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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
$135,600
Deposits plus everything due on completion day
Monthly carry
$3,371
Deposits
$66,800
Tax relief saves you $44,760
Cash to close
Deposits paid during construction10% across construction$66,800
Balance of down payment$66,800
GST at 5%$33,400
First time buyer GST rebate100% under $1M, phased out to $1.5M-$33,400
Property transfer tax$11,360
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$11,360
Legal and closing$2,000
Total cash required$135,600
Every month
Mortgage payment4.29% over 25 years$2,896
Strata fee$330
Property tax$145
Monthly cost$3,371
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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