Purchase Expenses

These are some of the items and approximate costs that can be involved when purchasing real estate. Some of these items will be a one time event and others will be monthly or annually. You may also be exempt from some fees, while others may be waived.


  • Deposit at time of offer. Usually 5% of offer price
  • Property Inspection = $450+/- 
  • Property Appraisal = $160+ 
    (Most lenders require an Appraiser’s Report. Depending on your down payment, some lenders may waive this requirement.)
  • Mortgage Application Fee = $165+/-
    (May be waived depending on financial institution.)
  • Mortgage Interest Adjustment, Due at completion – cost varies
    (Amount of interest due between the date a mortgage starts & the date the 1st mortgage payment is calculated from. If there is a gap in the dates, the interest adjustment is payable.)
  • Mortgage Insurance for high ratio financing = check with your Mortgage Broker
    (Usually insurance is not required if your down payment is 20% or more of the purchase price. If you don’t have 20% or more of the purchase price for a down payment, then depending on how much you have, you may pay 1%, 1.75%, 2% or max 2.75% mortgage insurance.)
  • Balance of purchase price. Due at completion – varies
    (Offer price less deposit)
  • Survey Certificate = $300+/- (If seller has none)
    (A drawing that accurately depicts the location of the house and outer buildings in relation to the property lines. It is a footprint of the buildings on the property.)
  • Property Transfer Tax (PTT) + (Provincial tax)
    (1% on 1st $200,000 and 2% on the balance - if buying $425,000 or less, anywhere in BC, a full exemption may be allowed. If buying between $425,000-$450,000 a partial exemption may be allowed. Other exemptions apply.)
  • GST (Federal tax)
    (5% of purchase price on new and substantially renovated homes/condos. Rebate may be applied if certain qualifications are met Ex Fair market value of home is less than $450,000)
  • Adjustments for property taxes. Due at completion – cost varies
  • Legal Fees = $800-1,000+/-
    (Includes your Lawyer’s fees and registration of mortgage disbursements)
  • Home & Property Insurance BEFORE Completion – cost varies
    (Strata properties are insured for contents and liability only)
  • Moving expenses
  • Other expenses

Prices quoted are subject to change and in some cases are dependent on the financial institution

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.