Costs to Expect

Buyer Budgeting

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.

Property Tax Adjustment Based on the "adjustment date," you may have to reimburse the Seller for his/her portion of the prepaid property taxes.
Home/Fire Insurance You can set up home insurance and pay either a monthly premium or the entire year in a lump sum up front

GST - What you should know

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 $475,000.00 (previously $425,000.00). A partial exemption is available if the purchase price is less than $500,000. Is larger than 0.5 hectares or has another building on it other than the primary residence. For more information, please see this