Words Dan Juricic, Realtor®, Re/Max Camosun
Buying or selling a home is one of life’s biggest financial decisions — but many people are surprised by the true costs involved beyond the sale price. From legal fees to moving expenses and everything in between, the real estate process comes with a range of costs that can easily catch you off guard if you’re not prepared. As a local REALTOR® working across the Saanich Peninsula, I often help clients plan ahead for these commonly overlooked details. Here’s some of what you should expect – and budget for – when making a move.
For Sellers: Not Just Commission
Commission, typically around 3 to 4%, is the most talked-about seller cost, but it’s far from the only one you’ll need to account for. Legal fees for the sale usually range from $1,500 to $1,800, depending on the complexity of the transaction.
Staging, while optional, can be a game-changer – expect $2,000 to $10,000+ depending on the size of the home and the level of presentation. Pre-sale prep, like paint touch-ups, professional cleaning, basic landscaping or minor repairs, can run $500 to $5,000, depending on what’s needed to get the home market-ready.
Mortgage penalties may apply if you’re ending a term early – these fees are sometimes unavoidable and can amount to several thousand dollars, especially with fixed-rate mortgages.
For Buyers: Costs Beyond the Mortgage
Buying a home comes with its own unique set of expenses, many of which are easy to underestimate. Property Transfer Tax is one of the biggest costs – it’s typically 1 to 2% of the home’s value, and even more for properties priced above $2 million.
Legal fees for the purchase usually fall between $1,500 to $2,000. Inspections and appraisals are key due diligence steps and can add another $650 to $1,000+ to the total. For new builds, remember to budget for 5% GST unless otherwise specified in the contract.
The Sneaky Costs
Sometimes it’s the less obvious expenses that surprise people the most. Possession dates that don’t align might mean you’ll need to pay for storage, short-term bridge financing, or even temporary rentals between homes. If you’re buying a strata property, keep an eye out for hidden costs like rising insurance premiums or upcoming special levies tucked away in the fine print of the strata documents.
Bridge the Gap
When you’re selling and buying, timing rarely lines up perfectly. You might face temporary housing costs, need to secure bridge financing, or carry two mortgages for a short period. These transitional costs are often underestimated but can add thousands to your total spend.
Having a realistic understanding of the full cost picture – and building in a buffer – helps you stay ahead of surprises and move forward with confidence.
