Completion Costs (Condo Purchases)

 

1) Property Transfer Tax:  This Tax applies to all condo purchases (new or pre-owned)       unless you are a first time home buyer.  This tax is 1% on the first $200,000 of the sale price, and 2% on the remaining balance.

 

2) Legal Fees:  Depending on whether you use a lawyer or a notary, the price for legal fees can vary.  On average you are looking between $700-$900 

 

3) Home Inspection Fee:  Always recommended to get a professional inspection done by an inspector, usually between $300-$400

 

4) Property Taxes/Utility Bills: Any prepaid taxes and/or utility bills will be re-imbursed back to the seller as of the possession date

 

5) GST:  Only subject to new construction. GST is 7%, however if the purchase price is less than $450,000 you may be eligable for a rebate

 

6) Survey Fee: Depending on your lender, you MAY be required to have an up-to-date survery of the home.  This is roughly between $150-$300

 

**Always take into consideration the possible costs for new appliances (if needed),    updates, and any other home purchases

Arianna Torabian

Mobile: 778-869-3447

Office: 604-602-1111

ariannatorabian@remax.net

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