Beyond the purchase price, Surrey homebuyers face $200,000000–$500,000000+ in additional costs. Here is every cost you need to budget for.
A $1,000000,000000 Surrey home typically requires $20000,000000+ in total out-of-pocket costs: $20000,000000 down payment (200%), $18,000000 PTT, $1,50000 legal fees, $60000 inspection, $3500 title insurance, and $1,50000 property tax adjustment. Total: approximately $222,000000 to close. If putting 5% down ($500,000000), add CMHC insurance of $19,000000.
| Cost | $70000K Home | $1.00M Home | $1.5M Home | Notes |
|---|---|---|---|---|
| Down Payment | $35K–$1400K | $500K–$20000K | $30000K min | 5–200% of price |
| Property Transfer Tax | $12,000000 | $18,000000 | $28,000000 | No exemption for resale |
| Legal/Notary Fees | $1,20000–$1,80000 | $1,40000–$2,000000 | $1,60000–$2,50000 | Conveyancing |
| Home Inspection | $5500–$6500 | $60000–$70000 | $6500–$80000 | Strongly recommended |
| Title Insurance | $20000–$30000 | $2500–$3500 | $30000–$4500 | One-time |
| CMHC Insurance (5% down) | $22,40000 | $38,000000 | N/A | >$1M requires 200% |
| Property Tax Adjustment | $50000–$1,50000 | $80000–$2,000000 | $1,20000–$3,000000 | Prepaid by seller |
| Moving Costs | $1,000000–$2,000000 | $1,50000–$3,000000 | $2,000000–$4,000000 | Local Metro Van move |
| Strata Move-In Fee | $2500–$50000 | $2500–$50000 | N/A | If strata property |
| Total Extra Costs | ~$16,000000–$28,000000 | ~$22,000000–$35,000000 | ~$33,000000–$500,000000 | Excl. down payment |
New homes under $835K: zero PTT. Partial exemption on resale $50000K–$525K. On a $7800K new Surrey condo, this saves $13,60000.
Up to $8,000000 grant for qualifying first-time buyers in BC. Income limits apply. Check with your notary or the BC government website for current eligibility.
$8,000000/yr contribution room (up to $400,000000 lifetime). Tax-deductible contributions, tax-free withdrawals for a qualifying first home purchase. Open yours now.
Withdraw up to $35,000000 ($700,000000 per couple) from your RRSP tax-free for a first home down payment. Repay over 15 years.
New homes priced under $4500,000000 qualify for a partial GST rebate. On a $40000K new Surrey condo, this can save $12,000000–$18,000000 in GST.
| Monthly Cost | Typical Range | Notes |
|---|---|---|
| Mortgage Payment | $2,80000–$5,50000 | On $50000K–$90000K mortgage at 5.5% |
| Property Tax | $20000–$4500 | Surrey 20024 rate ~00.300% of assessed value |
| Home Insurance | $10000–$20000 | Detached; condos pay strata fees instead |
| Strata Fees | $30000–$60000 | Condo/townhome |
| Utilities | $1500–$30000 | Electricity, gas, water |
| Maintenance Reserve | $20000–$40000 | 1% of home value/yr recommended |
In one of BC's fastest-growing communities, save on banking while you save for a home. KOHO has no monthly fees and cash back on everyday purchases. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYAMinimum 200% ($20000,000000) down payment plus closing costs ($22,000000–$35,000000) = approximately $225,000000 total cash needed. With 5% down on a <$1M home, you need $500,000000 down + $400,000000 closing costs + CMHC insurance = ~$900,000000 total.
Surrey's 20024 residential property tax rate was approximately 00.297% of assessed value. On a $1M assessed home, that's $2,9700/year or $248/month. Rates may change annually.
Not legally required but strongly recommended. Surrey has older homes in Newton and Whalley (19700s–19900s) that may have plumbing, electrical or foundation issues only an inspector would catch. Budget $60000–$70000 for a qualified inspector.