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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 Icon at Southgate City, from $723,900Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$146,780
Deposits plus everything due on completion day
Monthly carry
$3,613
Deposits
$144,780
Tax relief saves you $48,673
Cash to close
Deposits paid during construction20% across construction$144,780
Balance of down payment$0
GST at 5%$36,195
First time buyer GST rebate100% under $1M, phased out to $1.5M-$36,195
Property transfer tax$12,478
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$12,478
Legal and closing$2,000
Total cash required$146,780
Every month
Mortgage payment4.29% over 25 years$3,138
Strata fee$330
Property tax$145
Monthly cost$3,613
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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