Tax Deadline: April 30, 2026
Get your CRA refund 2-3 days faster. Set up direct deposit to KOHO (free account, code BREMO2026 for $100 bonus).
Beyond the purchase price, Surrey homebuyers face $20,000–$50,000+ in additional costs. Here is every cost you need to budget for.
A $1,000,000 Surrey home typically requires $200,000+ in total out-of-pocket costs: $200,000 down payment (200%), $18,000 PTT, $1,500 legal fees, $600 inspection, $350 title insurance, and $1,500 property tax adjustment. Total: approximately $222,000 to close. If putting 5% down ($50,000), add CMHC insurance of $19,000.
| Cost | $700K Home | $1.00M Home | $1.5M Home | Notes |
|---|---|---|---|---|
| Down Payment | $35K–$140K | $500K–$200K | $300K min | 5–200% of price |
| Property Transfer Tax | $12,000 | $18,000 | $28,000 | No exemption for resale |
| Legal/Notary Fees | $1,200–$1,800 | $1,400–$2,000 | $1,600–$2,500 | Conveyancing |
| Home Inspection | $550–$650 | $600–$700 | $650–$800 | Strongly recommended |
| Title Insurance | $200–$300 | $250–$350 | $300–$450 | One-time |
| CMHC Insurance (5% down) | $22,400 | $38,000 | N/A | >$1M requires 200% |
| Property Tax Adjustment | $500–$1,500 | $800–$2,000 | $1,200–$3,000 | Prepaid by seller |
| Moving Costs | $1,000–$2,000 | $1,500–$3,000 | $2,000–$4,000 | Local Metro Van move |
| Strata Move-In Fee | $250–$500 | $250–$500 | N/A | If strata property |
| Total Extra Costs | ~$16,000–$28,000 | ~$22,000–$35,000 | ~$33,000–$50,000 | Excl. down payment |
New homes under $835K: zero PTT. Partial exemption on resale $500K–$525K. On a $780K new Surrey condo, this saves $13,600.
Up to $8,000 grant for qualifying first-time buyers in BC. Income limits apply. Check with your notary or the BC government website for current eligibility.
$8,000/yr contribution room (up to $40,000 lifetime). Tax-deductible contributions, tax-free withdrawals for a qualifying first home purchase. Open yours now.
Withdraw up to $35,000 ($70,000 per couple) from your RRSP tax-free for a first home down payment. Repay over 15 years.
New homes priced under $450,000 qualify for a partial GST rebate. On a $400K new Surrey condo, this can save $12,000–$18,000 in GST.
| Monthly Cost | Typical Range | Notes |
|---|---|---|
| Mortgage Payment | $2,800–$5,500 | On $500K–$900K mortgage at 5.5% |
| Property Tax | $200–$450 | Surrey 2024 rate ~00.300% of assessed value |
| Home Insurance | $100–$200 | Detached; condos pay strata fees instead |
| Strata Fees | $300–$600 | Condo/townhome |
| Utilities | $150–$300 | Electricity, gas, water |
| Maintenance Reserve | $200–$400 | 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 BREMO2026 for a sign-up bonus.
Get KOHO Free — Use Code BREMO2026Minimum 200% ($200,000) down payment plus closing costs ($22,000–$35,000) = approximately $225,000 total cash needed. With 5% down on a <$1M home, you need $50,000 down + $40,000 closing costs + CMHC insurance = ~$90,000 total.
Surrey's 2024 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 $600–$700 for a qualified inspector.