Closing Costs & Taxes
Avoid surprises by understanding the full cost of buying a home in BC.
Budget Beyond the Purchase Price
When budgeting for your new home, it's essential to account for closing costs, which typically add 1.5% to 4% to the purchase price. Here is a breakdown of what to expect.
A provincial tax charged on all property transfers.
- 1% on the first $200,000
- 2% on the balance up to $2,000,000
- 3% on the balance above $2,000,000
- Exemptions: First-Time Home Buyers (up to $835k) and Newly Built Homes (up to $1.1M) may qualify for full or partial exemptions.
You'll need a lawyer or notary to handle the title transfer and mortgage registration.
Estimated Cost: $1,200 - $1,800
Highly recommended to identify potential issues before you buy.
Estimated Cost: $500 - $800 depending on home size
Don't forget moving costs and property tax/utility adjustments (reimbursing the seller for prepaid amounts).
Estimated Cost: Varies widely
Want a Detailed Estimate?
I can provide a comprehensive closing cost worksheet for any property you're interested in.
Call Kevin at (250) 457-1795