Let’s talk about closing costs – how much do you need?
When purchasing property in BC, you will need to account for closing costs. For most transactions, this is broken down as:
NUMBER 1:
Property Transfer Tax: 1% on the first $200,000, 2% from the portion of $200,000 to $2,000,000, 3% from the portion of $2,000,000 to $3,000,000 and 5% from $3,000,000 and greater
NUMBER 2:
Legal Fees: convincing service provided by your Lawyer / Notary, typically ranging between $750 to $1,000 + GST
NUMBER 3:
Disbursements: the cost of your Lawyer / Notary ordering Land Titles, Strata, and Mortgage Documents, typically $500+
NUMBER 4:
Adjustments: adjustment costs vary from property to property and time of purchase, but this expense would be pro-rated monthly / yearly utility costs, strata fees, property tax, etc.
