What it really costs to move up in Richmond

When families plan an upsize, they usually focus on two numbers: what their home will sell for and what the new one costs. But there are many smaller costs in between, and together they add up. Here's the full list I walk families through.

Costs when you sell

• Real estate commission. Set out in your listing agreement.

• Legal or notary fees for the sale.

• Mortgage discharge or penalty. If you break your mortgage early, your lender may charge a penalty. Ask whether you can port your mortgage to the new home instead.

• Getting ready to sell: small repairs, painting, cleaning and possibly staging.

• Strata costs if you own a condo or townhouse, such as the cost of documents buyers ask for.

Costs when you buy

• Property Transfer Tax (PTT). In BC it's 1% on the first $200,000, 2% on the portion up to $2 million, and 3% on the portion from $2 million to $3 million (with more above $3 million). As a repeat buyer, you won't qualify for the first-time buyer exemption.

• Legal or notary fees for the purchase, plus title insurance if needed.

• Home inspection (and strata document review for a townhouse).

• Appraisal fee, if your lender requires one.

• Property tax and strata fee adjustments, so you pay your share from the day you take possession.

• Mortgage-related costs, such as an appraisal or setup fee.

• Home insurance from your possession date.

PTT examples

• $900,000 home: $16,000 in PTT

• $1,100,000 home: $20,000 in PTT

• $1,500,000 home: $28,000 in PTT

• $2,000,000 home: $38,000 in PTT

(1% on the first $200,000 plus 2% on the rest up to $2 million.)

Costs of moving

• Movers or a truck, and possibly packing help

• Overlap costs if your closing dates don't line up: short-term rental, storage, or bridge financing interest

• Utility connections and address changes

• Furniture and setup for a bigger home: an extra bedroom, a yard, window coverings

Ongoing costs that change

Moving up usually means higher monthly costs too:

• A bigger mortgage payment

• Higher property tax

• Higher strata fees (for a townhouse) or maintenance costs (for a house)

• Higher utilities in a larger home

How I help families plan

I put all of this into one simple sheet for every client: your expected sale proceeds, every cost on both sides, and the purchase range that leaves you comfortable, not stretched. That's the "Brighter" part of my 3B's method.

Your next step

Get your own numbers with my free Richmond upsizing plan, or see what sellers pay in my guide to seller closing costs in BC. Call or text me at (778) 909-8639.

Get my free Richmond upsizing plan

Katerina Zemlia, REALTOR® with RE/MAX Westcoast. General information only. Confirm current tax rules and fees with your lawyer, notary or accountant.