Buying a home is probably one of the most important investments that we will ever make. There are myriad of considerations to be taken into account: location, resale value, schools, zoning, transportations, taxes, construction quality, maintenance, and so on. The list can be overwhelming. To find the right home at the right location and the right price can be a challenging task. An experienced and knowledgeable realtor can assist the buyer to go through all these considerations to find the right home for you. This process usually starts with looking at what available homes on the market might be suitable. In addition, I will keep you informed as new properties become available for sale.
Once the right property is found, working as an exclusive buyer’s agent, I will help you go through the purchasing process step by step; from making the right offer after considering the comparable market prices, negotiating the sale price, getting mortgage approval, arranging for an inspection, removing the subjects, to closing and handing the keys over to your new home.
While I was in school, my family has relocated a few times from new cities to new countries. Whenever we moved to a new city, the first thing my parents always did was to find a realtor they could rely on. A good realtor can assist the buyers to get famaliar with the local market conditions and find the most suitable home for you to move the family into. With such technical advances we see in the last few years, I can now instantaneously e-mail you the latest listings with digital photographs of the homes and map out the exact location of these homes for you review. So far, I have helped people move from Australia, China, Hong Kong, Taiwan, and other parts of Canada.
I can also help you to find the right architect, the right construction company, and the right interior designer to finish you new home, if necessary. Remember, a realtor is a resourceful person, and I always welcome my clients to make the best use of this resource. (See info/links page.)
Typical Closing Cost:
Purchase Price: Varies
However, if you are buying a new or substantial renovated home, a 7% GST is applicable to the purchase price. However, in most cases, if the home is going to be occupied by the owners, and the purchase price is less then $450,000, the buyer is eligible for a rebate and pays only 4.48%.
Home Inspection: $250 - $350
I always recommend the buyer to do a home inspection before a deal is finalized. A home inspector takes a few hours to check through the property, after which, he will sit down with you and go through a checklist of things about the property to be aware of, whether good or bad. This cost is paid by the buyer at the time of the inspection.
Property Transfer Tax: Varies
This tax is charged by the Provincial Government and based on the purchase price of the property: 1% of the first $200,000 and 2% of the remaining balance. You may be exempt from the PTT if you are first time buyer.
Legal Fee: $650 - $1,500
Once the deal between the buyer and the seller is firmed, the paper work is sent to a lawyer or a notary public of your choice for processing, including mortgage registration and title transfer. You will need to sign some documents before the completion.
Mortgage Appraisal Fee: $150-$350
The lending institution usually requires an appraisal done on the property you purchased. Often the cost of appraisal is waived but not always.
Land Survey: $250 - $500
A legal survey may be required by the lender.
Mortgage Processing Fee: $100- $250
Just part of paperwork cost and often already included as part of pre-mortgage approval calculation.
CMHC Loan Insurance: Varies + $185
For high ratio mortgages (25% down or lower), the buyer is required to purchase loan insurance from the Canadian Mortgage and Housing Corporation—CMHC. The cost of insurance is based on the percentage of the down payment you can provide: 3.75% of the mortgage amount for 5% down payment up to 0.50% of the mortgage amount for 35% down payment. There is also a fixed fee of $185 for the application.