08/14/2026
Buying your first home in BC? The down payment isn't the whole bill. 🏡
Closing costs here typically run 3–5% of the purchase price, here's everything that adds up. Swipe through 👉
1️⃣ Property Transfer Tax - Usually BC's biggest closing cost, due in full on closing day. It's calculated as 1% on the first $200,000 and 2% on the portion up to $2 million. Through the First-Time Home Buyers' Program, you may get a full exemption if the home is $500,000 or less, and a partial exemption for homes up to $835,000 (phasing out completely at $860,000).
2️⃣ CMHC Mortgage Default Insurance - Required if you're putting down less than 20%. The premium gets added to your mortgage total rather than being due as cash at closing, and it scales with your down payment (4% of the loan at 5% down).
3️⃣ Legal fees, title insurance & home insurance, Legal or notary fees run $1,200–$1,800, plus title insurance at $300–$500. Both are cash, due before you get the keys. And your lender won't release funds without proof of home insurance, so arrange it well before closing day, not the week of.
4️⃣ Inspection, appraisal & property tax adjustment - A home inspection runs around $750, and your lender may also require an appraisal, adding another $300–$500. On top of that, you'll reimburse the seller for property tax they've already paid past your closing date, anywhere from a couple hundred dollars to $2,000 or more.
👉 Budget an extra 3-5% for closing costs, kept in a fund separate from your down payment, before you start house hunting.
