North & West Vancouver Real Estate -  Alan Skinner - RE/MAX Crest Realty 101-2609 Westview Drive, North Vancouver, BC, V7N 4M2  800.665.1455
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Example of Current North Shore Costs

Example of Current North Shore Costs
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 An Estimation Of Closing Costs On The North Shore

 Approximate Legal Fees and Disbursements           $900/1,200*
                         
Survey Certificate (if one is not available)       $350
Appraisal (if required by the lender)              $250
Inspection fee (not mandatory, but strongly        $300/450
recommended)                       

Property Transfer Tax         1% of the first $200,000
                 plus         2% of the balance of the
                              purchase price

E.g:   A  $525,000 home would attract PTT at this level
       1% of the first $200,000 - $2,000
       2% of  $325,000 - 6,500  8,500

Other Fees - If your down payment is less than 25% of the purchase price of the home, the lender will require mortgage insurance from CMHC (Canada Mortgage and Housing Corporation)/or other Mortgage insurers. The insurance premium, which is usually added to the mortgage, ranges from 0.5% of the mortgage amount to 3.25% depending on the size of down payment.

Property Tax Adjustment - In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they have paid in advance (depending on possession date and how the vendors paid their taxes). A good rule of thumb is to have enough money on hand to pay six months of taxes. e.g. $500,000 home - approx
$2,400

Insurance - You will have to arrange insurance a few days before possession. The annual rate for a basic policy is approximately(detached)
$800/1,200

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

I have not tallied the above as you should determine which will apply to your purchase.

 

 
Contact Alan

If you have a question or need any advice or help with the website then give us a call:

Cell: 604-626-2526
Office: 604-988-7368
Toll Free: 1-800-665-1455

RE/MAX Crest Realty
101-2609 Westview Drive
North Vancouver, BC V7N 4M2
800.665.1455


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