Budgeting for a new home can be tricky.  Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation.  The last thing you want is to be caught financially unprepared & blindsided.

It’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move.  Use the following list to determine which costs will apply to your situation:

1. Property Purchase Tax

The British Columbia Provincial Government imposes a property purchase tax which must be paid before any property can be legally transferred to a new owner. The tax is 1% on the first $200,000 of the property value and 2% on any value over $200,000.

2. Don’t forget the HST

The 12% HST applies to new housing. However, there is a rebate available. There is no HST on resale housing unless the home has been substantially renovated or is owned by a company.

3. Home Inspection Fees

Inspectors are unregulated in many provinces so fees range widely, from about .....

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