Closing Costs

BC Government Property Transfer Tax
  • The formula for the tax is 1% on the first $200,000 of the price, 2% to $2,000,000, 3% to $3,000,000 and 5% on the remainder.
  • Click here for the BC Government Property Transfer Tax calculator.
  • You may qualify for an exemption if you are a first-time buyer. Click here for exemption guidelines.
  • There is also a Newly Built Home Exemption that is available to repeat home buyers (not just limited to first-time buyers). 
  • This exemption waives the property transfer tax for newly built homes valued up to $750,000.
  • A partial exemption may be available for homes valued between $750,000 and $800,000.
  • For full eligibility guidelines and occupancy requirements, click here.
  • Additional Property Transfer Tax for Foreign Entities & Taxable Trustees
  • Tax is 20%.
  • Squamish, Whistler, Pemberton, Lillooet, and the Sunshine Coast, are NOT included in the catchment areas.
  • A detailed list of the areas for each region where the tax is applicable can be found here.
  • Only on residential property.
  • Legal Fees & Disbursements
  • Check with your local lawyer or notary for a quote on legal fees and availability.
  • You will want to know their estimated costs for 'fees & disbursements for conveyance & mortgage.'
  • Depending on your transaction(s), you can expect costs from $1,000 to $3,000.
  • Appraisals
  • Appraisals can range from $300 to $1,000 depending on the subject property and the location.
  • Property Tax & Utility Adjustments
  • You may have to reimburse the Seller for any property taxes & utilities they have prepaid, depending on your closing date.
  • Your lawyer or notary calculates these adjustments for you at closing.
  • Title Insurance
  • Title insurance is required by most lenders as a protection against fraud.
  • The cost can range from $200 to $400.
  • For more information on title insurance, click here.
  • Building Inspection
  • You may decide to have a building inspection done.
  • A qualified inspector will go through your new home and then provide a written detailed report with an analysis of the structure. Any areas of concern are highlighted.
  • The cost is approximately $500 - $1,000.
  • House Insurance for Fire & Contents
  • If you are buying a house or ½ duplex, you will have to purchase the necessary fire insurance coverage for your home. 
  • You can expect an approximate cost of $500 - $1,000.
  • If you are purchasing a condo or townhouse, fire insurance for the unit is covered through your strata fees.
  • For more detailed homeowner insurance information, click here.