Useful info

Upfront Costs

Once you have determined a home price range you can afford and are pre-approved at a financial institution for the type and amount of mortgage you qualify for, you should calculate the associated costs involved in the transaction.

Mortgage Loan Insurance

If yours is a high ratio mortgage (less than 25% down payment), you may need mortgage loan insurance. This may range in cost from 0.5% to 3% of the loan amount and may be either added to your mortgage or paid out upon closing.

Appraisal Fee

An appraisal on the value of the home may be required by your mortgage lender. Fees may range from $200 to $400.

Deposit

A nominal amount of $1000 may be made when your Offer to Purchase is accepted and increased to $5000 or $10,000 when all conditions/subjects are removed. At times, a deposit in the amount of 5% of the purchase price may be required.

Down Payment

At least 5% of the purchase price is usually required for a high-ratio mortgage and at least 25% of the purchase price is usually required for a conventional mortgage.

Home Inspection

It is highly recommended that you get this done in order to identify home defects prior to closing. A CAHI(BC) certified inspector will charge about $400.

Property Transfer Tax

This provincial charge is based on the property’s purchase price. The rate is set at 1% on the first $200,000 and 2% on the balance.

Prepaid Property Taxes and/or Utility Bills

To reimburse the seller for pre-paid costs such as property taxes which are paid on July 1.

Property Insurance

The mortgage lender requires this because the home is security for the mortgage. Property insurance must be in place on closing day.

Legal Survey

The mortgage lender may ask for a legal survey of the property to stake and certify legal lot lines and give accurate dimensions. Costs vary but may range from $1000 to $2000.

Site Survey

You may wish to obtain a site survey showing all buildings as they are situated on the property at cost of about $350.

Plot Plan

Usually this plan is supplied by the seller showing lot lines and dimensions at a cost of under $10.

Wood Stove & Chimney Inspection

Usually this report is provided by the seller to ensure safety and home insurance requirements have been and can be met. A WETT certified inspector will charge about $100.

Water Quality Inspection

Usually this report is provided by the seller to ensure the well water quality meets standards. The cost is about $125 to have water sent to a nearby laboratory for testing.

Well Inspection

Usually this report is provided by the seller to ensure that both the well water volume (gal/min) and condition of the well (pumps, switches) is adequate. The cost for this is about $250.

Septic System Inspection

Usually this report is provided by the seller. If a recent septic inspection isn’t available then it is advisable to get this done. Both the size of the septic field in relation to the size of the home as well as the functionality of the septic system is assessed. A qualified inspector will charge about $150 to $300 for this service.

Title Insurance

Your lender or lawyer/notary may suggest title insurance to cover loss caused by defects of title to the property at a cost of about $150.

Legal Fees and Disbursements

Lawyer’s fees are generally about $500. Title registration and other conveyance costs are about $300 to $500 depending upon circumstances.

Government Sales Tax (GST)

Visit Canada Revenue Agency’s website if you consider the GST tax may apply to your property purchase.

Other Costs

You may have other costs to consider:

  • Moving Expenses.
  • Service Hook-up Fees. A deposit may also be required for utilities such as telephone, electrical, cable and gas.
  • Condominium Fees. Be prepared to issue post-dated cheques to cover your monthly strata fees.
  • Renovations, Repairs or Decorating.

Please Note  |  Actual costs may vary. The foregoing has been provided to assist you in planning your home purchase.

Qualicum Beach Market Update

Local Vegetation is Adapting to Climate Change

Climate change - Now Salal appears to be dying back too along with other tree species in the Qualicum Beach Parksville Nanoose Bay area, as we head into likely our 5th year of summer drought

read more

The Latest News

Here is the latest news from the Parksville Qualicum Beach real estate market.

Real Estate Market Update March 2019 Qualicum Beach Parksville Fairwinds Nanoose Bay Deep Bay & Area Vancouver Island, BC

The Qualicum Beach Parksville Nanoose Bay Fairwinds Bowser Deep Bay area real estate market has levelled out in terms of pricing and shifted to a more balanced market. Read more...

Real Estate Market Update February 2019 Qualicum Beach Parksville Fairwinds Nanoose Bay Deep Bay & Area Vancouver Island, BC

Real estate market sales in the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area see a great gray wave of Boomers (more like a gray tsunami...) retiring to the region. Read more...

Real Estate Market Update January 2019 Qualicum Beach Parksville Fairwinds Nanoose Bay Deep Bay & Area Vancouver Island, BC

A balanced market trend has emerged with single family home sale and condo sale pricing having moderated somewhat. I am calling it a 'levelling off.' This bodes well for buyers! Read more...

Cash Back for Energy Efficiency Upgrades

Make energy efficient upgrades to your home which qualify you for provincial and federal incentives and PST exemptions. This $60-million program creates a single access point for provincial, utility and federal incentives by highlighting the best opportunities for energy savings and reducing greenhouse gas emissions. In all parts of B.C., homeowners are eligible for rebates and incentives for energy efficiency upgrades. Read more...

Real Estate Newsletter January 2019 Qualicum Beach Parksville Nanoose Bay & Area Vancouver Island, BC

The Qualicum Beach Parksville Nanoose Bay Fairwinds Bowser Deep Bay area real estate market in 2018 started to cool off after a spectacular run that began in 2016. Read more...

Real Estate Market Qualicum Beach Parksville & Area Levelling Out December 2018

The Qualicum Beach Parksville Nanoose Bay Fairwinds Bowser Deep Bay area real estate market has levelled out and shifted towards a more balanced market. Local home sales in 2018 were at a slower pace compared to 2017. The number of single family home sales dropped by 22% with sales dollars down by 11% compared to 2017. However, the overall average sale pricing of single family homes in 2018 was up by 13% compared to 2017. Read more...

Qualicum Beach Parksville Fairwinds Nanoose Bay & Area Real Estate Market Newsletter September 2018

More of a balanced real estate market has emerged over the summer. Read more...

Real Estate Market Summary for 2017

The big real estate story throughout the year concerned increases in home prices within the Greater Vancouver area and the impact of foreign buyers. In BC, real estate seems to be the main topic of conversation second only to the weather. Read more...