Estimated total at four Fraser Valley price points
10% down, resale property (no GST), FTB PTT exemption applied where eligible. Indicative only.
| Price | Down (10%) | PTT (FTB) | Fixed + adj | Total FTB | Total no exempt |
|---|---|---|---|---|---|
| $500,000 | $50,000 | $0 | $5,850 | $55,850 | $63,850 |
| $700,000 | $70,000 | $4,000 | $6,200 | $80,200 | $88,200 |
| $900,000 | $90,000 | $16,000 | $6,550 | $112,550 | $112,550 |
| $1,100,000 | $110,000 | $20,000 | $6,900 | $136,900 | $136,900 |
What "cash to close" actually means
Cash to close is the single cheque you write to the notary at completion. It bundles four moving parts: the down payment, PTT (less any exemption), the fixed closing costs (legal, title, inspection, strata documents, moving), and the property tax / utility adjustments. For new-construction purchases it also includes GST (less any rebate) and any builder-required holdbacks. The number we're after on this page is the all-in completion-day amount the lender's mortgage proceeds do not cover.
Why this number matters more than the down payment number
First-time buyers often plan around the down payment and get caught at closing by the extra 2% to 4% of price in closing costs. The "I have my 10% down ready" buyer becomes the "I'm short $15K at the notary" buyer two days before completion. Cash to close is the planning number that keeps that from happening. It assumes you've already saved the down payment, and adds everything else.
The four layers
- Down payment. The portion of the purchase price you pay in cash (rather than borrowing via mortgage). Federal minimums set the floor; you can put down more.
- BC Property Transfer Tax. Bracketed by price (1% / 2% / 3% / 5%). First-time buyers and newly-built buyers can claim exemptions worth up to $8K and $20K respectively.
- Fixed closing costs. Legal fees ($1,200-2,000), title insurance ($250-400), home inspection ($500-800), strata documents ($300-700), and moving ($1,000-5,000).
- Adjustments. Property tax and utilities the seller already paid past your possession date, plus first month's strata if applicable.
For new construction: add GST and possibly holdbacks
New-construction purchases add two extra cash items. GST is 5% of the purchase price unless the federal first-time buyer GST/HST rebate (Royal Assent March 12, 2026, up to $50,000) applies. Some new builds also require a holdback for unfinished items (landscaping, deficiency lists) that the developer collects at completion and refunds when work finishes. Talk to your notary about whether your specific purchase has builder holdbacks.
The PST on CMHC premium catch
If you're putting less than 20% down, the CMHC mortgage insurance premium is added to your loan balance. But BC's 7% PST on that premium is paid in cash at closing. On a $700K mortgage with a $21,700 CMHC premium, you owe roughly $1,500 of PST out of pocket. Most first-time buyer cash-to-close estimates miss this line; we factor it in.
Where the savings stack
For a first-time buyer in the Fraser Valley below $835K purchasing a resale home, three savings apply: FTB PTT exemption (saves up to $8K), no GST (used residential is GST-exempt), and access to the lower minimum down payment tier (5% on first $500K). For a first-time buyer of a newly-built home below $1M, four savings: FTB PTT exemption OR newly-built PTT exemption (whichever is larger), FTB GST/HST rebate (up to $50K), and the lower down payment tier. The cumulative impact on cash to close can be $50K to $75K, which often means the difference between affording the purchase and not.
How to use this calculator
Plug your target purchase price, intended down payment, and toggle the FTB or newly-built exemptions if you qualify. The calculator above returns the all-in cash-to-close number with the savings layered in. Run it three times: at the listing price, at $25K above (negotiation room), and at the price you'd target if you had to stretch. The middle number is usually where the comfort zone sits. Book a 20-minute chat with the FRIVE team if you want help mapping cash-to-close to a specific Fraser Valley listing.
Frequently asked questions
What's a typical cash-to-close for a Fraser Valley first-time buyer?
For a $700K resale Fraser Valley townhouse with 10% down and the FTB PTT exemption, cash to close is roughly $74K ($70K down payment + ~$0 PTT after exemption + ~$5K fixed closing costs + ~$1K adjustments + ~$1K PST on CMHC premium). Without the exemption it would be around $86K.
Can I use FHSA or RRSP HBP money toward cash to close?
Yes for the down payment portion. FHSA and RRSP HBP withdrawals can fund the down payment directly. The fixed closing costs and adjustments need to come from cash savings, gifted funds, or a small personal line of credit (which most lenders will allow if used sparingly).
What if I underestimate cash to close?
It depends on how short you are and how close to completion. Small shortfalls (under $5K) can sometimes be covered by a family gift wired into your account days before. Bigger shortfalls can sink the deal. We strongly suggest overestimating cash to close by 10%-15% during planning so a surprise doesn't become a crisis.
Does cash to close include the first month's mortgage payment?
Typically no. Your first mortgage payment is usually a month after completion. But the property tax and utility adjustments capture some related ongoing costs. Confirm with your notary which month's payment hits when.
How early should I have cash to close ready?
Three to four weeks before completion. Your notary will give you an exact figure 10 to 14 days before, and you need a bank draft or wire transfer issued in time. Last-minute scrambles are avoidable with even a few days of planning.
What's the largest single line item in cash to close?
The down payment, almost always. On a $700K home with 10% down, the $70K down payment is roughly 84% of cash to close. PTT is usually #2 (unless exempted). Fixed closing costs are #3.
Can I use a HELOC for cash to close?
Most lenders won't allow a HELOC against an unrelated property to fund a down payment for a purchase mortgage. They will check the source of funds in your accounts. If you draw on an existing HELOC for closing costs (not down payment), that usually flies. Ask your broker before assuming.
Does the federal first-time buyer GST/HST rebate reduce cash to close?
Yes, dramatically. For a first-time buyer of a $900K newly built Fraser Valley home, the rebate is $45,000. That money is usually credited at closing rather than refunded later, so it directly reduces the cheque you write to the notary.
How does an assignment affect cash to close?
Pre-sale assignments add complexity. You typically pay an assignment fee to the original purchaser, plus the original purchase price plus GST plus any developer adjustments. Your notary will lay out the cash-to-close items separately. PTT is calculated on the price you paid the assignor, which may be higher than the original developer price.
What if I'm buying a duplex with a separately rented unit?
Cash-to-close mechanics are the same. If the rented unit's rent has been pre-paid past your possession, you'd be credited for it on the statement of adjustments (the seller passes the prepaid rent to you). Confirm with your notary.
Sources
- Province of BC — Property Transfer Tax and exemptions. gov.bc.ca/property-transfer-tax
- CMHC — Mortgage loan insurance cost and BC PST on premium. cmhc-schl.gc.ca
- Canada Revenue Agency — First-Time Home Buyers' GST/HST rebate. canada.ca/fthb-gst-hst-rebate
- FRIVE journal — Closing costs for a first home in the Fraser Valley. closing-costs-first-home-fraser-valley
