Closing Cost Estimator

When you buy a home in BC, the cheque you hand to your notary on completion day covers two very different buckets of money. The first is your down payment — the equity portion of the purchase price that reduces how much you borrow. The second is your closing costs — the taxes, professional fees, and calendar-based adjustments that make the ownership transfer legal and official.

Lenders do not finance closing costs. They can only advance money toward the property itself, and only after the deal is already structured. This means you need liquid cash — fully available in your bank account by completion — to cover every item on the closing statement. Your total cash to close is both buckets combined.

As a rule of thumb: once you know the purchase price you are targeting, divide it by 100 and multiply by two for the low end (2%), or by three for the higher-end scenario (3%). That is your closing-cost reserve. Keep it in a high-interest savings account or TFSA that is not committed to the down payment.

Here is every item that can appear on a BC buyer's Statement of Adjustments and closing statement, in rough order of size:

Property Transfer Tax (PTT)

The largest single closing cost for most buyers. PTT is a one-time provincial tax the buyer pays to register the transfer at the Land Title Office. It is calculated on marginal brackets — not a flat rate — and applies to fair market value (generally the purchase price). Exemptions exist for first-time buyers and newly built homes; see the next section for the full breakdown.

Legal / Notary Fees and Disbursements ($1,300–$2,500)

A conveyancing lawyer or notary public handles the title search, prepares the Statement of Adjustments, registers the mortgage, transfers the title at the LTSA, and holds funds in trust until keys are handed over. The all-in quote includes disbursements: LTSA registration fees, title searches, couriers, and photocopying. Ask for a written estimate before hiring — fees vary by firm and property complexity.

Title Insurance ($200–$500)

A one-time lender's policy (required by your mortgage lender) and an optional owner's policy protect against title fraud, survey errors, or encumbrances that a search missed. Your lawyer orders it; premium depends on the insurer and purchase price.

Home Inspection ($400–$700)

A licensed inspector assesses the visible condition of the structure, systems, and appliances. Not legally required, but virtually always recommended on resale purchases. Paid directly to the inspector, typically before or at the inspection appointment.

Appraisal ($300–$500)

Some lenders require an independent appraisal to confirm the property's value supports the mortgage amount. Often waived on insured mortgages or when lenders use internal automated valuation models. If required, it is paid to the appraiser before or at funding.

Strata Documents (Form B ~$35 + pages; Form F)

If you are buying a strata unit (condo or townhouse), your offer will typically include a condition to review strata documents. The strata corporation charges a maximum of $35 plus $0.25 per page for the depreciation report, bylaws, minutes, and Form B (which discloses the unit's strata ledger, special levies, and restrictions). Form F confirms no money is owed to the strata by the seller — required to complete the transfer. Rush fees are common and typically add ~$50.

GST (5% — new builds only)

Federal GST applies to new or substantially renovated homes only. Resale properties are exempt. On a $700,000 new presale condo, GST adds $35,000 — though most presale contracts include the GST in the listed price, and a partial new housing rebate may apply. Confirm with your lawyer whether the price is GST-inclusive.

Property Tax and Utility Adjustments (~0.2% of price)

If the seller has pre-paid property taxes or utility bills that extend past completion day, you reimburse them on the Statement of Adjustments. Conversely, if taxes are outstanding, the credit flows the other way. The exact figure is calendar-dependent and finalized by your notary a few days before completion — the 0.2% placeholder in this calculator is a reasonable starting estimate for annual property taxes on a typical Burnaby home.

CMHC / Sagen / Canada Guaranty Premium

If your down payment is less than 20%, your lender requires mortgage default insurance. The premium — 4.00% at 5% down, 3.10% at 10%, 2.80% at 15% — is added directly to your mortgage balance, not charged at closing. In BC (unlike Ontario, Quebec, Manitoba, and Saskatchewan), no PST applies. It is not a cash-to-close cost.

Home Insurance Binder (~$30–$70/month for a condo)

Your lender will require proof of home or fire insurance before advancing funds. You arrange this before completion; the first premium is often a few hundred dollars for the balance of the month or year.

