Costs Borne by the Buyer:

Lawyer or Notary Fees and Expenses for attending to the execution of documents and Land Title Registration ($800 - $1,200).

Property Transfer Tax (PTT) which is payable to the Land Title and Survey Authority of BC (1% of the first $200,000 of purchase price and 2% of the balance of the purchase price).

HST of 12% is payable on new construction. There is a new HST REBATE equal to 71.43% of the HST Payable for new homes under $525,000 up to $26,250; while homes over that price may apply for a flat $26,250 rebate.

Home insurance (premiums vary consult your insurance broker).

Appraisal ($200-$600)

Inspection ($250-$500)

First Time Buyers are exempt from PPT and HST for purchases uner $450,000 and partially exempt for purchases under $525,000.

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.