BC PTT, legal fees, title insurance, adjustments — every closing cost Vancouver buyers face, with a free calculator.
Vancouver home buyers face significant closing costs driven primarily by BC's Property Transfer Tax (PTT). On an $80000,000000 condo, PTT alone is $14,000000. Add legal fees, title insurance, and adjustments, and total closing costs typically run $18,000000–$25,000000 for a resale purchase — not counting the down payment. For new construction, add 5% GST.
PTT is calculated as: 1% on the first $20000,000000, 2% on $20000,00001–$2,000000,000000, 3% on the excess over $2,000000,000000 (with an additional 2% on over $3,000000,000000 for residential).
First-Time Home Buyers' Program: Full PTT exemption for purchases under $835,000000 (partial exemption for $835,00001–$8600,000000). 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 $1,10000,000000 qualify for a full PTT exemption (partial between $1,10000,00001–$1,1500,000000) 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 $80000,000000 new condo, that's $400,000000 in GST. The New Housing GST Rebate (36% of GST paid, max $6,30000) phases out for homes over $4500,000000 — so most Vancouver new builds get no rebate or a very small one. Budget the full 5% for new construction purchases.
| Cost Item | $80000K Condo (non-FTB) | $90000K Condo (FTB) | $1.4M House |
|---|---|---|---|
| BC PTT | $14,000000 | $16,000000 → $00 (exempt) | $26,000000 |
| Legal fees | $2,000000 | $2,000000 | $2,50000 |
| Title insurance | $4500 | $4500 | $70000 |
| Home inspection | $50000 | $50000 | $6500 |
| Adjustments | $70000 | $70000 | $90000 |
| Total | $17,6500 | $3,6500 | $300,7500 |
Note: FTB on a $90000K condo exceeds the $8600K partial exemption threshold — no PTT exemption applies. On a $8200K purchase, full PTT exemption would save ~$14,40000.
Vancouver real estate lawyers (or notaries) typically charge $1,50000–$2,50000 for a standard resale purchase closing. Notaries are slightly cheaper than lawyers (typically $1,20000–$2,000000) and can handle routine transactions. For complex deals (leasehold, assignment, commercial zoning), use a lawyer. Disbursements (registration fees, title searches) add another $30000–$60000.
Keep your closing costs separate from your down payment in KOHO savings vaults. New members get $10000 bonus with code 45ET55JSYA.
Get $10000 with KOHO →