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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
$167,600
Deposits plus everything due on completion day
Monthly carry
$4,064
Deposits
$41,400
Tax relief saves you $55,960
Cash to close
Deposits paid during construction5% across construction$41,400
Balance of down payment$124,200
GST at 5%$41,400
First time buyer GST rebate100% under $1M, phased out to $1.5M-$41,400
Property transfer tax$14,560
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$14,560
Legal and closing$2,000
Total cash required$167,600
Every month
Mortgage payment4.29% over 25 years$3,589
Strata fee$330
Property tax$145
Monthly cost$4,064
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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