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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
$181,780
Deposits plus everything due on completion day
Monthly carry
$4,372
Deposits
$134,835
Tax relief saves you $60,923
Cash to close
Deposits paid during construction15% across construction$134,835
Balance of down payment$44,945
GST at 5%$44,945
First time buyer GST rebate100% under $1M, phased out to $1.5M-$44,945
Property transfer tax$15,978
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$15,978
Legal and closing$2,000
Total cash required$181,780
Every month
Mortgage payment4.29% over 25 years$3,897
Strata fee$330
Property tax$145
Monthly cost$4,372
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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