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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 Hamilton Village - Phase 2 West, from $498,800Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$101,760
Deposits plus everything due on completion day
Monthly carry
$2,637
Deposits
$24,940
Tax relief saves you $32,916
Cash to close
Deposits paid during construction5% across construction$24,940
Balance of down payment$74,820
GST at 5%$24,940
First time buyer GST rebate100% under $1M, phased out to $1.5M-$24,940
Property transfer tax$7,976
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$7,976
Legal and closing$2,000
Total cash required$101,760
Every month
Mortgage payment4.29% over 25 years$2,162
Strata fee$330
Property tax$145
Monthly cost$2,637
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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