With a ton of first time homebuyers entering the market, one of the most asked questions I’ve been getting recently is: what additional costs are there when purchasing your first home in BC?
Well along with the down payment for the property there are a few more fees such as:
- Legal fees
- Property Tax
- Strata Fees
- GST – 5% of purchase price (new construction)
- Home Insurance
- Property transfer tax – 1% on the first $200,000, 2% on the remaining if it is under $2,000,000
You can apply for government grants to help with these costs in some situations. Most of these costs are mortgageable!!
Don’t forget to use your RRSP!! The Home Buyers’ Plan is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself.
Costs do vary based off of the purchase price!
This process can be very overwhelming. If you have any questions regarding the home buying process! Contact me at 604-341-9937 or [email protected]