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

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Question: Will a cash offer provide more leverage when buying a home?

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The Latest News

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

Vancouver Island Housing Update for September 2020

A local robust market has exceeded sales expectations for single family homes. Courtesy of VIREB and NANCY SMITH, to see market results to the end of AUGUST /2020 Please CLICK * Read more * to read the full article. Read more...

Market Update August31/2020 Qualicum Beach

August 2020 Market Update The strong post-COVID recovery of VIREB's housing market continued in August, with 1,101 unit sales (all categories) last month, a 39 per cent increase from August 2019. To read the FULL ARTICLE please CLICK *Read more* Read more...

Market Update July 31/2020 Qualicum Beach

The slow summer real estate season is not happening this year. REALTORS in the VIREB, Vancouver Island(excluding Greater Victoria VREB)are swamped with buyers and a lack of inventory. As well, VIREB has switched over to the new document management service MATRIX, and other updates as well as COVID-19 restrictions are testing everyone's patience. Where are our local sellers? I suppose Vancouver Island is Canada's magnet for enjoying life with amazing climate, charming people and endless natural outdoor activities. Read more...

Green Homes, Tiny Homes

We are familiar with mobile homes, travel trailers, motorhomes, campers and converted vans, but the one lifestyle people resist accepting, is tiny home ownership. Read more...

Real Estate Market Update June 2020 Qualicum Beach

Courtesy VIREB and NANCY SMITH RE/MAX, we provide a copy of June 2020 VIREB board area synopsis. There is a consistent if not somewhat ambitious market oddity in that many desirable homes are receiving multiple offers and some homes seem to be selling quite North of the previous average local valuations. This is great news for the current sellers, and interest remains high with many potential buyers getting outbid but wanting a home to move into. Read more...

Phase 2 of B.C.'s Restart Plan

REALTORS® can play a leadership role in their communities and profession by prioritizing public safety while serving consumers. All REALTORS® have a responsibility to understand WorkSafeBC's protocols and their brokerages' safety plans, as well as develop their own safety precautions to comply with government protocols. Doing so protects you, your staff, and your clients. In that spirit, here are some things to keep in mind. Read more...

May/2020 Market Numbers are Showing an Upswing.

Courtesy VIREB (Vancouver Island Real Estate Board) ON THE GROUND May 2020 Market Update *** While COVID-19 had a significant impact on VIREB's housing market in April, our May numbers indicate that the market may already be recovering. Read more...

Impact of COVID–19 on May 2020 vs Sales May 2019

In a crisis, people react in different ways. We take a peek back to May/2019 and compare the monthly market statistics to the current May/2020 market. There has been a drop in activity as many retail businesses have closed down to reduce close interaction and contact, the real estate market has not just stopped. Read more...