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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 RC at CF Richmond Centre, from $1,057,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$221,950
Deposits plus everything due on completion day
Monthly carry
$5,057
Deposits
$211,400
Tax relief saves you $63,440
Cash to close
Deposits paid during construction20% across construction$211,400
Balance of down payment$0
GST at 5%$52,850
First time buyer GST rebate100% under $1M, phased out to $1.5M-$44,300
Property transfer tax$19,140
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$19,140
Legal and closing$2,000
Total cash required$221,950
Every month
Mortgage payment4.29% over 25 years$4,582
Strata fee$330
Property tax$145
Monthly cost$5,057
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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