The following is a list that will help to assist you in calculating your true costs in purchasing your new home:
a) Property Transfer Tax – This is a tax that is charged whenever a property is purchased. (1% on the first $200,000 of purchase price and 2% on the balance of the purchase price).
b) GST/HST – Tax is only charged on new homes, and does not affect homes priced at less than $400,000. Even homes that exceed the price threshold are only taxed on the portion that exceeds $400,000. Certain conditions may apply. Please contact you lawyer/notary for more detailed information.
c) Legal Fees – Your lawyer or notary will charge you a fee for drawing up the mortgage and conveyance of title. The amount of the fee will depend on the individual that you use. The typical cost is $800-$1,200.
d) Survey – If you are purchasing a single-family home, you will need to give your lender a survey certificate showing where the property sits within the property lines. Some exceptions are made, however, on low loan-to-value deals and acreage properties. A standard survey will cost approximately $300-$500, but the lender will often accept a copy of an existing survey. (Detailed surveys are more expensive)
e) Home Insurance – (Premiums will vary consult your insurance broker)
f) Adjustments - property taxes and/or utility costs already paid by the existing owner. Please contact you lawyer/notary for more detailed information.
MAKE A LIST OF WHAT YOU NEED TO DO AND WHEN YOU NEED TO DO IT
4 WEEKS BEFORE
-Notify Canada Post of your new address.
-Get Change of Address forms from Canada Post.
-Send change-of-address cards to
*Banks (and order new cheques from your bank)
*Insurance Firms (be sure that you understand your insurance coverage and have placed adequate valuation on your household goods.)
*Doctor, Dentist, Charge Cards
*Canada Customs & Revenue Agency, BC Hydro, Cable Company
*Old Age and other Pensions
-Change address on license at Drivers' Services
3 WEEKS BEFORE
-Think about the things you want to be packed together. Organize your possessions so that the cartons can be labeled with the contents and according to the room in which they will be placed in your new home.
-Decide what to move and what to give away. (Some goods could be donated to charitable organizations, arrange for pick-up)
-Put 2 different colours of stickers to show which items will be moved and which will not.
-With the items to move, label the room it is to go to. Have a garage sale!
-DO NOT PACK watches, jewellery, money or important documents. Take these articles with you.
-Arrange to have the telephone disconnected (but ensure that it's not until after loading day) and hook-up telephone in your new home.
-Arrange to have utilities and appliances disconnected.
2 WEEKS BEFORE
-Recruit moving-day help
-Arrange cleaning people
-Return library books and anything borrowed from friends and neighbours.
-Take care of bills, stocks and investments.
-Plan and measure where your furniture will be placed in your new home.
1 WEEK BEFORE
-Arrange for delivery services to be discontinued - newspapers, magazines etc.
JUST DAYS BEFORE
ON MOVING DAY
-When all goods have been loaded, make a thorough check of all rooms, attics, basements, closets, cupboards and behind doors. It is your responsibility to make sure that nothing has been overlooked and see that nothing has been in error.
-Disconnect all appliances
-Turn off gas and water
-Drain all hoses
-Empty refrigerator and disconnect ice maker
-Make sure the freezer has time to defrost