Get an itemized estimate of every closing cost when buying a condo in BC — PTT, GST, legal fees, strata adjustments, and more. Updated for 2025.
Enter your purchase details to see a line-by-line breakdown of estimated closing costs. All calculations use current BC rules including 2025 PTT exemption thresholds.
When you buy a condo in BC, the purchase price is just the starting point. Closing costs — the additional amounts you must pay at or before completion — typically add 2–5% of the purchase price on top of your down payment. For a $750,000 condo, that can mean $15,000–$37,500 in extra cash required at closing.
The biggest variable is whether you're buying a new build or a resale condo. New builds attract GST (5%), which can be a substantial cost — though rebates significantly reduce it for many buyers. Resale condos don't have GST, but Property Transfer Tax applies to both.
BC's Property Transfer Tax (PTT) applies to virtually every condo sale — new or resale. The rate is tiered:
For a typical Tri-Cities condo priced at $700,000, PTT works out to $12,000. However, two exemptions can reduce or eliminate this entirely:
If you're buying directly from a developer (pre-sale or newly built), GST of 5% of the purchase price applies. This can be a significant cost — $35,000 on a $700,000 condo. Two rebate programs reduce the impact:
Resale condos purchased from a private seller are exempt from GST.
You'll need a notary or real estate lawyer to handle the title transfer and closing paperwork. Typical costs in the Tri-Cities:
On the completion date, your notary calculates pro-rated adjustments between buyer and seller for costs that cross the closing date:
Note how the GST on a new build can dominate your closing costs even after the rebate — this is often a surprise for first-time condo buyers who focus only on PTT.
No. GST only applies when buying a brand-new home directly from a builder — pre-sales and first sales of newly constructed units. If you're buying a resale condo from a private seller, GST does not apply. The exception is if the seller is a GST registrant (e.g. a flipper or investor), which should be disclosed in the contract. If in doubt, confirm with your notary.
It depends on how the contract is written. Some developers quote a price that is "GST included," meaning you pay the stated price and the developer remits GST from it. Others quote prices "plus GST," meaning you pay the full price on top. Always check your contract carefully and clarify with the developer or your REALTOR® before signing.
Strata fees are typically paid monthly in advance by the owner. When a condo sells mid-month, the seller will have already paid the full month's strata fee. Your notary will calculate the pro-rated portion that belongs to you (from your closing date to the end of the month) and add it to your closing statement as a debit. The amount is usually small — for a $500/month strata fee closing on the 15th, you'd pay about $250.
A strata document review involves having a professional — usually your lawyer, notary, or a specialized service — review the strata corporation's documents: the depreciation (reserve fund) report, council minutes, financial statements, bylaws, insurance certificate, and any outstanding special levies or litigation. It typically costs $150–$250 but can save you thousands by catching underfunded reserves, pending special levies, or bylaw restrictions before you buy.
In most cases, no. PTT, legal fees, and GST must be paid in cash at closing — they are not financeable through your mortgage. The one partial exception is CMHC mortgage insurance premiums (if your down payment is under 20%), which can be added to your mortgage principal. This is why it's important to budget for closing costs separately from your down payment savings.
Yes — a few potential costs depending on your situation: moving expenses, mortgage appraisal fee ($300–$500 if required by your lender), property insurance (first year's premium sometimes due at closing), and any deposit interest earned or adjustments on pre-sales. If you're buying with less than 20% down, CMHC insurance is added to your mortgage (not a cash cost at closing). Your notary will prepare a final closing statement with all exact figures before your completion date.
Closing costs, strata financials, depreciation reports, and special levies can significantly affect the true cost of a condo purchase. As a local REALTOR® serving Port Moody, Coquitlam, and Port Coquitlam, I help condo buyers understand every number before they commit. Let's talk.
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