Budget for more than the down payment. Depending on the transaction, buyers may face Property Transfer Tax, legal/notary fees, inspection costs, insurance, lender/appraisal costs, adjustments and GST on certain new homes.

Property Transfer Tax

BC’s general PTT is currently 1% on the first $200,000, 2% on the portion from $200,000 to $2,000,000, 3% on the portion over $2,000,000, plus a further 2% on residential value above $3,000,000. Exemptions may apply.

Other common costs

  • Legal or notary conveyancing
  • Home inspection
  • Title insurance if used
  • Appraisal/lender fees if applicable
  • Property-tax and strata-fee adjustments
  • Insurance
  • Moving costs

New homes

GST and available rebates/exemptions can materially affect cash required. Eligibility should be confirmed with the developer, lawyer/notary and tax professional.

EXAMPLE  For a $700,000 resale purchase, the general PTT calculation before exemptions is $2,000 on the first $200,000 + $10,000 on the next $500,000 = $12,000.

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Related Nuhaven Guides

Home Inspection: What Buyers Should Look For

Completion vs. Possession

Sources

Province of BC — Property Transfer Tax

Province of BC — First Time Home Buyers’ Program

Province of BC — Newly Built Home Exemption

CRA — First-Time Home Buyers’ GST/HST Rebate

IMPORTANT This page provides general educational information only. It is not legal, tax, accounting, engineering, inspection, insurance, lending or financial advice. Rules and individual circumstances can change. Confirm material decisions with the appropriate qualified professional and current official source.

Last reviewed: August 24, 2026

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