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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 Timber House, from $574,900Change
Your numbers
$
sq ft
%
%
yrs
$/mo
$/mo
CASH YOU NEED TO CLOSE
$116,980
Deposits plus everything due on completion day
Monthly carry
$2,967
Deposits
$28,745
Tax relief saves you $38,243
Cash to close
Deposits paid during construction5% across construction$28,745
Balance of down payment$86,235
GST at 5%$28,745
First time buyer GST rebate100% under $1M, phased out to $1.5M-$28,745
Property transfer tax$9,498
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$9,498
Legal and closing$2,000
Total cash required$116,980
Every month
Mortgage payment4.29% over 25 years$2,492
Strata fee$330
Property tax$145
Monthly cost$2,967
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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