Real Estate Resources


GST – 5% of purchase price of new homes. You may be able to get the Seller to pay this depending on market conditions. Ensure that it is clearly stated in your Contract of Purchase and Sale. For more information on GST rebates visit:

Home Inspection – The fee ranges from $350 to $500 and more if the home is large.

Mortgage Loan Insurance – If you get a high-ratio mortgage (a mortgage where you pay less than a 25% down payment) you will have to purchase mortgage loan insurance from CMHC (or a private company). If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 3.25% of the mortgage. If you put 10% or 15% down, your insurance fees will decrease to 2% and 1.75% respectively. The insurance premium usually gets added to your mortgage. You will also have to pay an application fee. CMHC’s standard fee is $235. CMHC also offers a basic service for a $75 fee but it must be accompanied by an appraisal.

Appraisal – Before your lender approves your mortgage, you may be required to have an appraisal done. As your lender if they will cover this cost.  The fee ranges from $200 to $400.

Land Survey – Your lender may require a survey of the property. The fee ranges from $150 to $500.

Legal Costs – Costs for a lawyer or notary are typically $800-1200

Disbursements to the Land Titles Office – These fees are approximately $300 and form part of the cost from your lawyer or notary.

Property Transfer Tax:

The property transfer tax rate is:

  • 1% on the first $200,000,
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
  • 3% on the portion of the fair market value greater than $2,000,000, and
  • if the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).
  • If the property is classified as residential and farm, or is residential mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property. Use the Property Transfer Tax Calculator for Residential Property over $3,000,000 (PDF) to help you determine the tax amount owing.
  • You may qualify to reduce the amount of tax you need to pay if you’re purchasing your first new home under the First Time Home-Buyer’s Plan: To qualify for a full exemption at the time the property is registered you must:
    • be a Canadian citizen or permanent resident
    • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
    • have never owned an interest in a principal residence anywhere in the world at any time
    • have never received a first time home buyers’ exemption or refund
    • and the property must:
      • be located in B.C.
      • only be used as your principal residence
      • have a fair market value of:
      • $475,000 or less if registered on or before February 21, 2017, or
      • $500,000 or less if registered on or after February 22, 2017
      • be 0.5 hectares (1.24 acres) or smaller
  • You may qualify for a partial exemption from the tax if the property:
    • has a fair market value less than:
      • $500,000 if registered on or before February 21, 2017, or
      • $525,000 if registered on or after February 22, 2017
    • is larger than 0.5 hectares
    • has another building on the property other than the principal residence
    • Find out the amount of your exemption if you qualify.

Find out the amount of your exemption if you qualify.

Foreign entities and taxable trustees are not eligible for the exemption. If you are an individual who doesn’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the property transfer tax. To apply for a property transfer tax refund in this case, call 250 387-0555.


The 2018 BC Budget was just announced introducing new taxes for real estate. They are:

Foreign Buyer Tax
– Effective Feb. 21, 2018, the foreign buyer tax will increase to 20 per cent (from 15 per cent) and will be extended to the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts. Contracts written before Feb 20th, 2018 with a closing date on or before May 2018 are exempted.

Speculation Tax
– Effective, Feb 21st, 2018 the province will implement a new speculation tax on residential properties targeting foreign and domestic homeowners who don’t pay income tax in BC. This includes those who leave homes vacant. In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed value

Transfer Tax
– Effective, Feb 21st, 2018 The Property Transfer Tax on residential properties over $3million will increase to 5% (5% on the value over $3 million – up from the previous 3%)

Provincial School Tax
– Beginning in 2019, the provincial school tax will increase on most residential properties in excess of $3 million.

Also announced:
The budget cancelled the B.C. Home Owner interest-free mortgage program for first-time buyers.