Closing costs are fees and expenses that you pay when you close on your house, beyond the down payment. They include things like title insurance, homeowners insurance, appraisals, taxes and more.

The closings costs for Canadian residents are typically around 2.5% of the purchase price. Your lawyer and accountant will be able to give you a more accurate estimate of your actual closing costs. Foreign buyers are currently subject to an additional 20% tax. 

Click here for a free PDF of all the closing costs

No you do not need 20% down to buy a home. Unless of course it is over 1 million dollars. Some lenders will ask for a minimum of 25% over 1.5 million.

With conventional loans you can have as little as 5% down. CMHC loans are similar, and have better terms for folks with lower credit scores or high debt-to-income ratios. With less money down other things will arise with your monthly payment though, like Private Mortgage Insurance (PMI).

This is all stuff you will talk to a lender about! A good lender will go through your finances with you and talk over all of your options.

Click here to see how much your payments will be

Typically, no.

Most of the time the seller pays for both the Listing Agent’s commission and the Buyer’s Agent’s commission.

The only thing you will have to make note of is that some brokerages charge an admin fee. These range from $300-700 dollars and go directly to your agent’s brokerage, not into their own pocket. They typically help support full time office admin roles and other brokerage expenses.

There are a few additional costs to consider besides your downpayment when buying a home.

The first thing to note are closing costs. While we can negotiate who will pay these, they will still have to be paid at the time of closing. They are typically around 3% of the purchase price.

Secondly, home inspections are always highly recommended! They start at $500. Your Realtor will have a few great recommendations.

There are two other optional inspections that have gained traction over the years and these are Radon Testing and Oil Tank Scans. Both are around $250 each.

As noted in the question box above, a majority of brokerages have administrative fees. These can range from $300-700 dollars and go directly to your agent’s brokerage, not into their own pocket. They typically help support full time office admin roles and other brokerage expenses.

And other than any additional moving expenses you may have, that is it!

Typically the actual median price of homes better reflects the most common price, compared to the “average” price. Check out a live graph of the median sales price of single family homes in Vancouver HERE