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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 Orchard Vancouver, from $514,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$104,800
Deposits plus everything due on completion day
Monthly carry
$2,703
Deposits
$51,400
Tax relief saves you $33,980
Cash to close
Deposits paid during construction10% across construction$51,400
Balance of down payment$51,400
GST at 5%$25,700
First time buyer GST rebate100% under $1M, phased out to $1.5M-$25,700
Property transfer tax$8,280
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$8,280
Legal and closing$2,000
Total cash required$104,800
Every month
Mortgage payment4.29% over 25 years$2,228
Strata fee$330
Property tax$145
Monthly cost$2,703
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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