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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.
Based on Element 2 Townhomes, from $555,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$113,000
Deposits plus everything due on completion day
Monthly carry
$2,881
Deposits
$27,750
Tax relief saves you $36,850
Cash to close
Deposits paid during construction5% across construction$27,750
Balance of down payment$83,250
GST at 5%$27,750
First time buyer GST rebate100% under $1M, phased out to $1.5M-$27,750
Property transfer tax$9,100
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$9,100
Legal and closing$2,000
Total cash required$113,000
Every month
Mortgage payment4.29% over 25 years$2,406
Strata fee$330
Property tax$145
Monthly cost$2,881
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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