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

QUALICUM BEACH DAY!

Every day is beach day in Qualicum Beach but each summer in July there is also a day of special events to celebrate the beauty of our beach! Spend the afternoon on the Qualicum Beach waterfront having fun enjoying the ocean, sun, activities & food! Our 8th annual Beach Day event is being held this year on Sunday July 21, 2019. Kwalli Seagull is back to celebrate this family fun & informative event on our beautiful waterfront & beach! Activities are free and begin at 12 noon along the esplanade & the long stretch of open beach near the boat ramp. There will be tents hosting activities, a main stage for live music plus a variety of games & entertainment on the beach. Qualicum Beach Day offers a focus on environmental awareness. This annual event offers plenty of hands-on activities for both children & adults alike and is strongly supported by the Town of Qualicum Beach, the local business community plus many local volunteer organizations. Exciting activities include Seine Netting for Sea Creatures, Deep Bay Marine Touch Tank, Skydiving, Dunk Tank, Kite Building, Face Painting & Tattoos, Nanaimo Model Boats, Giant Bubbles, Beach Soccer, Sandcastle Building, Fish Pond, Mini Putting. Also the Qualicum Beach Pipe Bank, Rainbow Stew Cloggers, Clowns, Music & more. A variety of displays are on hand including Kwalli Seagull Books, Shark Dissection, Rock & Gem, Shore Birds, Seaweed, Microcritters, Ucluelet Aquarium Ocean Microplastics, Pt Alberni Aquarium, Water Smart. A variety of food options will also be available. Shuttles will be provided to the waterfront event picking up behind TOSH and across from Pharmasave on Memorial Ave. See you on the beach July 21st!

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The Latest News

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

Real Estate Market Update July 2019 Qualicum Beach Parksville Area Vancouver Island, BC

The real estate market in the Qualicum Beach Parksville area over the spring/summer months has seen prices basically holding steady, with sales down a bit, it’s taking a little longer to sell & the number of listings are up, compared to the first half of last year. Read more...

Real Estate Market Update June 2019 Qualicum Beach Parksville Area Vancouver Island, BC

The real estate market in the Qualicum Beach Parksville area has fluctuated quite a bit during the early part of this year. It is interesting to note that for the month of June, 31% of homes sold in the first week and 61% within one month. Read more...

Real Estate Market Update May 2019 Qualicum Beach Parksville Area Vancouver Island, BC

The real estate market in the Qualicum Beach Parksville area has fluctuated quite a bit during the early part of this year. It is interesting to note that for the month of May 35% of homes sold in the first week and 62% within one month. The number of homes sold by the listing broker is down to 29% due to the new real estate rules which do not allow "double ending". There were 32 sales of homes in the area selling for over $1M and 45% of the single family homes sold were over $600K. Read more...

Real Estate Market Update April 2019 Qualicum Beach Parksville Area Vancouver Island, BC

The real estate market in the Qualicum Beach Parksville area has fluctuated quite a bit during the early part of this year. To get at the overall trends in the local market, I have summarized the sales figures over the first 4 months (Jan Feb Mar April) of 2019 & compared that to the same period in 2018. Tabulated results for 2019 show that average sale pricing for single family homes is down by just 1% to $620,406. It has been a somewhat slower spring market this year as the number of single family homes sold is down by 18%. It is taking longer to sell in this market as the days to sell is up by 38% to 40 days. In summary, prices are holding steady, sales are down a bit, it’s taking longer to sell & the number of listings are up. Read more...

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...