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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
$82,998
Deposits plus everything due on completion day
Monthly carry
$2,231
Deposits
$40,499
Tax relief saves you $26,349
Cash to close
Deposits paid during construction10% across construction$40,499
Balance of down payment$40,499
GST at 5%$20,250
First time buyer GST rebate100% under $1M, phased out to $1.5M-$20,250
Property transfer tax$6,100
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$6,100
Legal and closing$2,000
Total cash required$82,998
Every month
Mortgage payment4.29% over 25 years$1,756
Strata fee$330
Property tax$145
Monthly cost$2,231
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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