Mortgage · British Columbia
BC closing costs calculator 2026.
Property transfer tax, exemptions, legal fees, title insurance, GST on new builds and the CMHC premium, in one cash-to-close estimate.
On a $750,000 BC resale home the property transfer tax is $13,000, and total cash to close is about $16,000 with typical legal, title insurance, inspection and appraisal estimates. Change the inputs below. Figures use the primary sources listed on this page, as of October 2026.
Inputs
Cash to close
Fill the form and press Calculate.
BC property transfer tax tiers and exemptions (as of October 2026)
| Fair market value slice | Rate |
|---|---|
| First $200,000 | 1% |
| $200,000 to $2,000,000 | 2% |
| Over $2,000,000 | 3% |
| Residential value over $3,000,000 | further 2% on top |
Source: BC Government property transfer tax page, updated December 3, 2025.
- First time home buyers: exempts the first $500,000 where fair market value is $835,000 or less, with a partial exemption up to $860,000 (effective April 1, 2024). Maximum relief is $8,000. Source: BC Government, updated June 20, 2025. Requirements include being a citizen or permanent resident and never having owned a principal residence.
- Newly built homes: full exemption up to $1,100,000, phasing out to $1,150,000 (effective April 1, 2024). Source: BC Government, updated January 6, 2026. The calculator applies the larger of this and the first-time exemption if both boxes are ticked; it does not add them.
- Foreign buyers: an additional 20% on the foreign entity’s share of residential property in specified areas (Metro Vancouver, Capital Regional District, Fraser Valley, Central Okanagan, Nanaimo). Not calculated here: use the BC property transfer tax calculator. Source: BC Government, updated June 20, 2025.
Worked example: $750,000 in BC
Resale, 20% down ($150,000), so no CMHC premium. Property transfer tax: 1% x $200,000 = $2,000, plus 2% x $550,000 = $11,000, total $13,000. Using the default planning estimates (legal $1,800, title insurance $350, inspection $500, appraisal $350) the cash-to-close estimate is $16,000. A first-time buyer at $750,000 saves $8,000 of the tax (the first $500,000: $2,000 + $6,000), and a newly built home at $750,000 pays no property transfer tax but owes GST.
Insured vs uninsured: the CMHC premium
With less than 20% down the mortgage must be insured. The premium is a percentage of the loan by loan-to-value: 0.60% (up to 65%), 1.70% (65.01–75%), 2.40% (75.01–80%), 2.80% (80.01–85%), 3.10% (85.01–90%) and 4.00% (90.01–95%), per CMHC’s premium table. This calculator shows the premium separately because it is normally added to the mortgage rather than paid in cash. The 30-year amortization surcharge and non-traditional down payment rate are not modelled. Ontario, Quebec and Saskatchewan also charge provincial sales tax on the premium, due in cash; that does not apply to BC in this tool. See the CMHC premium calculator.
GST on new builds
New homes are generally subject to 5% federal GST, usually quoted in the builder’s contract and sometimes included in the price; rebates may apply. Confirm with the builder and the CRA GST/HST guidance. When you tick “Newly built home” this tool adds 5% of the price you entered as GST, before any rebate, so enter the price excluding GST.
Sources and as-of dates
- BC Government: Property transfer tax (rates, further 2% over $3,000,000; page updated December 3, 2025).
- BC Government: First time home buyers’ exemption (page updated June 20, 2025).
- BC Government: Newly built home exemption (page updated January 6, 2026).
- BC Government: Additional property transfer tax (20% foreign buyers, page updated June 20, 2025).
- Legal, title insurance, inspection and appraisal ranges: TNAADO planning estimates, October 2026. Not published rates.
Related: mortgage payment, land transfer tax, CMHC premium, down payment.
BC closing costs FAQ
How much are closing fees in BC?
On a $750,000 resale home the property transfer tax is $13,000 (1% of the first $200,000 is $2,000, plus 2% of the next $550,000 is $11,000). Add legal fees, title insurance, inspection and appraisal estimates. As a rule of thumb closing costs run roughly 1.5% to 4% of the price, and in BC the property transfer tax is the largest line.
Are closing costs tax deductible?
Generally not for your own home. Closing costs on a principal residence are not deductible against employment income, but some costs can be added to the cost base of the property and reduce a capital gain if the property is ever sold on a non-exempt basis. For a rental property, some costs may be deductible or added to cost base. Ask an accountant or check the CRA guidance.
Who pays closing costs, the buyer or the seller?
In BC the buyer pays the property transfer tax, the buyer’s legal or notary fees, title insurance and any lender fees. The seller typically pays the realtor commission and their own legal fees and mortgage discharge costs. Property tax and utility adjustments are split by the possession date.
When are closing costs due?
On the completion date, or in practice a few days before: your lawyer or notary needs the funds, including the property transfer tax, in trust before the title is registered. Only the deposit is paid earlier. CMHC premiums are normally added to the mortgage rather than paid in cash.
Is there a property transfer tax exemption for first-time buyers in BC?
Yes. The first time home buyers exemption removes the tax on the first $500,000 for homes of $835,000 or less, phasing out to nothing at $860,000 (effective April 1, 2024). Newly built homes are fully exempt up to $1,100,000, phasing out at $1,150,000. The two are not combined.
Not financial or legal advice
Estimates for education only, not financial, tax or legal advice. Rules change and eligibility depends on facts this tool cannot assess. Confirm exact figures with your lawyer or notary and lender before closing.