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Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Buy Homes in Vancouver in 2014

It might be the best year to come to Vancouver and buy real estate home. Especially for those Chinese who usually like to travel to Vancouver during Chinese new year. Because Canadian dollar becomes relatively weak these days.

I think it necessary to update you about fees and costs related to buying and maintaining homes in Vancouver.

Firstly, mortgage

Since Canadian banks become more conservative when lending money to home buyers, the maximum mortgage you can get from banks decreases from 70% of the total price to 65% or even lower.

Secondly, property transfer tax

This is the way of calculating that cost: 1% of first 200,000, and then 2% of the remaining. There is an easy way: just multiplys total price with 2% and then subtract by 2000.

Thirdly, lawyer fee

Depending on the total price of the real estate home you are going to buy, lawyer fee ranges from 1000 to 2000.

Fourthly, home inspection fee

Depending on the age and the total square footage of the property, home inspection fee for condo ranges from 200 to 300, and fee for single house from 400 to 600.

Fifthly, property tax

Every year city provides property assessment to every home owner. It shows and updates home owners of property market value. Each city charges different percentages of home market price as property tax. Usually property tax ranges from 4000 to 5000 for one million dollar value home in Vancouver. First year’s property tax will be paid in portion by home seller and buyer according to the actual date of title transfer.

Sixthly, property management cost or strata fee

This fee applies to condo apartment or strata management properties. Usually aging property has relatively higher cost because it requires more fix and maintenance work.

Lastly, home insurance

Home insurance cost for Vancouver single house ranges from 1000 to 3000, depending on property rebuilt cost. It usually covers theft, fire damage, water damage. Earthquake and content insurance is optional and additional.

Feel free to consult with us regarding buying homes in Vancouver. Please call Angel at 778.858.7958 or Helen at 604.375.1488.