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.


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

Inflation, Market Pricing and Labour Problems

The Covid-19 Pandemic has distracted our attention from the realities of Canadian living, living standards and our fractured labour market. Pricing for real estate, goods and services and even a cup of coffee is all over the map.

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The Latest News

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


Real estate market conditions still favor Sellers as inventory continues to challenge the waiting list of Buyers. Homes requiring maintenance and renovation updating continue to sell easily as no-condition offers still dominate the market. Home buyers are assuming risky purchases as they buy homes without the usual building inspections, septic inspections and subject-to-financing clause. Often million dollar purchases are based on one 15 minute viewing, and even remote purchasing without a viewing. Homes that would normally languish on the market, SELL. ***** Click on "Read more' to get VIREB statistics and market opinion. ***** Read more...


Qualicum Beach and the greater Oceanside area is hurting for listings. Waterfront properties do not last in this market in the $ multi-million price range, as competition is fierce. With new construction costs soaring due to many factors; building material shortages, transportation issues and a lack of available skilled tradespeople, and new construction fees and taxes, pre-owned homes are in greater demand. The hot home market extends through the mobile home on pad rent, to small lot and home properties, to inconvenient locations, everything is selling. For further insight from VIREB and accumulated statistics for Vancouver Island, excluding Greater Victoria, click on "Read more". Read more...


REALTORS and Buyers are feeling weary in this complicated market. Sellers are overjoyed at the current demand and price levels, but seem to sober up when it is their turn to become Buyers. These factors are keeping potential Sellers from listing their homes, creating an even tighter real estate market. This phenomenon is not confined to our local market, or even across Canada, but also in many developing countries. No one seems to be able to pin down the list of factors, but everyone seems to point fingers at the current low interest rates. Normally at this time of year, the local listings can double in a regular market, but properly qualified and diligent-priced properties are selling within a few days, keeping available inventory tight. CLICK on "Read more" for further April Market stats and opinion from VIREB. Read more...


Sales are steady as a lack of inventory is keeping Buyers at bay, on Vancouver Island. Click on "Read more" for current basic Market DATA. Read more...

MARKET UPDATE: February 28, 2021

No news is good news? Lack of inventory is resulting in frantic 'bidding' for available properties as purchasers are increasingly frustrated submitting offers, only to be disappointed. Not all properties will sell to the 'highest bidder', as some sellers have specific requests, like rent-back, specific closing dates, and other special considerations. Work with your REALTOR to tailor your offer to be successful. Remember, it is also in the REALTOR's best interest to have a happy client. CLICK on "Read more" for a quick market overview. For a more DETAILED Market snapshot, view the next article below this one. Read more...


CLICK on "Read more" for up-to-date February Market UPDATE. >>> Homes above and below the $1 million mark are experiencing multiple offers without sales conditions, meaning cash offers with no building and other inspections. Anyone needing to carry a mortgage is strongly advised to have a mortgage broker on speed-dial, and be pre-approved. This is especially important in the Oceanside area where REALTORS, Brokers and consumers can not project the incredible pace and jumps in real estate prices. Read more...

MARKET UPDATE: January 31, 2021

Historically low inventory has deeply affected prices, leaving many buyers standing on the sidelines waiting for compatible homes. Homes below the $1 million mark are experiencing multiple offers without sales conditions, meaning cash offers with no building and other inspections. Read more...

MARKET UPDATE: December 31/2020 Qualicum Beach/Parksville

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that sales of single-family homes in December increased by 34 per cent from one year ago and were 28 per cent lower than in November. Last month, 302 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 226 in December 2019 and 421 in November 2020. Read more...