As a Real Estate Specialist in Downtown Vancouver, I am fully aware of the various real estate buying costs as it pertains to condos in Downtown Vancouver, and want to help my reading audience understand each of those costs with this at-a-glance list. Or, head over to my https://vancouverhomeliving.ca where you can find the entire list, as well as links to all the pertinent information on What You Need to Know About Real Estate Buying Costs!

In short, condo-buying costs include…

-       Mortgage Application Fees

-       Mortgage Insurance Fees

-       Home Inspection Fees

-       Appraisal Fees

-       Goods and Services Tax – GST

-       Property Taxes

-       Various insurance policies such as: Life Insurance on Your Mortgage, Liability and Fire Insurance, as well as Home Insurance

-       Legal Fees

      Strata Maintenance Fees, which are also an important consideration when purchasing a condo in Downtown Vancouver, and will vary based on the property

-       Lock Replacement Fees, which are not imperative, but definitely offer peace of mind

Property Transfer Tax is still fairly new, and it should be noted that first time homebuyers might be exempt from paying PTT if the purchase price of their Downtown Vancouver Condo is less than $475,000. Or, a partial PTT exemption if their condo purchase price is between $475k-$500k. Qualifying homebuyers of new homes may also be exempt from PTT if the purchase price of their home is less than $750,000, with partial exemptions considered for homes up to $800,000.

Other obscure condo buying fees to consider also include…

• -       Utility Bills Pre-Paid By Seller
• -       Moving Fees
• -       Move–In Fees, which are often expected when moving into a Condo in Downtown Vancouver
• -       Utility Hookup Fees …although some things, such as gas, will already be hooked up and is usually included in your strata

Lastly, your real estate Commission Fee, which is agreed upon before any transactions take place, and after the owner transfer is complete; usually through a lawyer, notary or real estate company directly.

Looking for a Downtown Vancouver Condo for Sale that suits your lifestyle needs and budget? Read more here -> What You Need to Know About Real Estate Buying Costs, and then allow me to assist you through the real estate experience, ensuring you land a space that you will love for many years to come!