Calculators · Buying

Closing costs

An itemised estimate of what you pay at completion in British Columbia, with the first-time buyer and newly built exemptions applied where they fit.

Cash for closing costs

$16,050

On top of the $65,000 down payment: $81,050 in all. Budget this before you write an offer.

Itemised

Property transfer tax: $11,000
Legal or notary fees: $1,500
Title insurance: $300
Strata documents and Form B: $150
Home inspection: $450
AppraisalOften waived or paid by the lender: $350
Adjustments at completionPrepaid property tax and utilities: $800
Moving, locks and set-up: $1,500
Total closing costs: $16,050

Transfer tax detail

Property transfer tax before exemptions: $11,000
Exemption applied: $0
Payable: $11,000

Mortgage insurance premium: $18,135

Not a cash cost. It is added to your mortgage balance because the down payment is under 20%.

Tax rules: April 2024 rules

First-time buyers pay no transfer tax to $500,000 and get an $8,000 exemption to $835,000, phasing out by $860,000. Newly built homes are exempt to $1.1M, phasing out by $1.15M. Your lawyer or notary confirms eligibility.

Assumptions behind these figures

BC property transfer tax: 1% to $200,000, 2% to $2M, 3% above, plus 2% on the residential portion above $3M.
GST on newly built homes at 5%, less the federal new housing rebate (36% of GST to $350,000, phased out by $450,000). Additional first-time-buyer GST relief may apply; ask the developer.
Strata documents and Form B estimated at $150 where a strata property is selected.

These calculators are educational illustrations, not advice and not an offer of credit. Figures are estimates from the inputs you enter and simplified rules; your lender's calculation, rates, fees, taxes and qualification will differ and are confirmed only by a licensed mortgage professional, lawyer or accountant. Mervin Truong is a licensed real estate professional, not a mortgage broker or financial advisor. Transfer tax and GST rules are those in force at the time of writing; thresholds change at budgets.

More for buying

Mortgage paymentPayment, interest and amortization at any frequency.

AffordabilityA quick maximum purchase price from income and debts.

QualificationThe detailed version: strata fees, first-time buyer and new-build rules.

From estimate to plan

Talk to Merv about the real numbers.

A calculator describes a scenario. I'll read it against what's selling now and introduce a licensed mortgage professional to confirm what you qualify for.

Closing costsClosing costs

Talk to Merv about the real numbers.

Closing costsClosing costs

Talk to Merv about the real numbers.

Closing costs

Closing costs