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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 One Central, from $696,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$141,200
Deposits plus everything due on completion day
Monthly carry
$3,492
Deposits
$20,880
Tax relief saves you $46,720
Cash to close
Deposits paid during construction3% across construction$20,880
Balance of down payment$118,320
GST at 5%$34,800
First time buyer GST rebate100% under $1M, phased out to $1.5M-$34,800
Property transfer tax$11,920
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$11,920
Legal and closing$2,000
Total cash required$141,200
Every month
Mortgage payment4.29% over 25 years$3,017
Strata fee$330
Property tax$145
Monthly cost$3,492
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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