New Westminster is one of Metro Vancouver's most affordable entry points for first-time buyers. Lower average prices mean PTT exemptions are more widely applicable, and lower mortgage amounts reduce CMHC insurance costs. This guide breaks down every closing cost for New Westminster buyers in 2025.
New West Advantage: A new condo at $625,000 in New Westminster costs a first-time buyer $0 in PTT (FTB new home exemption applies under $835K). The same scenario in Vancouver or Burnaby often involves higher prices that don't qualify, costing $10,500–$14,000+ in PTT.
New Westminster Closing Costs by Property Type
| Cost Item | Condo $600K (FTB New) | Condo $600K (General) | Townhouse $900K |
|---|---|---|---|
| Property Transfer Tax | $0 | $100 | $16,000 |
| Legal / Notary Fees | $1,400 | $1,400 | $1,800 |
| Home Inspection | $450 | $450 | $600 |
| Title Insurance | $250 | $250 | $350 |
| Strata Doc Review | $300 | $300 | $300 |
| Property Tax Adjustment | $400–$1,000 | $400–$1,000 | $600–$1,500 |
| Moving Costs | $1,200–$2,500 | $1,200–$2,500 | $2,000–$4,000 |
| CMHC Insurance (5% dn) | $22,500 | $22,500 | $33,750 |
| Total Estimate | ~$26,500 | ~$36,500 | ~$58,300 |
Key Closing Costs Explained
Property Transfer Tax (PTT)
$0 – $22,000+ for typical New West properties
BC PTT: 1% on first $200K, 2% on $200K–$2M. First-time buyers of new homes under $835K pay $0. Resale FTB exemption applies under $500K — more achievable in New West's Uptown and older condo market.
CMHC Mortgage Insurance
2.8% – 4.0% of insured mortgage
Required with less than 20% down. On a $570,000 mortgage (5% down on $600K condo), CMHC insurance is $22,500. Added to the mortgage balance — not due at closing.
Legal / Notary Fees
$1,200 – $2,500
Covers title transfer, mortgage registration, and statement of adjustments. New Westminster has several real estate law firms and notaries experienced in the local strata market.
Home Inspection
$400 – $750
Critical for older New West buildings, especially in Sapperton and Uptown where pre-1990 buildings may have deferred maintenance, asbestos, or plumbing issues.
Save on Banking in New Westminster
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Get KOHO Free — Use Code BREMO2026New Westminster vs. Burnaby: Cost Comparison
| Scenario | New Westminster | Burnaby (Metrotown) |
|---|---|---|
| Average condo price | ~$600,000 | ~$750,000 |
| PTT (general buyer) | $100 | $13,000 |
| PTT (FTB new home) | $0 | $0 |
| Down payment (5%) | $30,000 | $37,500 |
| CMHC insurance (5% dn) | $22,500 | $28,125 |
| Total typical closing costs | ~$26,500–$36,500 | ~$32,775–$45,775 |
Saving for a New Westminster Down Payment
With a $600,000 condo target, a 5% down payment is $30,000. Use the following strategy to save efficiently:
- Keep savings in EQ Bank at 4%+ — on $30,000, that's $1,200+/year in interest vs. ~$30 in a big bank
- Use a First Home Savings Account (FHSA) — contribute up to $8,000/year, tax-deductible, tax-free growth
- Maximize RRSP Home Buyers' Plan — withdraw up to $35,000 tax-free for a first home
- Eliminate banking fees with KOHO — save $180–$360/year that goes directly toward your down payment