Closing Costs for Vancouver Home Buyers
Every cost you'll pay beyond the purchase price — with real dollar amounts for condos, townhouses, and detached homes in 2026.
Budget 1.5% to 4% of the purchase price for closing costs. On a $750K condo, that's roughly $5,000 to $30,000 depending on your buyer status. The biggest cost is the Property Transfer Tax (which first-time buyers may avoid). Other costs include legal fees ($1,800–$3,000), home inspection ($500–$900), appraisal ($300–$500), and insurance.
Your Purchase Details
Your Closing Costs
Total Out-of-Pocket Closing Costs
$19,138
2.6% of purchase price
Estimates based on 2026 BC rates. Actual costs may vary. Legal fees, inspection, and insurance are approximate ranges — get quotes for your specific purchase. GST amounts for new builds may already be included in the developer's listed price.
Every Closing Cost, Explained
These are the costs you'll encounter on completion day (and leading up to it). Required costs apply to every purchase; conditional costs depend on your situation.
Required for Every Purchase
Property Transfer Tax (PTT)
$0 – $60,000+Provincial tax on every property purchase. Tiered: 1% on first $200K, 2% on $200K–$2M, 3% on $2M–$3M, 5% over $3M. First-time buyers may be exempt up to $500K ($750K for new builds).
$750K condo: $11,000 | $1.5M house: $23,000 | $2.5M house: $38,000
Calculate your exact PTT →Legal Fees & Disbursements
$1,800 – $3,000Your lawyer handles the title transfer, mortgage registration, Statement of Adjustments, and all closing documents. Disbursements cover Land Titles Office fees, title searches, and couriers.
Simple purchase: ~$1,800 | Condo/presale: ~$2,500 | Complex transaction: ~$3,000
Home Inspection
$500 – $900A professional inspection of the property's structure, systems, and condition. Covers roof, foundation, plumbing, electrical, HVAC, and more. Larger or older homes cost more.
Condo: ~$500 | Townhouse: ~$600 | Detached home: $700–$900
Property Appraisal
$300 – $500Your lender may require an independent appraisal to confirm the property's market value. Some lenders waive this fee or cover it themselves — always ask.
Standard appraisal: $300–$400 | Luxury/rural: $400–$500
Title Insurance
$200 – $400Protects you and your lender against title defects, survey issues, fraud, and encroachment claims. A one-time premium paid at closing.
Most purchases: ~$250–$350
Home Insurance
$1,200 – $3,500/yearRequired by your mortgage lender before closing. Condos need less coverage (the strata's master policy covers the building) but you still need personal contents and liability insurance.
Condo: $500–$1,200/yr | Townhouse: $1,200–$2,000/yr | Detached: $2,000–$3,500/yr
Prepaid Property Tax & Utility Adjustments
$500 – $5,000If the seller has prepaid property taxes or utilities past your completion date, you reimburse them for your share. This is calculated on the Statement of Adjustments.
Varies by completion date and property tax amount. Mid-year closings typically owe more.
Conditional — Depends on Your Situation
Mortgage Default Insurance (CMHC)
2.8% – 4.0% of mortgageRequired if your down payment is less than 20%. The premium is usually added to your mortgage balance. With 5% down, it's 4.0%; with 10% down, 3.10%; with 15% down, 2.80%.
$700K purchase, 10% down → $630K mortgage × 3.10% = $19,530 added to mortgage
Estimate your mortgage payments →GST on New Construction
5% of purchase priceThe 5% federal Goods and Services Tax applies to newly built homes, presale condos, and substantially renovated properties. Not charged on resale homes. Partial rebates may apply for homes under $450K.
$600K new condo: $30,000 GST (may be included in listed price — confirm with developer)
Additional PTT for Foreign Buyers
20% of purchase priceForeign nationals and foreign-controlled corporations pay an extra 20% PTT on top of the regular rate in Metro Vancouver. Permanent residents and some nominees are exempt.
$1M property: $200,000 additional PTT
Read our international buyers guide →Strata Move-In Fees
$200 – $500Many strata buildings charge a refundable or non-refundable move-in fee/deposit. Check the strata bylaws before budgeting.
Refundable deposit: $300–$500 | Non-refundable fee: $200–$350
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Real-World Closing Cost Examples
Here's what closing costs actually look like for three common purchase scenarios in Vancouver.
First-Time Buyer — $650K Condo
Purchase price: $650,000 · Down payment: 5% ($32,500)
+ $24,700 CMHC insurance added to mortgage (4.0% on $617,500)
Move-Up Buyer — $1.2M Townhouse
Purchase price: $1,200,000 · Down payment: 20% ($240,000)
Detached Home Buyer — $2.2M House
Purchase price: $2,200,000 · Down payment: 20% ($440,000)
Property Transfer Tax — Your Biggest Closing Cost
The Property Transfer Tax (PTT) is by far the largest closing cost for most Vancouver buyers. It's a provincial tax charged every time property changes hands, and it can range from $0 (for qualifying first-time buyers) to tens of thousands of dollars.
