Purchasing Costs

1. Commission

This is the fee charged for your Realtor's services rendered in the sale of your home. It is only paid upon the successful purchase of your home. All details are outlined in the ‘Exclusive Buyer’s Agency Agreement’.

2. Legal Fees

In order to complete the sale of your home, you will require the services of a lawyer or a notary public. They will ensure that title is cleared of all encumbrances and that all documentation is correct and signed, on your behalf.

3. Harmonized Sales Tax (HST)

The HST is a combination of the 7% Provincial Tax (PST) and 5% Federal Tax (GST). The tax is applicable to new homes (a rebate is provided in certain circumstances), any services such as lawyers fees, home inspectors, appraisals and other such services

4. Home Inspections

5. Mortgage/Appraisal Fees

These are fees are charged by your financial institution usually in the form of an application fee and in all cases the bank will require an appraisal of the property.

6. Property Purchase Tax

This is a tax assessed by the Provincial Government; 1% on the first $200,000 and 2% on the balance. However there is a First Time Home Buyers Exemption whereby full exemption is made on purchase price up to $425,000 and a partial exemption is available for a purchase price between $425,000 and $450,000. The purchaser must meet certain criteria.