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Transaction Costs

 

Closing  costs to the sellers   1-Lawyer or Notary Fees and Expenses: -attending to execution of documents. 2-Costs of clearing title, including: -discharge fees charge by encumbrance holders, -prepayment penalties 3-Real Estate Commission. 4-Capital Gain ( if applicable)       Closing  costs to the Buyers   1-Lawyer or Notary Fees and Expenses: -attending to execution of documents. 2. Property Appraisal Fee 3.Land Survey ( if applicable) 4.Property Purchase Tax ( Property Transfer Tax) 5.Good and Services Tax (New Homes), after July 01, 2010 HST (Harmonized Sales Tax) 6.CMHC or Genworth Premiums ( non conventional mortgage)       Property Transfer Tax ( Property Purchase Tax)   The Property Purchase Tax in the Province of British Columbia is 1% of the first $ 200,000 and 2% of the balance for example if a property sells for $ 500,000 the buyer pays $ 8,000 in tax( $ 200,000 X 1% = $ 2000 + $ 300,000 X 2% =$ 6000 )however the First Time Home Buyers who buy properties under $ 425,000 might be qualified for total exemption and properties between $ 425,000 and $ 450,000 might be partially exempted , To qualify for the First Time Home Buyers' exemption you must meet all of the initial eligibility criteria. To retain the exemption, there are also requirements which must be met in the year following the transfer. For complete information on all of the eligibility criteria, please see: Bulletin PTT 004, First Time Home Buyers' Program Instructions for Completion of the First Time Home Buyers' Tax Return First Time Home Buyer's Program- Follow Up To claim the exemption you must file a First Time Home Buyers' Property Transfer Tax Return (FIN 269) and the appropriate Land Title forms at the Land Title Office when you apply to register your property. If you do not qualify at the time of registration, but you meet all the requirements by the first anniversary of the registration date, you can apply for a refund of the tax paid. Applications for refund must be made within 18 months of the registration date. Please see How to File for more information    New Home GST Rebate New home purchasing (as opposed to resale) is becoming an option for fewer people and it is not just because of high housing prices. Current GST rebate policies have also had an impact on the affordability of new homes, according to the Canadian Home Builders' Association (CHBA). As it stands right now, anyone purchasing a new home or condo valued at less than $350,000 will receive a refund of 36% on the GST charged. Sounds good, but what if you live in a large or even medium-sized city where new homes in that price range are hard to come by? Seems you are out of luck. If your home costs between $350,000 and $450,000, the amount of the GST rebate is pegged to the cost of the home, declining proportionally to zero. So if you buy a $400,000 house, the GST rebate will be only 21%. If your house costs more than $450,000, there is no rebate at all. A tax that makes new home purchasing less affordable is particularly troublesome in today's market, where all predictions point to a significant decline in new home starts. the CHBA is proposing that the federal government follow through on a long ago promise to "adjust the thresholds at least every two years to ensure they continue to reflect changes in housing prices." Since the GST was introduced in 1991 the Statistics Canada new house price index has increased by more than 57%. If the GST rebates had been adjusted to home purchase prices, the drop-off in rebates would now apply to new homes priced between $550,000 and $750,000 and that $400,000 home would get the full 36% rebate. Until the policy changes, people considering a new home purchase would do well to mull over this state of affairs and ensure their mortgage covers them in the very likely case that the cost of their house makes them ineligible for a GST rebate.   CMHC FEES Loan-to-Value Premium on Total Loan Premium on Increase to Loan Amount for Portability and Refinance Standard Premium Self-Employed without 3rd Party Income Validation Standard Premium Self-Employed without 3rd Party Income Validation** Up to and including 65% 0.50% 0.80% 0.50% 1.50% Up to and including 75% 0.65% 1.00% 2.25% 2.60% Up to and including 80% 1.00% 1.64% 2.75% 3.85% Up to and including 85% 1.75% 2.90% 3.50% 5.50% Up to and including 90% 2.00% 4.75% 4.25% 7.00% Up to and including 95% 2.75% 6.00% 4.25%* * 90.01% to 95% — Non-Traditional Down Payment*** 2.90% N/A * N/A Extended Amortization Surcharges Greater than 25 years, up to and including 30 years: 0.20% Greater than 30 years, up to and including 35 years: 0.40%

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