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British Columbia closing costs equate from 2% to 4% of the property value and are important considerations when buying a home. Calculating additional costs and legal fees into your BC real estate purchase will help avoid any big surprises come the time of completion. Understanding closing costs is more than the expense.
Remember that you need money for last-minute closing costs for buyer: taxes, legal fees, appraisal fees, moving expenses, home insurance.
“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:
Here is an example for fairly typical “closing costs” for a real estate transaction in BC for the purchase of a Strata Condo or Townhouse (used residential housing) with a Mortgage being registered (institutional lender): Fees. *$995. GST/PST on Fees. $119.40.
Apr 25, 2023 · Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.
Mar 4, 2024 · In British Columbia, if the average home sale price is between $675,000 to $700,000 and the average closing costs are $21,000 with a range between $14,000 and $28,000. Opendoor.com states that sellers pay anywhere on average between 1-3% of the property’s sale price towards closing costs.
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In British Columbia, one of the crucial aspects to understand is the closing costs associated with the transaction. These costs, which are in addition to the property price, cover various fees and expenses that arise during the finalization of the real estate purchase.
