Here’s what buying a new home in BC actually costs.

Most buyers budget for two numbers: the price and the down payment.

We like surprises just as much as anyone, but not when they involve unexpected out-of-pocket expenses. That’s why we’re breaking down exactly what you need to close on a new home in BC, and what you can expect to pay in your first 90 days of homeownership.

Yes, price and down payment are key. Check.

Then we need to look closely at the number your notary sends before completion. 

BC notary Rimpy Sadhra says the breakdown on your Statement of Adjustments is where she spends most of her time with buyers. “You want to know where all the money is going to,” she says.

Taxes: the biggest line and the biggest savings

If you buy a new home in BC, you’ll pay 5% GST. On an $800,000 home that’s $40,000.

But here’s the good news: eligible first-time buyers can get it back. The federal First-Time Home Buyers’ GST rebate returns all the GST on a new home worth up to $1 million, and part of it on homes priced up to $1.5 million.

To qualify for the GST rebate, you must:

• be 18 or older and a Canadian citizen or permanent resident
• not have lived in a home you or your spouse owned this year or in the previous four calendar years
• be buying the home to live in, and be the first person to live there
• have signed your purchase agreement on or after March 20, 2025

Then there’s property transfer tax: 1% on the first $200,000 and 2% on the rest, up to $2 million. On $800,000, that’s $14,000.

More good news: buying new can take that to zero. BC’s newly built home exemption covers the full tax on homes up to $1.1 million, and part of it up to $1.15 million. You don’t need to be a first-time buyer to qualify.

Put the two together, and a first-time buyer on an $800,000 new home could save about $54,000 in tax. At $1.1 million, it’s closer to $60,000.

Sadhra cautions that these exemptions come with conditions, and the province can audit your claim for up to seven years. So, know the rules before you claim.

Legal Fees and Disbursements

Sadhra’s ballpark for a condo or townhome under $1 million is about $2,500. That covers her fee plus third-party costs such as land title registration, title searches, strata forms and title insurance, which lenders now require. Tight timelines cost more, because strata forms need about a week’s notice and rush orders can come with fees.

Adjustments

Property tax, strata fees and utilities get split between you and the seller by date. Our post on what happens after your offer is accepted walks through every line.

Your first 90 days

• Insurance. Your strata insure the building. You still need your own policy, and your lender will want proof before it releases your mortgage.
• Monthly costs. Strata fees and property tax start at completion.
• Upkeep. The warranty covers defects, not maintenance.
• Moving in. Budget for movers, utility setup fees and any new furniture you need. 

Before you sign

Check your GST rebate and exemption eligibility early. Ask your realtor to confirm strata fees and property taxes. Do your own research on insurance costs and other move-in expenses. They will vary depending on your personal needs.  

Fast Facts

• GST rebate eligibility: Buyers must be 18 or older and a citizen or permanent resident. The rebate removes all of the GST on homes up to $1 million, phases out to $1.5 million, and applies to agreements signed on or after March 20, 2025.
• Four-year ownership test: The buyer can’t have lived in a home owned by them or their spouse in the current or previous four calendar years. The rebate is capped at $50,000.
• Primary residence and first occupant: The home must be the buyer’s primary residence, and the buyer must be the first to occupy it.
• Newly built home exemption: Full exemption up to $1,100,000, phasing out to $1,150,000.
• Transfer tax rates: 1% on the first $200,000, 2% up to $2,000,000.
• First-time buyer exemption: Covers the tax on the first $500,000 for homes up to $835,000, with a partial exemption to $860,000. A buyer can’t combine it with the newly built home exemption.

Sources: Canada Revenue Agency guidance on the First-Time Home Buyers’ GST/HST rebate, Province of BC guidance on property transfer tax exemptions, with expert input from Notary Public Rimpy Sadhra of West Coast Notaries, and realtor Chris Harburn of Oakwyn Realty Ltd.