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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 Gardena (Lotus), from $597,012Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$121,402
Deposits plus everything due on completion day
Monthly carry
$3,063
Deposits
$59,701
Tax relief saves you $39,791
Cash to close
Deposits paid during construction10% across construction$59,701
Balance of down payment$59,701
GST at 5%$29,851
First time buyer GST rebate100% under $1M, phased out to $1.5M-$29,851
Property transfer tax$9,940
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$9,940
Legal and closing$2,000
Total cash required$121,402
Every month
Mortgage payment4.29% over 25 years$2,588
Strata fee$330
Property tax$145
Monthly cost$3,063
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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