Completion Costs

Appraisal – You may be required to have an appraisal done before your lender approves your mortgage. If your lender does not cover this cost, then you are responsible for it. The fee is in the range of $175.00


Goods and Services Tax – A 6% goods and services tax (GST) payment is required on a newly constructed home. However, you may be eligible for a rebated if your house costs less than $450,000. There is no GST on resale housing unless you are a corporate buyer, or if there have been substantial renovations to the property.


Home Inspection Fees – A home inspection done by a certified home inspector is recommended by most realtors. The average cost of a home inspection is $250 - $550.00 depending on home size.


Information Certificate – This is commonly referred to as Form B and is required only for strata-title properties. This cost depends on how promptly it is needed. Cost ranges from $40 - $100.00.


Legal Fees and Disbursements to Land Titles Office – Lawyer / Notary fees for closing the sale vary according to the complexity of the transaction. Including disbursement and courier fees, these usually range between $800 and $1,000.00.


Mortgage Loan Insurance – A high ratio mortgage (less than 25% and in some circumstances 35% down payment) requires mortgage insurance from CMHC or a private company. To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you apply for a mortgage.

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.

Remember: without mortgage insurance you may avoid the insurance premium but you’ll typically pay much higher interest rates and additional administrative fees. At the end of the day, for the vast majority of borrowers, the cost of CMHC Mortgage Loan Insurance is more than fully offset by the savings achieved.

Loan Size ( % of lending value) Single Advance Premiums

• Up to and including 65% 0.50%
• Up to and including 75% 0.65%
• Up to and including 80% 1.00%
• Up to and including 85% 1.75%
• Up to and including 90% 2.00%
• Up to and including 95% (traditional down payment) 2.75%
• Up to and including 65% (flex down payment) 2.90%


Prepaid Property Taxes or Utility Bills – Seller must be reimbursed for any prepaid property taxes or utilities.


Property Transfer Tax – This tax is usually 1% on the first $200,000 of the purchase price, plus 2% on the balance. If you are a first time home buyer in Vancouver, you are often exempt from paying this tax if your purchase price is less than $325,000. You may have to check with your mortgage broker to see if you qualify for this exemption.


Survey Fee – A recent survey of the property may be necessary to provide your lender. If the seller of the property did not provide you with on, you may have to pay a fee that usually ranges from $300 - $400.00 to get one done. This fee only applies to detached properties.