Page 4 - realty news september s

4 Realty News 778-868-7224 September

...if you’ve decided to buy

a home, it’s important

you understand all the

costs involved in addition

to the price you're paying

for the property.

Mortgage Home inspection rate of 1% on the first $200,000 of the
purchase price and 2% on the remainder
СКОЛЬКО СТОИТ
application fees up to and including $2 million. The PTT
is 3% on amounts greater than $2 mil-
lion..
Lenders may charge a mortgage applica- A home inspection is a report on the
tion fee, which will vary depending on condition of the home and includes Qualifying buyers of new homes may
the lending institution. structural and moisture problems, as be exempt if the purchase price of their
If you are borrowing part of your down well as electrical, plumbing, roofing and home is priced up to $750,000.
payment through the BC Home Owner insulation. The fees range and is typi- There is a proportional exemption for
Mortgage and Equity (HOME) Partner- cally $500-$900 depending on the size homes priced between $750,000 and
ship Program, there will be additional of the home and the complexity of the $800,000. At $800,000 and above,
ОФОРМЛЕНИЕ ПОКУПКИ
fees. inspection. Some inspectors also charge there’s no rebate.
an additional fee for an older home or a
Mortgage home with a secondary suite, a crawl- An additional 15% PTT is charged on
space, or a laneway home.
the purchase price to buyers in Metro
insurance Goods and Services Vancouver who are not Canadian citi-
zens or permanent residents of Canada,

As of October 17, 2016, all insured Tax (GST) and who don’t have work permits.
home buyers must qualify for the Bank
of Canada’s posted five-year rate, now The GST on a new home is 5% of the Adjustments
at 4.64 per cent. Borrowers must have a price. A GST rebate equivalent to 36% (see details in the Contract of Purchase
GDS ratio maximum of 39 per cent and of the GST paid is available for new and Sale)
a TDS ratio maximum of 44 per cent. homes priced up to $350,000 and a
partial rebate on new homes priced up to
As of November 30, 2016, borrowers $450,000. Property taxes
with a down payment of 20 per cent
or more (low ratio) must also meet the Buyers also pay the GST on fees for ser- Depending on the Contract of Purchase
same loan eligibility criteria as high- vices from appraisers, home inspectors, and Sale, a home buyer will likely be
ratio mortgages of less than 20 per cent. lawyers, Notary Publics, and REAL- required to reimburse the seller for any
Appraisal fees TORS®. prepaid property taxes. The lender may
require the buyer to add property tax
Before your lender approves your mort- Provincial Sales installments to monthly mortgage pay-

gage, you may be required to have the ments. See also Why do I have to pay
property taxes on the house I’m buying.
property appraised. Tax

Sometimes your lender will cover this The PST is generally not payable on Utility bills
cost. If not, you're responsible. The fee services except for legal and notary fees.
ranges from $300 to $450 plus GST. Both the GST and PST are paid on legal continue on page .............................15
and notary fees.
Land survey fees Inna Yevpak L.L.M.
Property Notary Public

It depends very much on the type of the
survey you require and the end product Transfer Tax Tel.: 778-855-2127
you would like to receive. Fax : (604) 484 – 2175
Home buyers in BC pay a iynotary@hotmail.com
Lenders may require a survey of the provincial Property Transfer Real Estate Transfers, Mortgages,
property. The fee ranges and is typically Tax (PTT) when they buy a Wills, Power of Attorney, Notarizations
$500 plus GST. home. The tax is charged at a
#300-3665 Kingsway Vancouver, BC V5R 5W2