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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 The Amazing Brentwood- Tower Six, from $680,000Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$138,000
Deposits plus everything due on completion day
Monthly carry
$3,423
Deposits
$54,400
Tax relief saves you $45,600
Cash to close
Deposits paid during construction8% across construction$54,400
Balance of down payment$81,600
GST at 5%$34,000
First time buyer GST rebate100% under $1M, phased out to $1.5M-$34,000
Property transfer tax$11,600
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$11,600
Legal and closing$2,000
Total cash required$138,000
Every month
Mortgage payment4.29% over 25 years$2,948
Strata fee$330
Property tax$145
Monthly cost$3,423
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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