What to expect working with Tyler Dueck
An agent that listens to your needs
Advice based on experience as a member of the Sutton team and real-estate development experience
A thoughtfully compiled list of properties to view tailored to you
Consistent communication and updates
A property search database that is updated on a daily bases
Professional negotiation skills
Care and attention to detail
Respect to your time
Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance may be required depending on your down payment.
Before subject removal you may be required to have a property appraised. This may be covered by the lender. The fee ranges from $300 to $450 plus GST.
Land survey fees
Lenders may require a survey of the property. The fee ranges and is typically $500 plus GST.
Home inspection fees
You may wish to have a home inspection done before subjects are removed to verify the condition of the home. The inspection generally includes structural inspection, electrical, plumbing roofing insulation etc. Fees for this service range between $500-$900 depending on the size of the home and depth of inspection.
Goods and Services Tax (GST)
The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000.
Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, Notary Publics and REALTORS®.
Property Transfer Tax
Home buyers in BC pay a provincial Property Transfer Tax (PTT) when they buy a home. The tax is charged at a rate of 1% on the first $200,000 of the purchase price and 2% on the remainder up to $2 million. The PTT is 3% on amounts over $3 million..
Qualifying first-time home buyers may be exempt from paying the PTT if the purchase price of their home is priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil.
Qualifying buyers of new homes may be exempt if the purchase price of their home is priced up to $750,000. There is a proportional exemption for homes priced between $750,000 and $800,000. At $800,000 and above there’s no rebate.
Depending on the adjustment date, a property buyer will likely be required to reimburse the seller for any prepaid property taxes.
A buyer is typically required to reimburse the seller for any prepayments for municipal swer and water fees.
Rent and security deposits
If there is a secondary suite or a laneway home rental and the tenancy continues, the buyer receives the security deposit from the seller with accrued interest because the buyer is responsible for reimbursement when the tenant leaves.
Mortgage life insurance
If the owner dies, this type of insurance will pay off the balance owing on their mortgage.
Fire and liability insurance
Most lenders require property buyers to carry fire and extended coverage insurance and liability insurance.
Lenders typically require home buyers with a mortgage to buy home insurance. The insurance should be effective on the earlier of either the completion date or the date that the balance of funds is placed in trust.
Legal or Notary Public fees
Buyers typically hire a lawyer or Notary Public to assist with drafting documents and ensuring the title of the home is properly transferred. Likely fees include a:
- title search for a property, this costs up to $11
- land title registration fee, which is about $75
Other fees to be aware of
Moving costs including hiring movers or truck/trailer rental, refundable damage deposit when moving to a strata building. Having the home ‘re-keyed’ may be a wise decision.