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.
Home Buying Costs
- 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
Home Selling 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
Learn More About Us
