Mike Carney - Squamish Realtor

Buying in Squamish

Purchasing Costs

Property Transfer Tax

This Provincial Government tax rate is one percent on the first $200,000 of the purchase price and two percent on the balance. However, as a first-time home-buyer this may be waived if certain conditions are met:

Purchase price cannot exceed $265,000 in the Squamish, Whistler, and Pemberton areas.
Mortgage term of at least one year.
Mortgage financing must be 70% or greater (max. down payment 30%).
You must be a Canadian Citizen or landed immigrant, and have resided in B.C. for the period of 12 months before the date of purchase.

Legal fees and Disbursements

Depending upon the transaction, expect costs between $800.00 and $1500.00 for the conveyance, and preparing and registering the mortgage.

Disbursements include expenses such as government registration charges, property and tax information searches, courier costs, long-distance call plus PST and GST. When shopping around for the best quote, ask whether the quote includes all expenses to complete the transaction.

A few days before completion, your lawyer will contact you to go to their office to sign the mortgage documents, and to also provide you with a Statement of Adjustments for which you will be issuing a cheque.

Property Taxes

Either party will be reimbursed for taxes paid. This will be pro-rated according to what time of the year your purchase closes. Your lawyer will incorporate this debit or credit on your Statement of Adjustments at closing time.

Survey Certificate or Title Insurance

Your mortgage broker will likely require a survey certificate. Your real estate agent might be able to obtain one from the sellers, if not, the cost is approximately $350.00, or you can obtain title insurance for approximately $150.00.

Building Inspection

You will most likely decide to have your new home inspected prior to removing your subject conditions. A qualified building inspector will go through the house and issue you an inspection report detailing any issues pertaining to the condition of your home. The cost is approximately $400.00.

Amerispec: Gary (604-430-0343)
Coast Home Inspection: Wayne (604-922-6030)
Pillar to Post: Derek (604-250-8832)

Home Insurance

If you are buying a house or ½ duplex, you will have to purchase fire insurance prior to the completion date. Depending on your home, the approximate cost will be $500.00 - $800.00.

With respect to strata-titled properties, it is common that you will be responsible only for contents insurance; however, each strata varies so it is best to confirm beforehand whether this applies to you.

Selling Squamish Homes: Mike Carney