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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
$94,400
Deposits plus everything due on completion day
Monthly carry
$2,478
Deposits
$69,300
Tax relief saves you $30,340
Cash to close
Deposits paid during construction15% across construction$69,300
Balance of down payment$23,100
GST at 5%$23,100
First time buyer GST rebate100% under $1M, phased out to $1.5M-$23,100
Property transfer tax$7,240
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$7,240
Legal and closing$2,000
Total cash required$94,400
Every month
Mortgage payment4.29% over 25 years$2,003
Strata fee$330
Property tax$145
Monthly cost$2,478
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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