Things you need to know when Buying a home in the Comox Valley…

Property Transfer Tax 1% of the 1st $200,000 & 2% on the balance of the purchase price. See here for a full overview of this tax including the different thresholds that change the amount.

Lawyer / Notary fees include your lawyer’s fees & registration of mortgage and certificate of title and disbursements.

Appraisal fee most lenders require an appraiser’s report confirming that the purchase reflects fair market value. Depending on your down payment, some lenders will waive this requirement.

House inspection fee It is the buyer’s option to have a home inspection to pinpoint defects. This is not a lending institution requirement.

Property tax adjustment based on the “adjustment date,” you may have to reimburse the seller for his/her portion of the prepaid property taxes.

Home/fire Insurance, you can set up home insurance and pay either a monthly premium or the entire year in a lump sum up front.

GST – What you should know • New homes are subject to 5% GST.  You may be able to apply for a rebate on a portion of this GST.  Recommended that you review this with an accountant.

• You do not qualify for a GST rebate if you purchase a home over $450,000

• GST is not payable on used residential housing

Karin Usipuik,