Buying a Home in BC: Expenses to Expect Before You Get the Keys (2026)

Budgeting for a home is not just about the down payment and the monthly mortgage payment. There are several one-time costs and a few ongoing expenses that can catch buyers off guard, especially around closing day.

This guide breaks down the most common costs buyers in Langley and the Fraser Valley should plan for. Some will apply to nearly every purchase, while others depend on the property type and your financing.

The most common one-time costs before closing

1) Deposit with your offer

When you write an offer, you will usually include a deposit. This shows good faith and is held in trust, then applied toward your purchase on completion.

Tip: Your deposit amount and timing can affect how competitive your offer looks.

2) Home inspection

A standard home inspection helps identify issues before you commit. For condos and townhomes, this can be paired with a careful review of strata documents.

3) Appraisal fee

Some lenders require an appraisal to confirm the home’s value for financing. If required, it is typically paid by the buyer.

4) Survey or title related documents

Depending on the property and lender requirements, you may need documents such as a survey, plot plan, or other title-related information. If a new survey is required, it is an additional cost.

5) Mortgage setup costs

Some lenders have fees connected to:

• mortgage application or setup

• interest rate holds

• broker arrangements

Many lenders do not charge an application fee, but it is worth confirming early so you are not surprised.

Taxes and government fees

6) GST on new homes

GST usually applies to new construction or certain substantially renovated homes. Resale homes typically do not have GST.

7) Property Transfer Tax in BC

Property Transfer Tax can be a major closing cost. Some first-time buyers may qualify for an exemption or reduced amount depending on eligibility and purchase price.

If you are a first-time buyer, it is worth checking eligibility early so you can plan accurately.

Legal and insurance costs

8) Legal fees and disbursements

Most buyers use a notary or lawyer to complete the transaction. Costs vary based on complexity, location, and the specific professional.

9) Home insurance

Home insurance is required by lenders for most financed purchases. If you are buying a strata property, you will still need personal coverage even though the building has its own insurance.

Moving and setup costs

10) Moving expenses

This can include:

• movers or truck rental

• packing supplies

• storage

• time off work

• cleaning

11) Utility and service connection fees

Some services charge installation or hookup fees, such as:

• internet

• cable

• security systems

• utilities in some cases

Closing-day adjustments that surprise buyers

12) Interest adjustments

Depending on your mortgage start date and completion date, there may be interest adjustments at closing.

13) Property tax and utility adjustments

On completion, you and the seller settle prorated amounts such as:

• property taxes

• strata fees, if applicable

• utilities, depending on the property

These are normal, but they can add to the closing amount you need.

Costs after you move in

14) Immediate updates and small renovations

Many buyers plan to paint, replace flooring, or update fixtures before settling in. Even small upgrades add up quickly, so it helps to budget a “first month” fund.

Ongoing monthly costs to remember

Strata fees for condos and townhomes

Strata fees usually cover common area maintenance and can include items like:

• building insurance

• garbage pickup

• landscaping

• reserve fund contributions

Strata fees vary a lot, so you want to understand what is included and how healthy the strata is before committing.

A simple budgeting rule of thumb

Many buyers find it helpful to budget a separate “closing and setup” fund in addition to the down payment. The exact amount depends on your purchase, but having a buffer reduces stress and protects you from surprises.

Want a clear cost estimate for your situation?

If you are buying in Langley or the Fraser Valley, we can help you build a realistic budget based on your price range, property type, and whether you may qualify for first-time buyer programs.

Wiggins Group Real Estate are local REALTORS® based in Langley, serving the Fraser Valley. We help buyers plan clearly so the process feels calm and predictable.

Call or text:  Denise 604-880-5603  Ian 604-897-2514
Email: info@wigginsgroup.ca