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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
$121,380
Deposits plus everything due on completion day
Monthly carry
$3,062
Deposits
$89,535
Tax relief saves you $39,783
Cash to close
Deposits paid during construction15% across construction$89,535
Balance of down payment$29,845
GST at 5%$29,845
First time buyer GST rebate100% under $1M, phased out to $1.5M-$29,845
Property transfer tax$9,938
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$9,938
Legal and closing$2,000
Total cash required$121,380
Every month
Mortgage payment4.29% over 25 years$2,587
Strata fee$330
Property tax$145
Monthly cost$3,062
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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