Financial Information

In addition to the agreed upon purchase price of a home, there are a number of other financial considerations 

to be aware of, as these can have a significant negative impact on your finances if you are unprepared for them. 

Conveyancing Fees, Disbursements & Adjustments

Conveyancing fees charged by a notary or lawyer covers the cost of 
transferring ownership of the property to the buyer in exchange for payment.

Disbursements are expenses that your notary or lawyer incurs 
on your behalf in order to facilitate the purchase or sale of 
your home, such as title registration, and title insurance.
Estimated Amount to Plan For: $1,200 - $1,400

Adjustments are usually made in line with the possession date, and 
are reimbursements to the seller for costs they may already have paid 
beyond the adjustment date, such as strata fees, utilities, city & property taxes.
Estimated Amount to Plan For: Will vary

Down Payment

This is the amount of funds that you should be prepared to 
contribute towards the purchase price of the home in addition 
to mortgage. The amount of a down payment will vary depending 
on mortgage requirements. If your down payment is less than 
20% of the purchase price, you will be required to purchase CMHC 
insurance to protect the lender. CMHC insurance is usually 
added to y0ur monthly mortgage payment, and can be a significant 
expense, so depending on your financial situation, it may be 
a better option to have at least a 20%  for your down payment.
Estimated Cost to Plan For: 
>= 20% of the purchase price w/out CMHC Insurance OR
< 20% of the purchase price + CMHC Insurance

Property Transfer Tax

This tax must be paid by the buyer on all home purchases in BC, which is:
1% of the first $200,000 +
2% of the balance up to $2,000,000 +
3% of the amount over $2,000,000
Rebates may be available.


GST is the Government Sales Tax charged on the purchase of new and significantly rebuilt homes, and is 5% of the purchase price. Some properties may have the GST already built into the price. Rebates may be available.
Estimated Amount to Plan For: 5% of the purchase price


This amount will count towards your total down payment 
amount, and is usually between 5% to 10% of the purchase price.
This is the amount that must be given to your agent via certified cheque or bank draft immediately upon subject removal, and must be delivered by your agent
to the agent's brokerage to be held in trust within 24 hours of subject removal. 
Estimated Cost to Plan For: 5% - 10% of the purchase price

Inspections / Appraisals

Inspections are crucial when purchasing real estate. Although it is not required, getting an inspection when purchasing a home can help you avoid potential costly issues with a property, and give you peace of mind for years to come.
Estimated Amount to Plan For: $400 - $700

Appraisals are usually initiated by the lender to make sure 
that the property is actually worth what you are paying for it.
Estimated Amount to Plan For: $300 - $500

Getting Into Your New Home

Purchasing a home can be exciting, however there are additional expenses to plan for when purchasing a home so it's important to plan ahead to avoid any surprises.

Utilities (Heating/Gas): This amount varies from city to city. If you purchase a condo or townhome, this may be included in your monthly strata fees.

Property and Contents Insurance: Property insurance is mandatory for all homes, so ensure that you have the right type for your property. An insurance agent can help determine the right insurance for you.

Unexpected Repairs & Special Levies: Home ownership can sometimes come with expenses that you may not be prepared for. It is important for you to set aside some funds every month so that if you are faced with unexpected repairs or special levies, you are not left in a financially difficult position.
Ready to make your move? Contact Irfan Today!

Please fill out the form below

Irfan Keshavjee

RE/MAX Crest Realty

#1 - 5050 Kingsway  Burnaby,  B.C.  V5H 4C2 

Mobile: 604-619-6786

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Irfan Keshavjee

Mobile: 604-619-6786

Office Info

RE/MAX Crest Realty

#1 - 5050 Kingsway  Burnaby,  B.C.  V5H 4C2 

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