Home > Buyers > Purchasing Costs There are always additional costs to the buyer of a property, beyond the negotiated purchase price, to meet the legal requirements of the transaction and ensure the property is properly transferred and registered in the new owner's name. In particular circumstances there may be additional costs, but the following list shows the customary costs applicable to the purchase of a home. 1. Property Purchase Tax - 1% on the first 200,000 and 2% on the balance. 2. Goods & Services Tax (GST) - 0% on resale (not new) homes, 5% on new homes, with a portion of the tax rebated in some circumstances (This rebate is only available for principle residences.) Check for current regulations governing rebates. 3. Legal Fees - For conveyancing and disbursements incurred by the converyancer on the buyer's behalf for the title search, registration fees, etc. 4. Insurance - Depends on the home and the amount of coverage for the contents; will be required by the mortgage lender. 5. Adjusted Costs - Buyer and Seller pro-rate costs of the property taxes, water fees, etc. according to the portion of the year each party owns the property. 6. Monthly Strata Fees - In case of a strata unit such as a condominium or townhome. 7. Deposit - Usually 5% - 10% of the purchase price; required with the offer 8. Home Inspection - Recommended in most cases; about $250 - $350 depending on the size of the house. 9. Home Price - The balance of the negotiated purchase price, less the mortgage amount and deposit (and including all Adjusted Costs) must be paid in trust to the conveyancing lawyer usually a day or two before the closing date. 10. Moving Costs - $80 - $100 per hour for a van and 2-3 movers. Book ahead!