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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 Portwood - Umbra (Phase 1), from $639,900Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$129,980
Deposits plus everything due on completion day
Monthly carry
$3,249
Deposits
$31,995
Tax relief saves you $42,793
Cash to close
Deposits paid during construction5% across construction$31,995
Balance of down payment$95,985
GST at 5%$31,995
First time buyer GST rebate100% under $1M, phased out to $1.5M-$31,995
Property transfer tax$10,798
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$10,798
Legal and closing$2,000
Total cash required$129,980
Every month
Mortgage payment4.29% over 25 years$2,774
Strata fee$330
Property tax$145
Monthly cost$3,249
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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