Completion Costs

GST (Goods & Services Tax) - If you buy a newly constructed home, you must pay the 7% GST. However, if your house is less than $450,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property.

Property Transfer Tax - this tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax.

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 25% down payment), you will have to buy mortgage loan insurance from CMHC (Canadian Mortgage & Housing Corporation) or a private company. If you qualify for a 5% down payment, CMHC charges an insurance fee that equals 3.75% of the mortgage. If you put 10% or 15% down, your insurance fees will decrease to 2.5% and 2% respectively. The insurance premium usually gets added to your mortgage.

You will also have to pay an application fee. CMHC's standard fee is $235. CMHC also offers a basic service for a $75, but it must be accompanied by an appraisal.

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 $150 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 realtors recommend that you get a home inspection done by a certified home inspector. It will cost you from $200 to $350 for a smaller property. Larger properties generally cost more.

Legal fees - Lawyer/notary fees for closing the sale may vary, according to the complexity of the contract. However, the cost will most likely be at least $400.

Disbursements to Land Titles Office - These fees are approximately $300. Your lawyer/notary will arrange this payment.

Nicholas Meyer President, Managing Broker	Victoria Farrell Sales Representative	The Downtown Suites team look forward to hearing from you to assist you with your real estate needs.

Buildings we work in:

Upcoming Openings: Spectrum One: 111 West Georgia | Spectrum Two: 668 Citadel Parade, Vanouver, BC
Spectrum Three: 131 Regiment Square | Spectrum Four: 602 Citadel Parade, Vancouver, BC

The Alvar, Alda, Aqua, Abbott Place, Admiralty, Avila, Alberni Place, Anchor Point, Aquarius Mews, The Aquarius, 1199 Marinaside Crescent, Alexandra Place,The Alexander, Alexis, Azura 1, Azura 2, Altadena, Bauhinia, The Bidwell, The Bayshore, 1777 Bayshore, 1717 Bayshore, 1710 Bayshore, 1790 Bayshore, 1650 Bayshore, 1616 Bayshore, 1680 Bayshore, Brava, Bowman, Broughton Terrace, Bentley, Captain French, Carina, Callisto, Californian, Capital, Classico, Cooper's Park, Chinatown East, Cristalys, Coopers Landing, Creekside, Cielo, Citycrest, City Gate 1, City Gate 2, Carrall Station, Carylyle, Concorde, The Canadian, Cascina, Century Tower, Crestmark 2 , Crandall, Columbus, Conference Plaza, Coral Garden, Connaught Place, Discovery, Denia, Domus, Donovan, Dockside, Erickson, Emerald West, Eight.one.nine., Escala, Ellington, Espana, Electra, Electric Avenue, Elan, Eden, Europa, The Edge, Fusion, Freesia, Flagship, Fairmont, Firenza, The 501, Grace, Governors Tower, Galileo, Greenshields, Green Tower, Greenwich Place, The George's Place, The Grafton, The George, Genesis, L'Hermitage, H& H, Hudson, Hooper, Harbour Cove, Harbourside Park, King's Landing, Koret Lofts, Iliad, Imperial Tower, The Icon, Jardines Lookout, Jervis Court, Lakeview Court, Lumiere, London Place, Landmark, Landmark 33, L'aria, The Left Bank, The Lions, Liberte, LTD, Madison, The Malkin Building, Marinaside Resort, Mayfair House, Max 1, Max 2, Miro, MoDe, Mondrian, Metroliving, Murchies Building, Mission, Milano, House, Metropolis, The Montreux, The Melville, Nova, New Yorker, One Wall, Orca Place, The Oscar, Palisades, Paramount Place, Parkview Gardens, Pacific Plaza 1, Pacific Plaza 2, Pacific Point, Palais Georgia, Paris Place, The Park, The Pointe, Point Claire, The Pinnacle, Pomaria, Portofino Towers, Precidia, Pure, Quaywest, Robson Palais, Robson Gardens, Robinson Tower, Raffles, Rosedale, R&R, The Sapphire, Shaw Tower, Smart, Space, Shangri La, The Spot, The Savoy, The Skyline, Station Place, Sussex, Terminus, Tribeca Lofts, TV Towers, Van Horne, The Verona, Qube, Residences on Georgia, Spectrum, Shaughnessy Mansions, Seastar, The Sterling, The Taylor, Yaletown Park, Venus, 1010 Howe, Viceroy, Victoria, Vita, Wall Centre, Waterworks, Xtraordinary Lofts, 1000 Beach, Yacht Harbour Point, 888 Beach, West One, The Vine, Woodwards Building