Blog by Michael Giesbrecht

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Real Estate Closing Costs

Yes, you have just spent a significant amount of money on your new home but don't forget about the closing costs.  Some of these are:

Property Transfer Tax - 1% on the first $200,000. and 2% on the remainder
Conveyancing Fees - $800. to $1500.
Strata Maintenance Fee adjustments
Property Taxes that have been paid in advance
Utility Bills that have been paid in advance
Appraisal Fee - $200. or more
Inspection Fee - $300. and up
GST - 5% on new and renovated homes

Ask your realtor for other costs that may be associated with the buying of your home.  And if you are buying a home in the Metro Vancouver Area, good for you!  The average price of a home in 1979 (including detached houses, townhouses and condos) was $70,888.  In 2007 it was $570,399.  That's a 700% increase over 29 years.  Yes, investing in real estate in Metro Vancouver is indeed a good investment.



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