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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
$161,980
Deposits plus everything due on completion day
Monthly carry
$3,942
Deposits
$79,990
Tax relief saves you $53,993
Cash to close
Deposits paid during construction10% across construction$79,990
Balance of down payment$79,990
GST at 5%$39,995
First time buyer GST rebate100% under $1M, phased out to $1.5M-$39,995
Property transfer tax$13,998
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$13,998
Legal and closing$2,000
Total cash required$161,980
Every month
Mortgage payment4.29% over 25 years$3,467
Strata fee$330
Property tax$145
Monthly cost$3,942
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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