Moving Costs (a few hundred to ~$2,000+)

Not a legal closing cost, but a real cash outflow at the same time. Local Burnaby moves run $500–$1,500; cross-province or large-house moves can easily exceed $3,000.

PTT is almost always the largest closing cost — and the one buyers most consistently underestimate. It is calculated using the same marginal-bracket approach as income tax, so you pay each rate only on the slice of the price within that bracket:

• 1% on the first $200,000 of fair market value
• 2% on the portion from $200,000 up to $2,000,000
• 3% on the portion above $2,000,000
• An additional 2% on the residential portion above $3,000,000 (making that band effectively 5%)

The result on a $900,000 Burnaby townhouse: $16,000 (1% × $200,000 + 2% × $700,000). On a $1,500,000 detached home: $28,000. These are real, non-negotiable cash items payable at completion.

Most resale buyers in Burnaby land in the 1.5%–4% range for closing costs expressed as a percentage of purchase price. Here is what pushes you toward the higher end of that band — or beyond it:

• New build: GST at 5% is on top of everything else. A $900,000 presale at market value adds $45,000 in GST — transforming a 2% total into 7%+ before any rebate.
• Foreign buyer: The 20% Additional PTT dwarfs all other costs and can push the effective rate well above 20%.
• Large tax adjustments: If the seller pre-paid Burnaby's annual property taxes in full in January and your completion is in September, you owe them roughly eight months of taxes — that can be $3,000–$5,000+ on a higher-value home.
• Strata surprises: A special levy assessed but not yet collected, or a strata document rush fee, adds unexpected cash at the last moment.

First-time buyers often land below 1.5% on a qualifying resale property, because the PTT exemption can reduce their biggest cost to zero or near-zero.

Repeat buyer, Canadian citizen, 20% down payment ($180,000), resale strata townhouse in Burnaby. No GST (resale), no PTT exemption.

Add the $180,000 down payment and the total funds required at your notary's trust account is approximately $202,050 — about 22.4% of the purchase price. If this same buyer were a first-time buyer at a price of $835,000, the PTT exemption would save up to ~$8,000, reducing the PTT line to roughly $6,700 instead of $13,300.

BC and the federal government both offer programs that reduce how much you need to bring to closing day. Here is the current stack:

BC First-Time Home Buyers' PTT Exemption

On transfers registered on or after April 1, 2024, the exemption works as follows:

• Price at or below $835,000: the tax is reduced by $8,000 (or by the full PTT amount if PTT is less than $8,000, which applies to prices below roughly $500,000).
• Price between $835,000 and $860,000: the $8,000 benefit is proportionally reduced — $8,000 × (($860,000 − price) ÷ $25,000).
• Price at $860,000 or above: no exemption.

To qualify: you must be a Canadian citizen or permanent resident, have lived in BC for 12 consecutive months before registration (or filed at least two BC income tax returns in the last six years), have never owned a principal residence anywhere in the world, plan to move in within 92 days, and occupy the home as your principal residence for at least the first year.

RRSP Home Buyers' Plan (HBP)

Withdraw up to $60,000 per person from your RRSP tax-free to fund your down payment. Repayments begin the second year after withdrawal and are spread over 15 years. If you miss a repayment year, that year's amount is added to your income. Partners can each use the HBP — a combined $120,000 available to a couple buying together.

First Home Savings Account (FHSA)

Contribute up to $8,000 per year to a lifetime maximum of $40,000. Contributions are tax-deductible (like an RRSP); qualifying withdrawals for a first home are tax-free (like a TFSA). No repayment required — once drawn for a qualifying home, the money is yours. The FHSA and HBP stack: a single buyer could deploy $40,000 from the FHSA plus $60,000 from the HBP for a combined $100,000 toward a down payment.

First-Time Home Buyers' GST Rebate (new builds only)

For purchase agreements signed on or after March 20, 2025 and before 2031, first-time buyers of new residential property priced up to $1,000,000 can receive a GST rebate of up to $50,000, phasing out between $1,000,000 and $1,500,000. This applies to new construction only — not resale. Confirm eligibility with a lawyer or the CRA before relying on this figure.