Possible Costs:

• Lawyer fees for drawing up transfer documents
• Lawyer fees for writing the mortgage – CMHC Insurance
• Appraisal fee – Site survey or lot line survey
• Geotechnical survey – House inspection fee

Important Facts:

• 1% property purchase tax (2% over $200,000) except first time homebuyers
• Harmonized Sales Tax
• Insurance premium
• Septic site approval on undeveloped land
• Property Taxes
• Water Test
• Propane Tank/Security System Leases
• Wells and septic fields should be 100 feet apart. Septic systems must be 50 feet from any breakout point.
• A site survey will ensure that there are no encroachments.
• Homes built previous to 1976 are pre-building code.
• Property condition disclosure statements can be made part of the contract.
• A house inspection by a certified inspector insures you know what you are buying.
• A Geotechnical survey can be required by the building inspector at his discretion especially on steep slopes and at the edge of cliffs or where the building site is suspect. These conditions may also include existing properties/homes.
• Development Permits may be required before building or modifying the landscape in any way, where the property might have an 80% slope on it as is clearly inside or extremely close to the DP-6/DP area hatched line. The Islands Trust planning staff can help to determine whether an application will be required.
• Wood heaters need an installation approval to be insurable.
• A permit to construct a septic system is mandatory to get a building permit and should be obtained before purchasing a lot. Permit application requires lot plan & detailed sketch of home & septic placement.
• Surface water is subject to the BC Water Act and may have a license on it, which would not be registered against the title.
• A protective screen of natural vegetation must be retained within a 7.5 metre (24.6 feet) radius of the trunk of a tree bearing nests of herons, eagles, osprey, vultures, falcons, hawks and owls.
• Non-Canadian residents will be subject to a holdback for Canadian tax on profit when they resell the property and a 25% withholding tax if they collect rent on the property.
• Water quality may vary from site to site and month to month.
• Gabriola Island has recorded Heritage Sites, which may be affected by the Heritage Conservation Act.
• There are properties on the island that are likely to form part of Treaty Settlement lands.
• Homes built after July 1, 1999 are covered by the Homeowners Protection Act, which requires insurance or warranties from any builder.
• Well logs show the quantity flow on the date which they are drilled, and may not be an accurate account of the current water supply.
• Property purchase tax is calculated on the fair market value of the property at closing.