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still apply for any transactions registered before April 19, even if the sale closing and financing take place a few weeks later. First time buyers, as well as all other home buyers, will still have the opportunity to put only 5 per cent down and will still have access to 35-year amortization. They will have to qualify at the five-year mortgage rate, but this is something it won't likely have a huge effect on the local market. The biggest effect of the mortgage changes is to likely convince more first-time buyers to purchase in the next few weeks. Already, the introduction of the HST in July and widely reported warnings of higher mortgage rates coming after June - when the Bank of Canada lifts its 0.25 per cent
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rate - have increased sales in the early part of this year. Building a home demands local fees When building or renovating a home in the Lower Mainland don't forget the local permit fees. Most municipalities have a sliding scale for the building permit fees based on the value of construction. For example: $5 per $1,000 of construction up to $10,000, $6 per $1,000 of construction between $10,000 and $20,000 etc. $1000 and $6000 for construction value of $100,000 and up. Plumbing and electrical permits may be additional to this. Most municipalities also require an elevation survey by a legal
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surveyor to determine the elevations of the grade at the corners of the lot and the corners of the house. This will determine the setting out point for the building height. The survey also locates pins used for construction and locates existing buildings if any. This determines zoning set back requirements. The cost is $1000 to $4000 depending on the number points surveyed. Some municipalities require a geotechnical engineer to provide documents. This will determine the capacity of the soil to hold up the building as well as the foundation design. Figure on from $600 - $1,000 for these fees, according to members of the Greater Vancouver Home Builders' Association.
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