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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 Reign at Metrotown - North Tower, from $566,400Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$115,280
Deposits plus everything due on completion day
Monthly carry
$2,930
Deposits
$84,960
Tax relief saves you $37,648
Cash to close
Deposits paid during construction15% across construction$84,960
Balance of down payment$28,320
GST at 5%$28,320
First time buyer GST rebate100% under $1M, phased out to $1.5M-$28,320
Property transfer tax$9,328
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$9,328
Legal and closing$2,000
Total cash required$115,280
Every month
Mortgage payment4.29% over 25 years$2,455
Strata fee$330
Property tax$145
Monthly cost$2,930
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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