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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
$127,180
Deposits plus everything due on completion day
Monthly carry
$3,188
Deposits
$93,885
Tax relief saves you $41,813
Cash to close
Deposits paid during construction15% across construction$93,885
Balance of down payment$31,295
GST at 5%$31,295
First time buyer GST rebate100% under $1M, phased out to $1.5M-$31,295
Property transfer tax$10,518
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$10,518
Legal and closing$2,000
Total cash required$127,180
Every month
Mortgage payment4.29% over 25 years$2,713
Strata fee$330
Property tax$145
Monthly cost$3,188
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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