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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
$107,580
Deposits plus everything due on completion day
Monthly carry
$2,763
Deposits
$26,395
Tax relief saves you $34,953
Cash to close
Deposits paid during construction5% across construction$26,395
Balance of down payment$79,185
GST at 5%$26,395
First time buyer GST rebate100% under $1M, phased out to $1.5M-$26,395
Property transfer tax$8,558
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$8,558
Legal and closing$2,000
Total cash required$107,580
Every month
Mortgage payment4.29% over 25 years$2,288
Strata fee$330
Property tax$145
Monthly cost$2,763
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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