2026 PTT Rate Schedule
First-Time Buyer Exemption
- Full exemption: Purchases up to $835,000 (saves up to $17,200)
- Partial exemption: $835,001 to $860,000
- Newly built homes: Full exemption up to $1,100,000, partial to $1,150,000
- Requirements: Canadian citizen or PR, lived in BC 12+ months, never owned a principal residence worldwide
Quick PTT Examples
- $500K condo: $8,000 PTT (or $0 first-time)
- $750K condo: $13,000 PTT
- $1M townhouse: $18,000 PTT
- $1.5M house: $28,000 PTT
- $2M house: $38,000 PTT
- $3M house: $58,000 PTT
First-Time Buyer Programs That Reduce Your Costs
BC PTT Exemption
Full exemption on purchases up to $500K ($750K for new builds). Saves you up to $8,000–$13,000.
Canadian citizen/PR, BC resident 12+ months, never owned worldwide
First Home Savings Account (FHSA)
Save up to $40,000 tax-free for your first home. Contributions are tax-deductible (like an RRSP) and withdrawals are tax-free (like a TFSA).
$8,000/year contribution limit, can combine with HBP
RRSP Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSPs tax-free. Must repay over 15 years starting two years after withdrawal.
Can be combined with FHSA for up to $100,000 tax-free
GST/HST New Housing Rebate
Partial rebate of up to $6,300 on the GST paid for new construction priced under $450,000.
Reduced rebate between $350K–$450K, no rebate above $450K
When Do You Pay Each Cost?
During Subject Removal
Home inspection ($500–$900) and appraisal ($300–$500) are paid during this period. These are out-of-pocket costs even if the sale falls through.
After Subject Removal
Arrange home insurance (required before completion). Your lawyer begins preparing closing documents and title searches.
Before Completion Day
Your lawyer sends the Statement of Adjustments with the exact amount due. You provide a bank draft for the balance (down payment + closing costs minus deposit already paid).
Completion Day
Property Transfer Tax, legal fees, disbursements, title insurance, and property tax adjustments are all settled. Your lawyer handles the transfers. You get the keys (usually on the possession date, 1–2 days after completion).
Tools to Estimate Your Costs
PTT Calculator
Calculate your property transfer tax
Mortgage Calculator
Estimate monthly payments & CMHC
Rent vs Buy Calculator
Compare total cost of renting vs buying
Buyer's Guide
Step-by-step buying process
Empty Home Tax Calculator
Calculate EHT and SVT liability
Talk to a Specialist
Get personalized cost estimates
Frequently Asked Questions
How much should I budget for closing costs in Vancouver?
Budget 1.5% to 4% of the purchase price for closing costs in Vancouver. On a $750,000 condo, that's roughly $11,000 to $30,000 depending on whether you're a first-time buyer (lower end with PTT exemptions) or purchasing a higher-value property. The biggest variable is the Property Transfer Tax, which alone can be $8,000 to $60,000+.
What is the Property Transfer Tax in BC?
The BC Property Transfer Tax is charged on every property purchase: 1% on the first $200,000, 2% on $200,001 to $2,000,000, 3% on $2,000,001 to $3,000,000, and 5% on amounts over $3,000,000. As of April 2024, first-time buyers are fully exempt on purchases up to $835,000 (saving up to $17,200), with a partial exemption up to $860,000. For newly built homes, the full exemption threshold is $1,100,000.
Do first-time buyers pay closing costs in Vancouver?
Yes, first-time buyers still pay closing costs, but they can be significantly reduced. As of April 2024, first-time buyers qualify for a full PTT exemption on purchases up to $835,000 (saving up to $17,200), plus programs like the FHSA and RRSP Home Buyers' Plan. Legal fees, inspection, and insurance still apply — typically $3,000 to $5,000 in non-exempt costs.
What are the legal fees for buying a home in Vancouver?
Legal fees for a Vancouver home purchase typically run $1,500 to $2,500, plus $300 to $500 in disbursements (Land Titles Office registration, title searches, document preparation). Condo and presale transactions are usually at the higher end due to the additional strata document review.
Is CMHC mortgage insurance a closing cost?
CMHC mortgage default insurance is required when your down payment is less than 20% of the purchase price. It costs 2.8% to 4.0% of the mortgage amount depending on your down payment size. The premium is typically added to your mortgage balance rather than paid upfront, so it increases your monthly payments rather than your closing costs — but it's still a real cost of buying.
Do I pay GST when buying a home in Vancouver?
You pay 5% GST on newly built homes, presale condos, and substantially renovated properties — but NOT on resale homes. On a $700,000 new condo, that's $35,000 in GST. However, you may qualify for a partial rebate (up to $6,300) if the property is under $450,000, and some developers include GST in the purchase price. Always confirm with your realtor.
What is the Additional Property Transfer Tax for foreign buyers?
Foreign nationals and foreign-controlled corporations pay an additional 20% Property Transfer Tax on residential properties in Metro Vancouver. On a $1,000,000 property, that's an extra $200,000 on top of the regular PTT. This tax also applies to taxable trustees. Some exemptions exist for permanent residents, provincial nominees, and certain refugee categories.
When do I pay closing costs — at the time of offer or on completion day?
Most closing costs are paid on completion day (the day ownership transfers). Your lawyer will prepare a Statement of Adjustments showing the exact amounts due. You'll typically need to provide a bank draft 1-2 business days before completion. The home inspection ($500-$800) is the main cost paid during the subject removal period, before the sale is finalized.
Want a Personalized Cost Breakdown?
Every purchase is different. Tell us what you're looking for and we'll give you a detailed estimate of your total closing costs — no obligation.