Closing costs are the fees you will be required to pay on the day you take ownership   of your new home. The following is an example of what services you will need along with   an estimated  cost and is only  an example. A good idea is to follow what high ratio   mortgage insurance providers request for buyers with less than 20% down which is having   available 1.5% of the sale price for these costs.

  This is prepared only as a guide and an average representation of related costs for   Courtenay, Comox, Campbell River and surrounding area's of Vancouver Island.  If you live   in another province in Canada, your costs may be different.

Home Inspections 

A home inspection may save you thousands of dollars but again is your choice to have this performed on the home you are buying. The cost will range from 300.00 to 500.00 and will take up to 3 hours from start to finish. 

Lawyer or Notary 

A Lawyer or Notary will represent you during the legal process of the purchase. This is the transfer of title from the seller to you, placing any mortgages on title, disbursements of funds, calculating your share of property taxes along with many other required duties. what you will charged is the lawyer's/Notary's fee and any other costs (your share of property taxes, filing fee's etc...) along the way The cost will fluctuate but a good guess would be about $1,200 to $1,500. 

House Insurance 

If you have a mortgage, your lender will require you to have adequate house insurance This cost varies but planning for 700.00 per year will have you in the ball park. Getting the proper information from your lender and Insurance provider early in the purchase process will keep any surprises to a minimum at closing. 

Land transfer tax 

Most provinces have a one time land transfer tax that is a percentage of the sale price. In British Columbia that tax is 1% of the first $200,000 and 2% above that. If you are a first time buyer you may be exempt from this tax. There are also other property purchase situations with exemptions so please contact me for more information. 

Moving Costs and Services 

If your Cousin Bob and the boys have a truck and you don't mind the work (or possible damage to your household belongings) , some beer and pizza will usually do the trick but if you are hiring a moving company for the move budget for $500 to $1,500 depending on what you need moved and how far. Again it is best to contact movers early as they do get booked up early. Don't forget to inform the Hydro, Gas, cable and telephone companies that you are the new owners and the date you will be taking over. They do charge for new hookups but most times will include those charges into your first bill. 

In closing, a good rule of thumb is to have one and a half percent of the purchase price available for closing costs. With that amount available you will have a less stressful time when you take ownership and move into your new home.