There is NO HST on residential resale properties

HST on the purchase of a residential property is ONLY if it is a new property, NOT if it's residential resale property.  Here is how your usual costs would look if you were buying a resale property.
Example:
Purchase Price - $600,000
Commission - usually contracted to be paid by the Seller but not always, this is a change that is evolving
BC Property Transfer Tax - 1% on the 1st $200,000, 2% on the balance = $10,000
(If you are a 1st time buyer, there are different rules and exemptions)
Legal fees - approx. $700-$800
Mortgage / appraisal fees - usually covered by the bank
House Inspection - $450-$800
House Insurance - depends on the deductible, coverage etc.  (tip: we also get our annual travel insurance with our policy - it's usually a very good rate doing this)

So, when you are out looking at properties this weekend, remember NO HST on resale residential properties and if you would like more information, please feel free to contact us.