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.