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What a BC presale actually costs you
Deposits, GST, property transfer tax and the monthly carry, using the current BC and federal rules, including the first-time-buyer GST rebate.
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$100,000
Deposits plus everything due on completion day
Monthly carry
$2,599
Deposits
$24,500
Tax relief saves you $32,300
Cash to close
Deposits paid during construction5% across construction$24,500
Balance of down payment$73,500
GST at 5%$24,500
First time buyer GST rebate100% under $1M, phased out to $1.5M-$24,500
Property transfer tax$7,800
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$7,800
Legal and closing$2,000
Total cash required$100,000
Every month
Mortgage payment4.29% over 25 years$2,124
Strata fee$330
Property tax$145
Monthly cost$2,599
Estimates only. Rates, fees and taxes change, and eligibility depends on your situation. This is not financial or tax advice. Confirm with your mortgage broker, lawyer and accountant before committing.
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