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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
$87,656
Deposits plus everything due on completion day
Monthly carry
$2,332
Deposits
$42,828
Tax relief saves you $27,980
Cash to close
Deposits paid during construction10% across construction$42,828
Balance of down payment$42,828
GST at 5%$21,414
First time buyer GST rebate100% under $1M, phased out to $1.5M-$21,414
Property transfer tax$6,566
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$6,566
Legal and closing$2,000
Total cash required$87,656
Every month
Mortgage payment4.29% over 25 years$1,857
Strata fee$330
Property tax$145
Monthly cost$2,332
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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