In B.C., closing costs for a buyer are usually about 1.5% to 4% of the purchase price on top of your down payment. The biggest item is normally the property transfer tax, followed by legal fees, an inspection and the tax and strata adjustments. Enter your numbers below to see your total cash to close.
What buyers pay at closing in B.C.
- Property transfer tax. 1% on the first $200,000, 2% up to $2 million, 3% above $2 million, plus another 2% on residential value over $3 million. First-time buyers can save up to $8,000 on homes up to $835,000 (phased out by $860,000), and brand new homes can be fully exempt up to $1.1 million (phased out by $1.15 million). Try the property transfer tax calculator.
- GST on a new home. 5% GST applies to newly built homes bought from a builder, unless it is included in the price. Eligible first-time buyers can get a federal GST rebate of up to $50,000 on new homes up to $1 million, phased out at $1.5 million.
- Lawyer or notary. They register the title and mortgage and handle the money. Fees plus disbursements are often $1,200 to $2,000.
- Home inspection. Usually $500 to $800 for a house or condo. Many buyers make the offer subject to an inspection.
- Title insurance and appraisal. Lenders often want title insurance (a few hundred dollars). Some lenders charge for an appraisal, many do not.
- Adjustments. If the seller prepaid property tax or strata fees past the completion date, you pay them back for your share. Utilities are adjusted too.
- Mortgage default insurance. With less than 20% down, a premium of 2.8% to 4.0% of the loan is usually added to your mortgage. B.C. does not charge sales tax on it.
- After you move in. Home insurance, moving costs, small repairs and a few months of savings for surprises.
When do I pay these costs?
Your deposit is paid shortly after subjects are removed. The rest of your down payment and the closing costs go to your lawyer or notary a few days before the completion date, by bank draft or wire. Mortgage default insurance is added to the loan, so it does not need cash.
Related: mortgage payment and CMHC calculator · how much home can I afford? · buyer checklist · first-time home buyer guide
Want help with your numbers?
I can walk you through the costs for the homes you are looking at and connect you with a lawyer, notary, inspector or mortgage broker.
Muzaffar Manghat, REALTOR®, Sutton Premier Realty · Call or text 604-785-5555 · Send me a message
Sources
- Government of B.C.: Property transfer tax
- Government of B.C.: First time home buyers’ exemption
- Government of B.C.: Newly built home exemption
- CMHC: Mortgage loan insurance premiums
- Finance Canada: GST relief for first-time home buyers (Royal Assent, March 2026)
- BCFSA: Buying a home
This tool is general information, not financial, tax, mortgage or legal advice. Results are estimates; confirm your figures with your lender, your lawyer or notary and your accountant. This is not intended to solicit buyers or sellers currently under contract with a brokerage.
