H & S Real Estate Group
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We built a free tool so you don’t have to do this math manually. Our Buyer Closing Cost Calculator automatically updates with the latest 2026 PTT brackets and GST rebates.
How to use it:
Stop guessing. Run your specific numbers to see exactly how much cash you need on closing day.
Disclaimer: The figures provided by our calculator are estimates for planning purposes only and may not reflect your exact financial obligations. Final closing costs can vary significantly based on specific contract terms, tax rule changes, and your unique personal situation. We strongly recommend consulting with a qualified real estate lawyer or notary to verify your final “cash to close” requirements before removing subjects.
Example Scenarios
| Cost Component | $800K Resale Condo | $800K New Construction |
|---|---|---|
| Down Payment (20%) | $160,000 | $160,000 |
| GST (5%) | $0 | $40,000 |
| PTT | $14,000 (Or $6,000 if exempt) | $14,000 (Or $0 if exempt) |
| Legal/Misc | $1,500 – $2,000 | $1,500 – $2,000 |
| Adjustment | $1,500 – $2,000 | $1,500 – $2,000 |
| Total Closing Costs | $9,000 – $17,000 | $43,000 – $57,000 |
The home buyer’s closing costs are the one-time fees they must pay to finalize the home purchase. They cover everything from taxes to legal paperwork, and unlike your mortgage, they cannot be financed—you have to pay them in cash.
Most buyers spend months saving for a down payment, obsessing over interest rates, and calculating monthly payments. But right before the finish line, they get hit with a bill they didn’t plan for.
Imagine finding your dream home in Vancouver, getting your offer accepted, and then scrambling to come up with an extra $30,000 just days before you get the keys. If you don’t have the liquidity, the deal collapses. It happens more often than you think because online mortgage calculators rarely include these hidden fees.
In Vancouver, you should budget 2%–5.5% of the purchase price for buyer’s closing costs.
That is a massive variance. The difference comes down to one main factor: whether you are buying a Resale home or a New Construction home. Purchasing a pre-owned condo might cost you around 2% in closing fees, while buying a brand-new presale unit could push that number to over 5% due to taxes like GST.
Knowing exactly which bucket you fall into is the only way to avoid a last-minute financial panic.
Before we calculate the final number, you need to know precisely what you are paying for. Closing costs aren’t just one hefty fee; they are a collection of taxes, legal duties, and service charges.
The Property Transfer Tax (PTT) is a BC provincial fee that applies whenever a property changes hands. It is typically the most significant single closing cost for buyers in Vancouver. This tax is calculated based on the fair market value of the property using a tiered system:
Example: On an $800,000 home, you would pay 1% on the first $200k ($2,000) plus 2% on the remaining $600k ($12,000), for a total PTT bill of $14,000.
If you are a first-time buyer purchasing an existing home, you may qualify for relief:
If you are buying a brand-new home (presale or newly constructed), the thresholds are higher to account for GST costs:
This is where buying new can get expensive.
If you are buying a resale home (one that has been lived in before), you generally do not pay GST. The price you see is the price you pay.
However, if you are buying a newly constructed home or a presale, you must pay the federal 5% GST on top of the purchase price. On an $800,000 condo, that is an extra $40,000 due at closing.
If you plan to use the new home as your primary residence, you may qualify for a rebate to get some of that tax back.
You cannot close a real estate deal in BC without a legal professional.
Whether you hire a real estate lawyer or a notary public, their job is to handle the “conveyance”—transferring the title from the seller to you. This includes registering the new mortgage, adjusting property taxes, and ensuring the seller has cleared any debts on the property so you get a clean title.
Expect to pay between $1,500 and $2,500 for this service. This fee isn’t just for their time; it typically includes the actual registration costs charged by the Land Title Office (approx. $78) and other administrative disbursements. While notaries are often slightly cheaper for straightforward deals, lawyers are better equipped to handle complex disputes if they arise.
While technically optional, skipping this step is a massive risk. A professional inspection gives you a “health check” on the property’s major systems—roof, electrical, plumbing, and foundation—before you remove your subjects.
