Costs That Come With Purchasing A Home

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One of the biggest questions I get asked when someone is purchasing a home in Maple Ridge is:

What are the other costs that are applicable to purchase. Keep in mind, if you write an offer and go through the subject period (7 days) where we conduct our due diligence, 5% of the purchase price is due upon removal of those subject conditions.

The major costs you incur for purchase are as follows:

PROPERTY TRANSFER TAX: calculated at 1% of the first 200K and 2% of the balance of the purchase price. So, for a purchase of say 700K you’ll be paying $2,000 + $10,000 = $12,000.

This amount is not mortgageable.

APPRAISAL: If the lender needs to conduct an appraisal which is generally the case, they will charge the Buyer anywhere from $350.00 – 500.00 to complete.

INSPECTION: An inspection will run anywhere from $400.00 – $500.00 plus GST depending on the size of the property.

LEGAL FEES: will cost approximately $1050.00 + GST (depending on the purchase price) and you will need to pay any adjustments at closing ie. reimbursing the seller for Property Tax, covering the cost of title transfer. I generally tell my clients to budget approximately $2,500 – 3K for closing costs.

I find this site useful for running my numbers:

Additionally, you can access up to $35,000 from your RRSP’s as a First Timer from the Home Buyer’s Plan. The total funds withdrawn need to be repaid within 15 years.

More info here:


We are required to confirm the country of citizenship for all purchasers.  If you are a Canadian Citizen or Permanent Resident of Canada we must verify your Social Insurance Number (SIN), which is why we require you to bring a SIN card, T4 Statement, or Notice of Assessment.

If you are not a Canadian Citizen or Permanent Resident, please let us know right away as additional taxes are applicable.

Other Costs:

In addition to the legal fees, disbursements and taxes, there are a few costs related to the purchase that are not included (which are outlined in detail in the Guide attached), namely:


  • Property Transfer Tax (1% of the first 200K, 2% of the balance). For a $800,000 purchase, the tax would hit $14,000.00. This amount is not mortgageable.
  • GST (if applicable) Not applicable if not new construction. 5% if it is new construction.
  • Form F (for strata, $15-35)
  • Insurance Binder ($25-75)
  • Tax Certificate from City Hall ($20-70)
  • Move In Fees(for strata, $50 – 250; if any)
  • Adjustments for Tax payments and Strata fees (we can’t determine this amount until closing. I tell clients to budget $2,500 as they may have to reimburse Seller for Property Tax or other utlities) 
  • Plus $100 if Corporation is involved
  • If detached house and if lender requires, cost of survey, title insurance or western protocol is extra (not applicable)
  • If Leasehold, legalfees are increased by $100 (Leaseholder may also charge an admin fee)  (not applicable)
  • If Assignment, legal fees are increased by $250 (not applicable)


If you have further questions or would like to know more about these costs in detail please contact me at 604-341-9937 or [email protected]