Down Payment: A typical down payment is 5% - 10% of the purchase price and is usually due within 2 days of final subject removal.
Appraisal: The bank/lender may require an appraisal before approving financing. Under most circumstances the buyer is required to pay for the appraisal.
Survey: Sometimes the bank/lender may require a survey certificate to confirm the legal lot boundaries. If the current owner cannot provide a survey certificate, the purchaser will likely pay the expense to have the survey obtained.
Property Transfer Tax: This tax is payable at completion and equals1% on the first $200,000 of the purchase price and 2% of the balance. Some first time home buyers may be exempt from this tax or receive a partial exemption if the purchase price is over $425,000.
HST: This is a 12% tax that applies to the purchase of new construction and on the resale of accommodations that have been rented out for short term or nightly rental. The payment of the HST can be deferred if the new purchaser intends to use the accommodation for short term or nightly rental and she/he becomes a HST registrant.
Legal Fees: All Canadian real estate transactions must be completed by a Canadian lawyer or notary. Fees vary between firms however an average cost is between $700 - $1200.
Mortgage Costs: When using a mortgage to finance your purchase you will notice different banks/lenders offer different rates. It is important to explore your options so you receive the best financing rates possible.
Tourism Whistler Fees: These annual fees are payable to Tourism Whistler and are calculated based on the number of bed units in the accommodation. If you are using the accommodation for personal use only you may apply to pay a lower rate of this fee.
Insurance: Buyers are required to arrange insurance on single family residential chalets. Strata (condos/townhomes) property owners will need to purchase liability and contents insurance. If you purchase a strata property and the interior has been renovated the upgrades must also be insured. If the upgrades are not insured and something happens to the property the strata is only required to replace the materials with the original materials used when the building was built. If you are purchasing a Phase 2 property you may need additional insurance that covers the property when you are using it as an owner.
Strata Fees: Condominium and townhouse purchasers will pay monthly maintenance fees to their Strata Management Company. Each strata is different and the fees cover many different things. If there is a budget shortfall or a large repair expense, owners may receive a Special Assessment to cover the unexpected repair costs.
Property Tax: Annual fee paid to the municipality. The fee covers the calendar year but is paid in early July.
Monthly Fees: Other expenses you need to be prepared for as an owner include property maintenance, utilities, and any costs associated with carrying a mortgage.