Costs typically range from $500 to $1,200, depending mainly on the size and complexity of the home (e.g., a large detached house with a crawlspace costs more than a 1-bedroom condo).
Think of this as an investment, not a fee. If an inspector finds a $15,000 roofing issue, you can use that information to negotiate the price down or walk away entirely, saving you a fortune in the long run.
Lenders want proof that the house actually sits within the property lines and doesn’t encroach on a neighbour’s land.
Decades ago, you would hire a surveyor to draw a map of the lot. Today, almost all lenders accept Title Insurance instead. This is a one-time policy that protects both you and the lender against title defects, survey errors, and even mortgage fraud.
It is faster, cheaper, and better at covering more risks than a traditional survey. Expect to pay between $500 and $1,000, which your lawyer or notary usually arranges as part of the closing process.
Your bank needs to confirm that the home is actually worth what you agreed to pay. If you offer $900,000 but the bank’s appraiser says it’s only worth $850,000, the bank will only lend based on the lower amount.
An appraisal typically costs between $500 and $1,000.
Sometimes, if you have excellent credit or are working with a major bank, the lender may waive this fee or cover it for you as a perk. However, you should always budget for it just in case. Note that this report belongs to the bank, not you—even if you pay for it, you rarely get to see the full details.
If your down payment is less than 20%, you are legally required to purchase mortgage default insurance (commonly called CMHC insurance).
This is a high cost—often 2.8% to 4% of your total mortgage amount—but unlike other closing costs, you do not pay this upfront. Instead, the premium is added to your mortgage balance and paid off over the life of your loan.
However, there is one small cash cost you do pay at closing: the Provincial Sales Tax (PST) on the insurance premium. While the insurance itself is financed, the tax on it (7% in BC) must be paid in cash at the lawyer’s office. For a typical high-ratio mortgage, this tax can amount to $1,000–$2,000.
These are the pro-rated bills you need to reimburse the seller for.
If the previous owner already paid the property taxes for the entire year, but you move in on July 1st, you effectively “owe” them for the six months you will be living there. Your lawyer calculates this to the penny and adds it to your closing statement.
The same applies to:
While these amounts vary depending on when you buy, a safe rule of thumb is to budget roughly 0.2% of the purchase price for adjustments.
No. Except for CMHC insurance premiums, you cannot roll closing costs into your mortgage. Lenders will finance the home’s value. Still, they expect you to have separate liquid funds to cover the Property Transfer Tax, legal fees, and adjustments. This money must be available in your bank account before your completion date. If you show up to your lawyer’s office without the cash draft for these fees, the deal cannot close. Always budget for these costs in addition to your down payment, not as part of it.
You don’t pay these fees when you make an offer or when you move in. Closing costs are due 1–2 business days before your completion date. You will have an appointment with your lawyer or notary to sign the final transfer documents. At this meeting, you must provide a bank draft (certified funds) for the total “balance to complete.” This single payment covers your down payment (minus the deposit you already paid) plus all your closing costs—PTT, legal fees, and adjustments. Once the lawyer has these funds, they will register the transfer on the official completion day.
Most buyers focus entirely on the purchase price, but the “cash to close” is the number that actually gets you the keys.
If you are buying an $800,000 home, the difference between having $160,000 (just the down payment) and $175,000 (down payment + closing costs) is the difference between a successful purchase and a collapsed deal.
Don’t let a $15,000 surprise ruin your financial plan. Map out every fee—from the massive Property Transfer Tax down to the small title insurance premium—before you write an offer.
What does your final number look like? Run your scenario through our Buyer Closing Cost Calculator to get a precise estimate.
Sam Huang PREC
H & S Real Estate Group
Real Estate Coal Harbour
RE/MAX Select Properties
Address: 5487 West Boulevard, Vancouver BC V6M 3W5, Canada
Phone: 778-991-0649
WeChat: ubchomes
QQ: 2870029106
Email: Contact Me