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The cash you need to close
Beyond the down payment, completion day has its own bill: transfer tax, GST on new homes, legal fees and adjustments. Here is the estimate, after relief.
Based on RC at CF Richmond Centre, from $1,057,000Change
The purchase
$
CLOSING COSTS
$11,500
On top of your down payment, the cash you need on completion day, after any rebates and exemptions.
Transfer tax
$0
GST payable
$8,550
Government taxes
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$19,140
PTT exemptionFull relief-$19,140
GST at 5%$52,850
First-time-buyer GST rebate-$44,300
Professional fees & adjustments
Legal / notary$1,500
Title insurance$250
Inspection & appraisal$500
Property tax & strata adjustmentsReimbursing the seller for prepaid amounts$700
Total closing costs$11,500
Estimates only. Professional fees and adjustments vary with the deal and the provider; taxes follow your eligibility. This is not tax or legal advice. Confirm the exact figures with your lawyer.
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