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BBC PTT, legal fees, title insurance, adjustments: every closing cost Vancouver buyers face, with a free calculator./p>
Vancouver home buyers face significant closing costs driven primarily by BC's Property Transfer Tax (PTT). On an $800,000 condo, PTT alone is $14,000. Add legal fees, title insurance, and adjustments, and total closing costs typically run $18,000–$25,000 for a resale purchase — not counting the down payment. For new construction, add 5% GST.
PTT is calculated as: 1% on the first $200,000, 2% on $200,001–$2,000,000, 3% on the excess over $2,000,000 (with an additional 2% on over $3,000,000 for residential).
First-Time Home Buyers' Program: Full PTT exemption for purchases under $835,000 (partial exemption for $835,001–$860,000). Requirements: BC resident for 12 months, Canadian citizen or PR, never owned a principal residence anywhere in the world, must be principal residence.
Newly Built Home PTT Exemption: New homes under $1,100,000 qualify for a full PTT exemption (partial between $1,100,001–$1,150,000) if used as principal residence. This stacks with or replaces the FTB exemption — your lawyer will apply whichever is more beneficial.
New residential construction in BC is subject to 5% federal GST. On an $800,000 new condo, that's $40,000 in GST. The New Housing GST Rebate (36% of GST paid, max $6,300) phases out for homes over $450,000 — so most Vancouver new builds get no rebate or a very small one. Budget the full 5% for new construction purchases.
| Cost Item | $800K Condo (non-FTB) | $900K Condo (FTB) | $1.4M House |
|---|---|---|---|
| BC PTT | $14,000 | $16,000 → $00 (exempt) | $26,000 |
| Legal fees | $2,000 | $2,000 | $2,500 |
| Title insurance | $450 | $450 | $700 |
| Home inspection | $500 | $500 | $650 |
| Adjustments | $700 | $700 | $900 |
| Total | $17,6500 | $3,6500 | $300,7500 |
Note: FTB on a $900K condo exceeds the $860K partial exemption threshold — no PTT exemption applies. On a $820K purchase, full PTT exemption would save ~$14,400.
Vancouver real estate lawyers (or notaries) typically charge $1,500–$2,500 for a standard resale purchase closing. Notaries are slightly cheaper than lawyers (typically $1,200–$2,000) and can handle routine transactions. For complex deals (leasehold, assignment, commercial zoning), use a lawyer. Disbursements (registration fees, title searches) add another $300–$600.
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