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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
$134,798
Deposits plus everything due on completion day
Monthly carry
$3,353
Deposits
$99,599
Tax relief saves you $44,479
Cash to close
Deposits paid during construction15% across construction$99,599
Balance of down payment$33,200
GST at 5%$33,200
First time buyer GST rebate100% under $1M, phased out to $1.5M-$33,200
Property transfer tax$11,280
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$11,280
Legal and closing$2,000
Total cash required$134,798
Every month
Mortgage payment4.29% over 25 years$2,878
Strata fee$330
Property tax$145
Monthly cost$3,353
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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