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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 Park (Phase 1 and 2), from $710,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$144,000
Deposits plus everything due on completion day
Monthly carry
$3,553
Deposits
$142,000
Tax relief saves you $47,700
Cash to close
Deposits paid during construction20% across construction$142,000
Balance of down payment$0
GST at 5%$35,500
First time buyer GST rebate100% under $1M, phased out to $1.5M-$35,500
Property transfer tax$12,200
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$12,200
Legal and closing$2,000
Total cash required$144,000
Every month
Mortgage payment4.29% over 25 years$3,078
Strata fee$330
Property tax$145
Monthly cost$3,553
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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