{"id":1593,"date":"2020-08-15T08:30:00","date_gmt":"2020-08-15T15:30:00","guid":{"rendered":"https:\/\/rodrhearyan.com\/blog\/realtor-mary-hill-citadel-rod-and-rhea-hayes-ryan-real-estate-neighbourhood-real-estate-royal-lepage-sterling-cost-buying-property-transfer-tax-insurance-mortgage-gst-fees\/"},"modified":"2026-04-08T09:24:28","modified_gmt":"2026-04-08T16:24:28","slug":"realtor-mary-hill-citadel-rod-and-rhea-hayes-ryan-real-estate-neighbourhood-real-estate-royal-lepage-sterling-cost-buying-property-transfer-tax-insurance-mortgage-gst-fees","status":"publish","type":"post","link":"https:\/\/www.rodrhearyan.com\/blog\/realtor-mary-hill-citadel-rod-and-rhea-hayes-ryan-real-estate-neighbourhood-real-estate-royal-lepage-sterling-cost-buying-property-transfer-tax-insurance-mortgage-gst-fees\/","title":{"rendered":"What are the buying costs of a home? (via REBGV)"},"content":{"rendered":"
If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property.<\/div>\n
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Mortgage application<\/h2>\n<\/div>\n<\/div>\n
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Lenders may charge a mortgage application fee, which will vary depending on the lending institution.<\/p>\n<\/div>\n

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Mortgage insurance<\/h2>\n<\/div>\n<\/div>\n
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The federal government requires high-ratio mortgages with less than 20% down payment to be insured against default. The cost ranges between 0.60 to 4.50 per cent<\/a><\/strong> of the mortgage amount which is added to the mortgage principal.<\/p>\n

The federal government requires a 10 per cent down payment on homes valued at $500,000 – $1 million that need mortgage insurance. Homes valued at $1 million+ require a minimum down payment of 20 per cent. Mortgage insurance is not available for homes in this price range. <\/p>\n<\/div>\n

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Appraisal fees<\/h2>\n<\/div>\n<\/div>\n
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Before your lender approves your mortgage, you may be required to have the property appraised. Sometimes your lender will cover this cost. If not, you’re responsible. The fee ranges from $300 to $450 plus GST.<\/p>\n<\/div>\n

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Land survey fees<\/h2>\n<\/div>\n<\/div>\n
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Lenders may require a survey of the property. The fee ranges and is typically $500 plus GST.<\/p>\n<\/div>\n

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Home inspection fees<\/h2>\n<\/div>\n<\/div>\n
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A home inspection is a report on the condition of the home and includes structural and moisture problems, as well as electrical, plumbing, roofing and insulation. The fees range and is typically $500-$900 depending on the size of the home and the complexity of the inspection. Some inspectors also charge an additional fee for an older home or a home with a secondary suite, a crawlspace, or a laneway home.<\/p>\n<\/div>\n

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Goods and Services Tax (GST)<\/h2>\n<\/div>\n<\/div>\n
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The GST on a new home is 5% of the price. A GST rebate equivalent to 36% of the GST paid is available for new homes priced up to $350,000 and a partial rebate on new homes priced up to $450,000.<\/p>\n

Buyers also pay the GST on fees for services from appraisers, home inspectors, lawyers, Notary Publics and REALTORS®.<\/p>\n<\/div>\n

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Provincial Sales Tax<\/h2>\n<\/div>\n<\/div>\n
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The PST is generally not payable on services except for legal and notary fees.  Both the GST and PST are paid on legal and notary fees.<\/p>\n

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FOR MORE INFORMATION: CLICK HERE<\/a><\/p>\n

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If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property. Mortgage …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1593","post","type-post","status-publish","format-standard","hentry","category-leisure"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/1593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/comments?post=1593"}],"version-history":[{"count":1,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/1593\/revisions"}],"predecessor-version":[{"id":3311,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/1593\/revisions\/3311"}],"wp:attachment":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/media?parent=1593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/categories?post=1593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/tags?post=1593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}