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BC Real Estate Closing Costs

On a $1,000,000 BC home you pay $18,000 in Property Transfer Tax on closing day, about 1.8% of the price. Legal fees and title insurance add roughly $1,700 to $3,000. All of it is cash, on top of your down payment.

What the tax and fees come to at four prices

The tax rate steps up at $2,000,000 and again at $3,000,000, so it takes a larger share of a higher price. These are example prices, not sales.

Property Transfer Tax and the main closing-day fees at four prices
PriceTransfer taxShare of priceWith legal and title fees
$1,000,000$18,0001.8%$19,700 to $21,000
$1,500,000$28,0001.9%$29,700 to $31,000
$2,400,000$50,0002.1%$51,700 to $53,000
$3,500,000$93,0002.7%$94,700 to $96,000

Tax is the general Property Transfer Tax with no exemption. The last column adds the legal range of $1,500 to $2,000 and the title insurance range of $200 to $1K. Inspection, appraisal and adjustments are left out because they vary by home.

The closing-day cash calculator adds every line, including adjustments, GST and the deposit you already paid.

The lines, one by one

  • Property Transfer Tax: 1% on the first $200,000, 2% on the next $1,800,000, 3% on the next $1,000,000, and 5% on the residential portion above $3,000,000. The buyer pays it when the transfer is registered. See the Property Transfer Tax guide.
  • Legal or notary fees: typically $1,500 to $2,000 for a routine purchase. Registration fees and other disbursements are extra.
  • Title insurance: about $200 under $800K, about $1K from $1.5M, and $200 to $1K in between. It is its own line on the Statement of Adjustments.
  • Adjustments: property tax, strata fees and utilities are split at the completion date. The line is a credit or a debit, depending on who has paid ahead.
  • Home inspection and appraisal: paid to the inspector or the lender’s appraiser, before completion. Get quotes, because the price depends on the home.
  • GST: 5% on a new home from a builder, with rebates for some buyers. Resale homes are generally exempt. See the GST rebate guide.
  • Mortgage default insurance: added to the mortgage when your down payment is under 20%, so it is not a cash line. See the guide to default mortgage insurance. The CMHC premium is 2.80% of the loan with 15% to 20% down, 3.10% with 10% to 15% down, and 4.00% with 5% to 10% down. An insured mortgage needs a purchase price below $1,500,000.

If you are a first-time buyer or buying new

The first-time buyer program removes the transfer tax on the first $500,000 of price, and it ends at $860,000. A home at or under $500,000 pays none. From $500,000 to $835,000 the exemption is $8,000. It phases out between $835,000 and $860,000. At $1,000,000 it saves nothing.

The newly built home exemption is full to $1,100,000 and ends at $1,150,000. Choose one: if you applied for the first-time program but want the newly built one, contact the Property Transfer Tax office. Both need a Canadian citizen or permanent resident who will live in the home. Foreign buyers get neither.

If you are buying a strata home

A strata corporation can charge up to $35 for the Form B Information Certificate, plus up to 25 cents a page for copies. Ask the strata about a move-in fee, because its bylaws set it.

Ask for the depreciation report. A strata in the Capital, Fraser Valley or Metro Vancouver regional districts with none since December 31, 2020 had to get one before July 1, 2026. Elsewhere the date is July 1, 2027.

If you are a foreign buyer

A foreign national, foreign corporation or taxable trustee pays an extra 20% on the residential value in five regional districts. They are Metro Vancouver, Capital, Fraser Valley, Nanaimo and Central Okanagan. On a $1,000,000 home that is $200,000 on top of $18,000. The tax applies to the share of title you take. A separate federal ban on buying residential property is covered in the foreign buyer ban guide.

Common questions about BC closing costs

  • How much cash does a BC buyer need on closing day?
    Plan on the down payment plus Property Transfer Tax, legal fees and title insurance. Property Transfer Tax is $18,000 on a $1,000,000 home and $28,000 on $1,500,000. Legal fees add $1,500 to $2,000 and title insurance adds $200 to $1K. A property tax adjustment, a home inspection and any strata fees come on top, and their size depends on the home. Source: Province of BC, Property Transfer Tax (gov.bc.ca).
  • What closing costs can be added to the mortgage?
    Only the mortgage default insurance premium, and only when your down payment is under 20%. The lender adds it to the loan, so it is not a cash line on closing day. Property Transfer Tax, legal fees, title insurance and adjustments are paid in cash, so confirm with your lender before assuming otherwise. Source: CMHC, mortgage loan insurance cost (cmhc-schl.gc.ca).
  • What is the typical legal or notary fee for a BC home purchase?
    A routine purchase typically costs $1,500 to $2,000 in lawyer or notary fees. No regulator publishes a range, so this is a typical figure and not a schedule. Registration fees and other disbursements are extra. A corporate buyer, agricultural land or an assignment costs more, so ask for an itemized quote. Source: none published; the range is a typical figure for a routine purchase.
  • Do I need title insurance in BC?
    The law does not require it. A lender or your lawyer may ask for it. The premium is one-time and shows as its own line on your Statement of Adjustments: about $200 under $800K, about $1K from $1.5M, and $200 to $1K in between. Read what a policy covers before you rely on it. Source: none published; the premiums are typical amounts seen on statements of adjustments.
  • How should I budget for the property tax adjustment?
    Your lawyer splits the year’s property tax at the completion date. If the seller has already paid the bill, you repay their share for the days after completion. If the bill is not yet paid, the seller credits you for their share, because you will pay the full bill. The line can be a credit or a debit, and the exact figure is on your Statement of Adjustments. Source: your lawyer’s Statement of Adjustments; the Province sets property tax due dates (gov.bc.ca, annual property tax).
  • What strata-specific costs apply when buying a strata unit?
    The strata corporation may charge up to $35 for the Form B Information Certificate, plus up to 25 cents a page for copies. The move-in fee, if there is one, is set by the strata’s bylaws, so ask the strata. A strata in the Capital, Fraser Valley or Metro Vancouver regional districts that had no depreciation report since December 31, 2020 had to get one before July 1, 2026. Ask for the latest report. Source: Strata Property Regulation, B.C. Reg. 43/2000, ss. 4.4 and 6.21 (bclaws.gov.bc.ca).
  • Are GST or PST payable on a BC home purchase?
    GST of 5% applies to a new or substantially renovated home bought from a builder. Federal rebates may return some of it. A sale of a previously occupied home is generally exempt from GST. BC charges no PST on the home, and no provincial sales tax on the mortgage default insurance premium. Source: CRA, GST/HST Memorandum 19-2-1 (canada.ca); CMHC, mortgage loan insurance cost (cmhc-schl.gc.ca).
  • How do closing costs differ for first-time home buyers?
    The first-time buyer program removes the transfer tax on the first $500,000 of price. A home at or under $500,000 pays none. From $500,000 to $835,000 the exemption is $8,000. It phases out to nothing at $860,000. On a $700,000 home that cuts $12,000 of tax to $4,000. Source: Province of BC, first time home buyers’ program (gov.bc.ca).
Sources(11)

Also drawn from: Government of British Columbia, BC Laws, Canada Mortgage and Housing Corporation, Canada Revenue Agency.

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Last reviewed by Bronson Job PREC, REALTOR®. Licence CC BY 4.0. How we verify.

I’m Bronson Job, a REALTOR® (PREC) with Momentum Realty Inc., so I earn a commission when I help someone buy or sell. This is general information, not advice on your situation, and I take no payment from any third party named here. How I verify.