Putting Your Interests First

Buying a new home, or an industrial or commercial property, whether it's your first or your last, is an exciting and important investment. I will coordinate your property needs and provide in-depth market analysis in your preferred area to come up with properties that will most closely match your objectives. Using a somewhat more sophisticated valuation approach than what is normally used, I can make sense out of the sales comparables in the market which will provide you with a greater sense of comfort when it is time to make an offer or to sell your property.

Here is a quick summary of the new home buying process that I find simple, practical and honest. 

Buyer's Information

Property Transfer Tax
Prepaid Property Taxes or Utility Bills
Mortgage Loan Insurance and Application Fee
Appraisal
Survey Fee
Home Inspection Fee
Legal fees
Disbursements to Land Titles Office



Development Map of New Projects

Property Transfer Tax

When a residence is purchased a Property Transfer Tax (PTT) is applied. The rate of tax which was changed in early 2016 is as follows: 1% on the 1st $200,000+2% on the balance up to $3,000,000 + 3% on the excess above $3,000,000.


Prepaid Property Taxes or Utility Bills

You will have to reimburse the sellers for any prepaid property taxes or utilities.


Mortgage Loan Insurance and Application Fee

If you get a high-ratio mortgage (a mortgage where you pay less than a 20% down payment) you will have to buy mortgage loan insurance from CMHC or a private company.


Appraisal

Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $299 to $350.


Survey Fee

Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.


Home Inspection Fee

Most Realtor's® recommend that you get a home inspection by a certified home inspector. It will cost you about $420 for a small house. Large houses may cost more.


Legal Fees

Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will probably be at least $900. This fee may increase if a mortgage is need as well.


Disbursements to Land Titles Office

These fees are approximately $300. Your lawyer/notary will arrange this payment and you should ask as to whether these fees are included in his estimate.