "Buyer's costs" ask for a fee quote before nominating a lawyer or notary public. Fees for sellers are lower than for buyers and like with buyers the fee also depends on whether the seller has a mortgage and is in Vancouver to sign documents.

  In general

Costs already paid by the seller for the time period the property is owned by the buyer - like property tax and monthly management fee in case of condos - will be refunded to the seller on completion as calculated and agreed by the parties' lawyer and reflected in the statement of adjustments.