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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
$129,580
Deposits plus everything due on completion day
Monthly carry
$3,240
Deposits
$95,685
Tax relief saves you $42,653
Cash to close
Deposits paid during construction15% across construction$95,685
Balance of down payment$31,895
GST at 5%$31,895
First time buyer GST rebate100% under $1M, phased out to $1.5M-$31,895
Property transfer tax$10,758
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$10,758
Legal and closing$2,000
Total cash required$129,580
Every month
Mortgage payment4.29% over 25 years$2,765
Strata fee$330
Property tax$145
Monthly cost$3,240
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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