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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 Morrison Walk, from $788,900Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$159,780
Deposits plus everything due on completion day
Monthly carry
$3,895
Deposits
$39,445
Tax relief saves you $53,223
Cash to close
Deposits paid during construction5% across construction$39,445
Balance of down payment$118,335
GST at 5%$39,445
First time buyer GST rebate100% under $1M, phased out to $1.5M-$39,445
Property transfer tax$13,778
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$13,778
Legal and closing$2,000
Total cash required$159,780
Every month
Mortgage payment4.29% over 25 years$3,420
Strata fee$330
Property tax$145
Monthly cost$3,895
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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