Costs of Purchasing Real Estate in Vancouver

 

As a home purchaser in B.C. you may be responsible for the following costs:

1.   CMHC fees apply if less that 20% down payment. Application fee + 0.5% – 3.75% (premiums/fees subject to change) of the total purchase price. Can roll premium into mortgage

2.   Property Transfer Tax (Provincial – cannot be rolled into Mortgage)   
1% on the 1^st $200,000
2% on the balance.

First time buyer exemption available upon meeting the following qualifications:

a.   Must be financing 70% or more of the purchase price.

b.   Mortgage term at least one year & Mortgage balance cannot be reduced by more than $11,000 or below 70% of the amount borrowed, during the 1st year.

c.   Purchaser never owned an interest in a principal residence before … anywhere!

d.   Purchase price not to exceed $425,000.

e.   B.C. resident for more than one year prior to registration/permanent resident of Canada.

f.    Property will be principal residence.
*A buyer who ceases to maintain the residence as his principal residence prior to the first anniversary of the registration date may be eligible for a pro-rated exemption.
* A property with a fair market value of up to $25,000 more than the above limits may be eligible for a proportionate amount of the exemption.
*Other requirements may apply-contact Property Transfer Tax info line 1-250-387-0604 or visit: www.rev.gov.bc.ca/itb/ptt/ptt.htm for details/changes.
*Pre-completion (new homes) Tax is based on “market value” at the time of completion.

1.   Adjustments Costs any prepaid utilities/taxes paid by the seller prior to closing.

2.   Mortgage application and appraisal fees that the financial institution may charge.

3.   Survey certificate/Title insurance (house), if required by the lender.

4.   Legal Fees for closing and conveyance. $800 – $1,200+

5.   Property Insurance as required by the lender.

6.   Goods & Services Tax – GST. (Federal. New properties only & can be rolled intomortgage)
*3.5 – 6% of the purchase price (approx). Rebates available for principal residence, based on purchase price & on a sliding scale. i.e: $350K or less – 36% max or $8,750. approx. 3.5% GST. Sliding scale based on purchase price $350 – $450K. No rebate over $450K
*contact your accountant or the GST info line (1-800-959-5525) www.ccra.gc.ca    for further details/qualifications.

I hope this helps.  If you have any further questions, please don’t hesistate to call me at 604-780-7877 or reach me through my website at http://www.leilanihomes.com/contactMe/index.php.

Women are purchasing homes solo

I just read an interesting article and I thought I would share it.

An article in the March issue of Vancouver Sun had an interesting article about how the majority of individual Canadian women buying homes are single and financially savvy.

 

In fact, Ipsos-Reid conducted a survey focused on women between the ages of 20 to 45 who bought a home as an individual rather than jointly with a spouse or common-law partner. In the polled group, the average age of first-time buyers was 29, 82 per cent was single, four in five had no children and almost 50 per cent had a university degree.

 

Women seem to want to get into the market while they can.  It provides them with a sense of financial independence and a feeling of confidence. 

“Young, single, professional women are gutsy, much focused, savvy home buyers. The majority of these women tend to favor living in an urban environment that is safe and secure and close to work.”

Women understand the difference between renting and owning.  A one bedroom apartment in a newer building rents for about $1400-$1500 a month.  For a few hundred dollars more, you are able to own your own one bedroom.  Any mortgage broker can tell you how easy it is to get a mortgage even without a large down payment. And being a home owner myself, it is such a great feeling when you know that the money you are putting into your apartment is for your own mortgage and not someone else.

1212 Howe

1212 Howe went on sale at the beginning of May 2008.  112 suites selling for less than $400,000.  People were lined up a day in advance for this 18-storey 150 suite concrete tower between Howe and Davie. The suites themselves range from 519 to 915 sqft making them some of the most affordable units in the downtown core. 

They had a one bedroom display suite on the 16th floor in which the view was specatular.  It had views of English Bay and the North Shore Mountains.  These views were seen from both the living room and your bedrooms.  This unit also had a half octagon shaped balcony with enough space to put a couple of chairs and a BBQ for those nice summer days. 

The kitchens were great.  They included stainless steel appliances, granite countertops, porcelain tile floors, and laminiate cupboards.  The bedrooms offer exactly enough space in which to comfortably fit a queen-size bed, and the rooms appear bigger through the smart optic trick of floor-to-ceiling mirrors installed on the closet doors.

The necessities of life are all at hand, from in-suite laundry in all the units to an underground parking stall included with most of them — and amenities such as Fitness World and Tim Hortons are right in the building.

This building is expected to complete in August.

For more details, please visit www.leilanihomes.com.