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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
$141,800
Deposits plus everything due on completion day
Monthly carry
$3,505
Deposits
$34,950
Tax relief saves you $46,930
Cash to close
Deposits paid during construction5% across construction$34,950
Balance of down payment$104,850
GST at 5%$34,950
First time buyer GST rebate100% under $1M, phased out to $1.5M-$34,950
Property transfer tax$11,980
Newly built home exemptionFull relief to $1.1M, any buyer, principal residence-$11,980
Legal and closing$2,000
Total cash required$141,800
Every month
Mortgage payment4.29% over 25 years$3,030
Strata fee$330
Property tax$145
Monthly cost$3,505
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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