Costs to Expect
Things you need to know when Buying a home in the Comox Valley
Property Transfer Tax 1% of the 1st $200,000 & 2% on the balance of the purchase price.
Lawyer / Notary Fees Includes your lawyer's fees & registration of mortgage and certificate of title and disbursements.
Appraisal Fee Most Lenders require an appraiser's report confirming that the purchase reflects fair market value. Depending on your down payment, some lenders will waive this requirement.
House Inspection Fee It is the buyer's option to have a home inspection to pinpoint defects. This is not a lending institution requirement.
GST - What you should know
- GST is not payable on used residential housing
- As of January 1, 2008 new homes are subject to 5% GST. New home buyers that purchase a home from a builder can apply for a 1.8% rebate of the 5% GST applicable to the purchase price (purchase price x 1.8% = rebate) to a maximum of $7,560 for homes costing less than $350,000 before GST
- You do not qualify for a GST rebate if you purchase a home over $450,000
- If your new home is less than $350,000 you qualify for a GST rebate of 36% of 5% of the purchase price of a home to a maximum of $7,560.
First Time Home Buyers requirements
The Government has issued amended First Time Home Buyers requirements. The qualifications for the exemption have changed.
A first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00). A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00. Also, there is no longer a requirement for any financing. For more information, please see this