 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| Buyers | Sellers | Properties | Market Statistics | Mortgage Calculator | Pre Sales | Foreclosures | Inspection | Property Tax | Closing Costs | Capital Gain | |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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
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 If you buy a newly
built home,
you’ll get an HST rebate. On average, the rebate
ensures that you
won’t pay any additional tax
due to harmonization on new
homes that cost up to $525,000. If you buy a new
home that costs more than that, you’ll pay a little
bit more tax than you did before, but you’ll still
get the maximum rebate of $26,250. To see how much your rebate
will be and to compare how much you would pay in tax
before and after July 1st,
use the
New Home HST Calculator. See
this video
for a good
explanation of the impact of hidden PST
on the cost of building a home (also available in
Cantonese,
Mandarin
and
Punjabi
translations). For some new home purchases
that happen
between now and July 1, 2010,
the provincial portion of the HST won’t apply. It
all depends on when you signed off the paperwork and
when you’ll take ownership of the home.
Full details on the
transitional rules. Source: Government of BC website According to the government HST
Calculator a buyer would pay 2% more on a million
Dollars new home.
CMHC FEES |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||