Paying additional costs

When buying a home, the purchase price is only one of the costs you will encounter. Here are other possible costs you need to consider in your budget:

One-time costs


The appraisal determines the value of the home you plan to buy.


If the home is new and has never been sold before, you will be charged sales tax on the purchase.

Home inspection

Although it’s not required, you may wish to have the home inspected by a certified inspector.

Legal fees

A lawyer or notary is required to register the mortgage and complete the legal documents.

Realtor fees

If you used a realtor to find the home, they may charge a fee for their services.

Property transfer tax

You may need to pay tax of 1% on the first $200K of the home’s purchase price and 2% on the balance.*

Prepaid property taxes

If the seller has prepaid taxes for the full year, you must repay them for any outstanding balance.

*First-time home buyers may be exempt from this fee. Learn more on the Government of BC website.

Monthly/ongoing costs

Home insurance

This is optional, and protects your home and its personal contents.

Mortgage insurance

If your down payment is less than 20% of the home value, mortgage insurance is required.

Payment protection insurance

Another optional cost; this ensures your mortgage balance is paid in case of death, disability, illness or job loss.

Strata fees

Maintenance fees must be paid monthly on the purchase a condominium.

Property tax

This must be paid annually on any home you own in BC.

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