Purchasing Costs

Legal Fees (Conveyance) The legal fees and disbursements associated with a real estate purchase are about $1,000 Cdn, assuming a typical purchase conveyance and a conventional mortgage. Legal fees may be higher for out-of-country buyers or non-conventional financing situations. Property Transfer Tax The rate is one per cent on the first $200,000 of the purchase price and two per cent on the balance. Some buyers may qualify for an exemption on the property purchase tax if they meet the following criteria: 1. The buyer has never owned property; 2. The purchase price is less than $225,000; 3. The buyer is a British Columbia resident; 4. The buyer has resided in Canada for the past 12 months and; 5. 70 per cent or more of the purchase price is being mortgaged.