HST and Closing Costs

After the Purchase

Purchasing a home in Canada can be a stressful yet very rewarding experience. A lot of people prepare their pockets for the movers’ costs ($90 to $160/hr), interior design expense ($250/hr) and for legal advice (approximately $1,000).

These closing costs are one time fees that are needed to close a transaction. Theses may include appraisers ($250 for every appraisal), title searchers, legal services, inspector fees ($450 per inspection) and taxes such as the GST on fees. The closing adjustments may also include a repayment of utilities, property taxes and etc. that could have been prepaid by the home seller. If you have purchased a condo unit, you will have a package of the strata documents for you to read.

Other costs include telephone, cable TV, home insurance and water bills that ends up with the previous owner’s departure. It is the responsibility of the owner or home seller to cancel any existing service during the sale, no cost owing to the buyer. As the new owner, it is your responsibility to arrange for new services under your name.

Before the closing date, your lawyer should have an estimate on the total amount you need to pay aside from the down payment. Home buyers are required to complete this payment before letting you sign all the legal documents and get the keys in your hands. With the help of an efficient realtor and a good lawyer, you are bound to close the deal successfully and with no surprises.

Average Rental Rates in Vancouver, Maintenance Fees and Property Tax Calculations

There are two factors that will help you calculate ROI or property yields for a certain investment: the down payment and the total purchase price. The average rental rates for homes in Vancouver is around $2 to $2.5 per foot for unfurnished homes and up to $3 per foot for furnished and other high end condo units. Although furnished condos feature higher yields, you only have it rented for 50 percent of the time. Average maintenance cost is around 35 cents for every foot monthly. For the annual tax payments, take the assessed property value and divide it by 270.

 

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