Office Info
Axford Real Estate
2326 Clarke St. Port Moody, BC V3H 1Y8
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Lawyer or Notary Fees
A Lawyer or Notary Public helps with navigating the title transfer from the previous owner to yourself. Duties can include: searching the title to make sure the seller can sell the property, and that there are no charges, liens, etc,.. drafting documents, registering new owner on title at Land Titles office, pro-rating transferrable fees (strata fees, property tax, and utility tax), ordering current Form B (for strata), and completing a statement of adjustments. Approximate $1000
Mortgage Insurance (CMHC)
If you have less than 20% down payment, your lender will require you to get mortgage insurance. It protects the lender/bank should you default on your payments. Usually, the premiums are rolled into your mortgage payments and not due upfront. The higher your down payment, the less your mortgage insurance will be. Typically, you'll pay 0.6%-3.9% on your mortgage. Most mortgages are insured by CMHC (Canada Mortgage and Housing Corporation). There are some private providers such as Genworth.
Mortgage Costs
Depending on who you borrow money from, fees may include:
| Fair Market Value | Exemption Amount | Tax Payable |
| Less than $500,000.00 | Full amount of tax normally due | $0 |
| $500,000.00 | $8,000.00 | $0.00 |
| $501,000.00 | $7,699.20 | $320.80 |
| $502,000.00 | $7,396.80 | $643.20 |
| $503,000.00 | $7,092.80 | $967.20 |
| $504,000.00 | $6,787.20 | $1,292.80 |
| $505,000.00 | $6,480.00 | $1,620.00 |
| $506,000.00 | $6,171.20 | $1,948.80 |
| $507,000.00 | $5,860.80 | $2,279.20 |
| $508,000.00 | $5,548.80 | $2,611.20 |
| $509,000.00 | $5,235.20 | $2,944.80 |
| $510,000.00 | $4,920.00 | $3,280.00 |
| $511,000.00 | $4,603.20 | $3,616.80 |
| $512,000.00 | $4,284.80 | $3,955.20 |
| $513,000.00 | $3,964.80 | $4,295.20 |
| $514,000.00 | $3,643.20 | $4,636.80 |
| $515,000.00 | $3,320.00 | $4,980.00 |
| $516,000.00 | $2,995.20 | $5,324.80 |
| $517,000.00 | $2,668.80 | $5,671.20 |
| $518,000.00 | $2,340.80 | $6,019.20 |
| $519,000.00 | $2,011.20 | $6,368.80 |
| $520,000.00 | $1,680.00 | $6,720.00 |
| $521,000.00 | $1,347.20 | $7,072.80 |
| $522,000.00 | $1,012.80 | $7,427.20 |
| $523,000.00 | $676.80 | $7,783.20 |
| $524,000.00 | $339.20 | $8,140.80 |
| $525,000.00 | $0 | $8,500.00 |
GST
5% GST is only applicable on brand new homes or a home that is substantially renovated and offers home warranty insurance. If the home costs less than $350,000, a rebate of up to 36% is available. If the home is $350,000-$450,000, the rebate goes down progressively. Homes over $450,000 get no GST rebate.
Insurance
For strata properties, you will want to have content insurance on top of the strata insurance that your monthly maintenance fee goes towards. This will cover any theft, water damage, fire, etc.. should the strata deem it your fault. If you do not have this insurance, you will pay the strata deductible $10,000-$20,000 (approximately). Condos approx. $40/month
For single family homes, insurance will cover water, fire, earthquake (optional), liability. Houses approx. $1500/year
Insurance should be effective at 12:01 of the completion date.
Also, mortgage life insurance is available from third party insurance companies and mortgage companies.
Adjustments
Your lawyer/notary will pro-rate what you owe to take over the property. Property taxes, city utilities, and strata fees are the most common.
Move-In Fee
Usually $100 for apartment buildings
Utility Hook Up
You will pay to connect new services or transfer existing services to a new address for Fortis, BC Hydro, cable/internet/phone.
Moving Costs
Costs vary from company to company.
Axford Real Estate
2326 Clarke St. Port Moody, BC V3H 1Y8