Legal fees (Notary Public or Lawyer).
B.C.Property Transfer Tax is based on the property purchase price and is 1% to $200,000 & 2% on remainder and 3% over $2M. First time buyer are exempt is purchase price is less than $475,000.
Buyers who are foreign entities - The PTT will be an additional 15% of the sale price, in addition to the standard PTT.
Additiional Closing Costs
Condo building move in fees.
Realtor fees, if applicable
Maintenance fees and property taxes will be pro-rated as of the closing date.
Third party liability and personal contents insurance.
Empty Home Tax
Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value.
The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017.
Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis.
Most Vancouver home buyers calculate their closing costs, such as legal fees, property transfer tax, moving truck, hooking up utilities, but they forget about the post clsoing costs. Here is a quick overview.
When you move into your new home you’ll want to change the locks because you don't know who the former owner may have given a key to. This is smart security.
Vancouver home sellers should do the right thing and have their property professionally cleaned after they have moved out. Unfortunately this isn't always the case. So in additiion to cleaning your old home, you may also have to clean your new one. Whether you’re buying cleaning supplies and doing it yourself, or hiring someone to clean for you, this will be an additional cost.
Your new Vancouver home may require painting, new floors or carpets, new light fixtures or any other decorating items. Make a budget. You may decide to do some items when you move in, or leave them for another time.
Do the appliances require updating? If so, this can be expensive.
If this is your first Vancouver home, you’ll need to own some basic tools for home repairs.