BC Cash-to-Close Calculator

Try a typical scenario

Where this fits in your buying journey

1. AffordabilityWhat you can buy
3. PTTTransfer tax
5. Cash-to-CloseClosing day cash
7. MortgageMonthly payment

Worked example — Walnut Grove townhouse, $950,000, 10% down

A first-time-buyer couple buying a Walnut Grove townhouse at $950,000 with 10% down ($95,000): the bracket-rate property transfer tax comes to $17,000. They land in the FTHB phase-out band (price > $860K cap), so no FTHB exemption. The mortgage is $855,000 at 90% LTV — CMHC tier rate 3.10% — premium $26,505 (rolls into mortgage), but the BC PST on it is $1,855 cash on closing. Add $1,500 legal, $300 title, $1,200 adjustments, $500 inspection: closing costs land at ~$22,500. Total cash to close: ~$117,500, not the $95,000 their pre-approval letter implied.

The $22,500 gap is the closing-day cash demand. The 7% provincial sales tax on the insurance premium alone ($1,855) is roughly 2% of the down payment — larger than the inspection, title insurance, and adjustments combined. The premium itself is financeable through the mortgage; the PST on the premium is not.

Common questions about closing-day cash in BC

• What's included in closing-day cash?+

  Everything that doesn't roll into the mortgage. Property transfer tax (the big one — often $20K–$50K), legal/notary fees, title insurance, prorated adjustments to the seller (property tax, utilities, strata fees they prepaid), and on insured deals the 7% BC PST on the CMHC premium. The down payment is separate from closing-day cash — it goes to the seller via the notary alongside these.
• Why does the provincial sales tax on the insurance premium matter?+

  The mortgage default insurance premium itself (2.8%–4.0% of the mortgage on insured deals) rolls into the mortgage principal — you don't pay it in cash on closing. But the 7% BC PST charged on top of that premium IS cash, due at closing. On a $700K insured mortgage, that's about $1,700–$2,000 of cash that's easy to miss in a self-built closing budget.
• Is Property Transfer Tax financeable?+

  No. Property transfer tax cannot be added to your mortgage or covered by mortgage default insurance. It's due in cash on closing day. Your notary disburses it directly to the Province of BC from your closing-day deposit. The closing-day cash demand is generally PTT + legal + adjustments + PST on CMHC + inspection + moving — see the breakdown above.
• How does the first-time home buyer exemption affect closing costs?+

  The BC First-Time Home Buyer exemption (raised April 1, 2024) gives a full property transfer tax exemption up to $500,000 of fair market value, a fixed $8K reduction in the $500K–$835K band, and a phase-out to $0 at $860K. Above $860K the exemption doesn't apply. The toggle above auto-applies it to the PTT line in your closing total.
• What are typical BC legal fees?+

  BC notary fees on a residential purchase typically run $1,200–$2,000. Lawyer fees on the same file run $1,500–$2,500 (slightly higher because lawyers carry broader practice insurance and often handle complex chains). Title insurance adds another $300–$500. Get a quote from your notary or lawyer specific to your transaction.
• What about GST on new construction?+

  Newly built homes carry 5% federal GST on the purchase price. The GST New Housing Rebate refunds part of that for homes ≤ $450K and partially up to higher caps. This calculator currently doesn't model GST or the rebate — for a new-build closing budget, factor those in separately and confirm with your builder.

Related

• · What you can afford — max mortgage and purchase price
• · Mortgage payment calculator
• · Property Transfer Tax calculator (by area and buyer type)
• · Closing costs in BC — full reference guide
• · CMHC default insurance — full reference
• · BC Property Transfer Tax — full reference
• · The Tax reference in the Codex