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Many variables and considerations affect the final amount of British Columbia real estate closing costs; however, you can generally expect between 2% to 4% of your property value. For example, if the purchase price of your new BC home is $750,000, the calculation of 2% to 4% will be $15,000 to $30,000 in closing costs.
Jun 29, 2022 · Closing costs refer to the various fees charged to finalize and “close” a real estate transaction. They are paid by both the buyer and seller at the end of the home buying process. For buyers, closing costs typically range from 2-5% of the home’s purchase price. That means on a $500,000 home, you may pay $10,000 to $25,000 in closing fees ...
You must be a BC Resident, and have lived in BC for a minimum of one year prior to your purchase date. The FTHB PTT Exemption applies to Purchase Prices Below $835K. The maximum exemption is $8000, which is full PTT on on a $500K Purchase Price. PTT is still due on the portion of purchase price between $500K and $835K.
“Seller’s Closing Costs BC Edition”: below is a list of commonly incurred fees & costs for the sale of a property in British Columbia, Canada. • Realtor Commissions: Usually based on a percentage of the sale price. For example, 7% on the first $100,000 (of the sale price) and 2.5% on the balance. • GST on Realtor Commission:
For more info please view our blog on BC Property Transfer Tax and British Columbia Taxes and tax credits. GST – Has to be paid on New Homes. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000. More details on GST New Housing Rebate.
Here's a comprehensive overview of the most common closing costs, how they are determined, and what buyers can expect. Property Transfer Tax (PTT) The Property Transfer Tax is one of the largest closing costs in British Columbia. It is calculated as follows: 1% on the first $200,000 of the property’s fair market value.
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Safe to estimate about $100-$300 but ranges up to $500. Property Survey Certificate – Lenders may require a survey of the property, which ranges from $500 upwards + GST. This is not required on strata properties. Home/Fire Insurance – Lenders typically require home buyers with a mortgage to buy home insurance.