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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
$154,760
Deposits plus everything due on completion day
Monthly carry
$3,786
Deposits
$76,380
Tax relief saves you $51,466
Cash to close
Deposits paid during construction10% across construction$76,380
Balance of down payment$76,380
GST at 5%$38,190
First time buyer GST rebate100% under $1M, phased out to $1.5M-$38,190
Property transfer tax$13,276
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$13,276
Legal and closing$2,000
Total cash required$154,760
Every month
Mortgage payment4.29% over 25 years$3,311
Strata fee$330
Property tax$145
Monthly cost$3,786
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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