BC Closing Costs Calculator

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, and prorated adjustments to the seller (property tax, utilities, strata fees they prepaid). The down payment is separate from closing-day cash, it goes to the seller via the notary alongside these.
• Does the mortgage insurance premium add to closing-day cash?

  No. The mortgage default insurance premium (2.8%–4.0% of the mortgage on insured deals, plus 0.20% on an amortization longer than 25 years) rolls into the mortgage principal, you don't pay it in cash on closing. On a $700K insured mortgage the premium runs $19,600 to $28,000 depending on the down payment. It shows up as a larger mortgage and a higher monthly payment, which is why "The whole picture" above counts it as borrowed money.
• Does the total include the mortgage?

  The headline figure is cash on completion day only. Below it, "The whole picture" carries the same purchase through the mortgage: what the home costs all in, how that splits between cash and borrowed money, and what the borrowed half costs to carry at a rate and amortization you set. The last line, cash at completion plus every payment, assumes the rate holds for the whole amortization, which no BC mortgage does. Terms run five years or less and renew at whatever the market offers, so read it as what today's rate would cost if it lasted, not as a forecast.
• 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 + 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, and where did the title-insurance field go?

  BC notary and lawyer fees on a residential purchase typically run $1,500 to $2,000, higher on complex chains. Title insurance adds $300–$500, and your notary or lawyer places the policy and bills it on the same invoice, which is why it is folded into the one field above rather than asked for separately. The $1,800 default is a conveyancing fee plus a standard policy. Get a quote specific to your transaction; a leasehold, a manufactured home or a chain of assignments costs more.
• What about GST on new construction?

  Newly built homes carry 5% federal GST on the purchase price, and it is usually the largest single item on a new-build closing. Tick "newly-built home" above and the calculator charges it and applies whichever rebate you qualify for. Two rebates exist and they do not stack. The GST New Housing Rebate returns 36% of the GST up to a $350,000 price and pays nothing at $450,000 or above. Those thresholds were set in 1991 and never indexed, so in this market it is almost always zero. The First-Time Home Buyers' GST Rebate, brought in by Bill C-4 and in force since March 2026, removes the whole 5% up to a $1,000,000 price and tapers to nothing at $1,500,000, capped at $50,000; the buyer must be a first-time buyer, must live in the home, and the purchase agreement must be dated on or after March 20, 2025. Resale homes carry no GST at all.