Closing costs beyond your down payment in BC typically total 1.5% to 4% of the purchase price and must be paid in cash at completion, covering taxes, legal work, inspections, and prorated seller expenses.

Property Transfer Tax (PTT)

The largest closing cost is PTT, calculated on tiers of the home's fair market value: 1% on the first $200,000, 2% from $200,000 to $2 million, 3% above that, plus an extra 2% on residential portions over $3 million. First-time buyers may qualify for a full or partial exemption up to certain price thresholds, potentially saving thousands. For a $1 million home, PTT alone often runs $18,000 without exemptions.

Legal and Notary Fees

Expect $1,000 to $2,000 for your lawyer or notary to handle title transfer, mortgage registration, and paperwork. This includes disbursements like title search fees and Land Title Office charges, which vary slightly by property complexity but are standard for most transactions.

Inspection and Insurance

Home inspections cost $400 to $800 depending on home size and type, strongly recommended to uncover issues before closing. Title insurance ($200–$400) protects against title defects, while the first year's homeowner insurance ($800–$1,200) must be prepaid and proven to your lender.

Mortgage and Adjustments

If your lender requires an appraisal, add $300–$500; application or rate hold fees run $0–$400. Prorated adjustments reimburse sellers for prepaid property taxes, strata fees, or utilities from closing date to year-end, often $500–$2,000 depending on timing. New homes add 5% GST, partially rebated in some cases.

Total Budget Tip

For an $800,000 home, plan for $12,000–$32,000 total, with PTT dominating unless exempted. Use a closing cost calculator early and confirm with your notary for precise figures based on your deal.