If you are a condo owner in Vancouver looking to sell, or you are looking to buy into the downtown Vancouver market – it is important to understand the buying and selling costs of a Vancouver condo.
Often time’s people get caught up with the market value of their home, and fail to think of the various costs involved when buying or selling their condo. But as a Yaletown condo specialist in Vancouver, I want to make sure my buyers and sellers alike are well informed …so here is the fine print everyone should know!
The Buying Costs of a Vancouver Condo:
- - Property Transfer Tax is a fairly new tax implemented by the BC government, and is payable by those buying a piece of property in British Columbia. 1% of the tax is payable on the first $200,000 of your condo purchase price, and 2% on the remaining balance
*Note: first time buyers are exempt from PTT, as long as their purchase price does not exceed $425,000
- - If you are purchasing a Vancouver condo that is a brand new development, you will have to pay GST as well as the PTT
- - Home inspector fees are another worthwhile cost to consider, and are often based on the square footage of your condo
- - Mortgage fees
- - Lawyers fees
- - Move-in fees
- - Realtors commission (unless being paid by the seller)
The Selling Costs of a Vancouver Condo:
- - Lawyers fees, which, although lower than a buyers lawyers fees, it is still a cost to take into account
- - Realtors commission (unless being paid by the buyer)
- - Balance of property tax owed
- - Remaining condo fees if applicable (and sometimes returned to you buy the buyer based on your negotiating terms
- - Move out fee
Whether buying or selling your condo in Vancouver, as your Real Estate Consultant, I will be at your side from listing to closing, ensuring that your property purchase or sale goes smoothly …and look forward to helping you with this major life investment and payoff decision!
- Curious what your condo is worth? Click here!
