Costs of Home Buying and Selling
Understanding real estate fess, taxes and commissions associated with real estate transactions can be confusing. We hope the following information will answer some of your questions. If you have other questions, or would prefer to talk to a real person, just contact us.
- Lawyer or Notary Costs: $1500 – $2500
- Costs of Mortgage: Appraisal costs if required by lender
- Survey: $1000 – $2500 (Optional, unless required by lender)
- Building Inspection: $600-$800 (larger homes can run more)
- Other inspections if advised: Inspection of perimeter drains, sewer lines, septic tanks, water supply wells and scanning for underground fuel tanks
- Property Transfer Tax: 1% on the first $200,000 of the purchase price; 2% on that portion of the purchase price between $200,000 and $2,000,000; 3% on that portion of the purchase price between $2,000,000 and $3,000,000; 5% on that portion of the purchase price over $3,000,000
- Foreign Buyers Tax: an additional tax of 20% of the property’s value only applicable to foreign nationals, corporations or trustees
- Goods and Services Tax (GST): 5% on new homes and limited other cases
- Insurance: Extended home, fire insurance, and if you are applying for a high-ratio mortgage (borrowing more than 80% of your home purchase price) mortgage insurance
- Property taxes: Your share for year of the transaction
- Other Costs to consider – Utility hookups, strata fee adjustments (if applicable) and moving costs
- Lawyer or Notary costs: $1000 to $2500 to transfer title, discharge mortgage, etc.
- Mortgage prepayment penalties or fees
- Property taxes: Your share for the year of the transaction
- Goods and Services Tax (GST): on the real estate commission
- Other Costs to consider – Strata fee adjustments (if applicable), moving costs.
- Commission you agreed to pay your brokerage
Newport Realty has been helping individuals and families sell and buy homes on Vancouver Island for over 30 years. The brokerage was founded by individuals who love Vancouver Island and are active members of the community – from downtown Victoria to Oak Bay, Fairfield to Sidney, or Saanich to Sooke – Newport Realty provides market experience and expertise.
Newport Realty is the exclusive west coast affiliate of Christie’s International Real Estate.
Supported by the esteemed art business, Christie’s International Real Estate is a global network offering exclusive home and luxury real estate services to buyers and sellers worldwide. It is the largest and most successful marketer of luxury homes in the world with a global network of over 27,000 Agents, in 950 offices in 46 countries, and over $115 Billion in real estate sales (in 2016).
Our affiliation with Christie’s International provides additional marketing exposure for clients with real estate priced at $1 million and above, and includes a finely tuned suite of programs that provide a world-class showcase for distinguished homes, including exposure on the Christie’s International Real Estate website which receives more than 70 million online visits each year from discerning homebuyers worldwide.