Buying

Our fees

Our professional fees for presenting a buyer are $750. GST and PST are added to our fees. Please contact us for an exact quote.

Associated costs

In addition to our fees, there are disbursements, adjustments as well as any payable taxes such as Property Transfer Tax and Goods and Services Tax. All of these vary between transactions. The following are estimates of disbursements usually associated with buying residential real estate:

• Land Title search and registration fees $150-$300
• Municipal tax certificate $50
• Insurance binder $35
• Form F for strata title property $50
• Move-in fee charged by the strata corporation $50-$200
• $10 Trust Administration Fee

Municipal taxes, municipal water, municipal sewer, strata maintenance fees, rent and security deposits are adjusted between the buyer and the seller at closing.

Taxes

Taxes are another significant cost associated with buying real estate. The three taxes payable by the buyer are Property Transfer Tax, Goods and Services Tax and Municipal Property Tax.

PTT is a provincial tax payable by buyers of real estate at a rate of 1% on the first $200,000 of the purchase price and 2% on the balance of the purchase price. First Time Buyers

GST is a federal tax payable by buyers of new or substantially renovated real estate at a rate of 5%. The Contract of Purchase and Sale normally dictates whether GST is included in the purchase price or payable in addition to the purchase price. GST rebates are available for a primary residence valued at or under $350,000. Partial GST rebates are available for a primary residence valued between $350,000 and $450,000. The full rebate reduces the GST by 36%.

Municipal Property Tax is based on a calendar year and payable either once or twice a year in July or in February and July by owners of real estate. Municipal Property Taxes are adjusted between the buyer and seller.

Disclaimer

Please remember that the information provided on this website is not legal advice and is intended as general information only. We try to keep this website as accurate and up-to-date as possible but laws, regulations, policies and practice are constantly changing. Please talk to one of our lawyers. Contact us