Common Buying Expenses

Are levied by local municipalities based on the assessed value of the property (as determined by BC Assessment). At closing, the buyer’s lawyer will adjust for the annual property taxes so each party pays only their daily share for the time they own the property. There is no need to apply to the city, municipality or governing authority to become the registered owner of a property.  Once the Title has transferred to you, you’ll automatically become named on the yearly Property Land Tax Notice.  It will be mailed to the address of the property unless you make arrangements for it to go to a different address. Remember to claim for a home owners grant if you are eligible. 

• Typically when a buyer has at least 20% downpayment a Lender will require an independent Appraisal be done on the property to ensure it has a value high enough for the Lenders to assume the risk of Lending on.   
• Buyers who have between 5% to 20% of the purchase price as a downpayment will require CMHC Mortgage Insurance.  This insurance is designed to enable buyers to purchase property with less than 20% downpayment by safeguarding Lenders in case the Buyer defaults on the mortgage.  The one-time premium cost is usually added to the mortgage amount so buyers don't need to pay out of pocket for it.  On occasion, under extenuating circumstances or pertaining to specific properties a Lender may the buyer to purchase a CMHC insurance policy for the Lender protection. 
• Mortgage Broker fees are typically paid by the Mortgage Lenders, not by the buyers.  Discuss this with you Broker to be sure.

This tax is most commonly payable on newly-built homes. Some exemptions may apply based on the value of the property.  If renovating is a Seller business or if you purchase to substantially renovate and resell; GST may be applicable. This matter will be addressed at the time of writing an offer on the standard contract of purchase and sale. The Lawyers will make the monetary adjustments accordingly. We’ll safeguard you from unexpected costs.

Home inspectors operating in British Columbia are required to be licensed under the Business Practices and Consumer Protection Act and are regulated under that Act.  A licensed home inspector can physically inspect and evaluate the property’s major systems and structure to identify potential issues before the purchaser removes the Subject to Inspection Condition. That information is often needed to answer questions required by your home insurance company.  The cost can vary depending on the size, age and type of property and can also vary by company. We’re happy to recommend trusted, qualified Home Inspectors to you, if needed.  Most will also offer quotes prior to engaging with them.

• Draft all necessary documentation to transfer ownership and reconcile monetary amounts with the Sellers Lawyer.
• Calculate the monetary adjustments payable and or receivable per the adjustment date. 
• Prepare the forms and make payment of the Property Transfer Tax. 
• Search the title for very recent encumbrances and or liens.
• Transfer ownership at the BC Land Titles and register you and the Mortgagor on the title. 
• Provide legal advice if necessary; typically done prior to Subject to the Title Condition being removed. You may wish a legal interpretation of certain interests that are registered on the Title and or have the purchase contract agreement examined to get a legal opinion pertaining to unusual circumstances or concerns.

You may opt to hire a moving company to transfer your belongings to your new home.  Consider if you need your belongings packed and or unpacked.  Most companies will offer quotes.

Is a tax paid to the BC Provincial Government when a residential property is purchased. It is calculated as a percentage of the fair market value of the property at the time of a purchase and is paid by the buyer at the time the property’s title is registered. Exemptions may apply for first time buyers; see revisions as of March 2026. Check a  current calculator

• For non first time buyers, the typical cost is 1% of the fair market value of the property up to and including $200,000 and 2% of the fair market value greater than $200,000 up to and including $2,000,000. 
• An additional 3% is payable on the value greater than $2,000,000. up to $3,000,000. 
• If the property is worth over $3,000,000, a further 2% tax will be applied to the value greater than $3,000,000.  

• BC Hydro:  is the only supplier of electricity in the Greater Victoria Area   You must apply for service Live link
• Canada Post:  You must apply for a change of address to discontinue and redirect your Canada Post Mail.  You may want to leave a forwarding address and some pre-addressed stickers for the next occupant in hopes that they will forward anything that isn’t re-directed.
• Fortis Gas is the only supplier of natural gas in the Greater Victoria Area  You must apply for service. Live link
• Garbage & Recycling services may be supplied through your local city or municipality or affiliate.  If not there are numerous other supplies for these services in the Greater Victoria Area.  You may want to find out which company has been servicing the property you are purchasing.  You must apply for these services
• Internet / Cablevision / Telephone:  Telus and Rogers are the main suppliers in the Greater Victoria Areas.  If you are purchasing in a strata property you may have to deal with the existing provider. You must apply for these services. 
• Oil & Propane:  There are numerous oil and propane supply companies that service the greater Victoria Areas.  You may want to find out which company has been servicing the property you are purchasing to be sure they don’t auto fill your tanks unless you wish to continue using their services.
• Sewer and or Water may be supplied by your local city, municipality or affiliate unless your property has a well and or septic system.  There are a number of companies that provide water delivery services for cistern users.  You may want to find out which company has been servicing the property you are purchasing.  

Sellers and Buyers real estate commissions are typically paid by the Seller as per the listing contract with the Sellers Realtor. The amount will be disclosed to you by your Realtor. You may encounter a scenario where the Seller has not agreed to pay a Buyers Realtors commission that is acceptable to a Buyers Realtor. In those cases the Seller expects a Buyers Agent to use a Buyers Agency Contract or agree to a commission prior to an offer being presented.  

Occasionally, some Buyers and Lenders require a Survey to be supplied. It’s a precise measurement and mapping of a property’s boundaries, dimensions, and features, typically conducted by a licensed land surveyor. Surveys help confirm the exact size and location of a property and the improvements on it. They may identify easements, rights-of-way, or encroachments that may or may not be shown on the Title to the land. It can take quite some time to hire a surveyor to do this work so it’s not common to have it as a condition that needs to be met prior to removing the subject to Inspection Condition.  Discuss this matter with your Mortgage Lender if you have concerns.