Estimated closing-day cash at five Fraser Valley price points
Fixed costs: legal ($1,500) + title insurance ($325) + inspection ($650) + strata docs ($500) + property tax adjustment + moving ($2,000). Indicative only; your actual costs will vary by specific notary and property.
| Price | PTT (no exemption) | PTT (FTB) | Fixed costs | Total (no exempt) | Total (FTB) |
|---|---|---|---|---|---|
| $500,000 | $8,000 | $0 | $5,850 | $13,850 | $5,850 |
| $700,000 | $12,000 | $4,000 | $6,200 | $18,200 | $10,200 |
| $900,000 | $16,000 | $16,000 | $6,550 | $22,550 | $22,550 |
| $1,100,000 | $20,000 | $20,000 | $6,900 | $26,900 | $26,900 |
| $1,500,000 | $28,000 | $28,000 | $7,600 | $35,600 | $35,600 |
What "closing costs" actually means in BC
Closing costs are everything you pay at completion that isn't the down payment or the mortgage. In BC, the big-ticket items are Property Transfer Tax, legal fees, title insurance, the home inspection (paid earlier in the process but real out-of-pocket cash), strata document fees if you're buying a condo or townhouse, and the adjustments your notary makes for property taxes and utilities the seller has already paid past your possession date. Plan for 2% to 4% of the purchase price in closing costs above and beyond the down payment.
The line-by-line breakdown
- BC Property Transfer Tax. The biggest line item for buyers who don't qualify for an exemption. See our PTT calculator and the dedicated exemption pages.
- Legal fees ($1,200–$2,000). Notary or lawyer fees to handle the title transfer, mortgage registration, and adjustments. Notaries are slightly cheaper than lawyers but both can complete a standard residential purchase.
- Title insurance ($250–$400). Almost universal these days. Protects against title defects, survey issues, and certain post-closing surprises.
- Home inspection ($500–$800). Paid before subjects are removed, not at closing, but it's real out-of-pocket cash buyers should plan for.
- Strata document fees ($300–$700). For condos and townhouses, the strata corporation charges to provide Form B and Form F, depreciation reports, meeting minutes, and financial statements. Your realtor or notary orders these during the subject-removal window.
- Property tax adjustment. If the seller has already paid the year's property tax, you reimburse them pro-rata for the portion of the year you'll own the property. On a $700K Fraser Valley home with $3,000 annual property tax, a July 1 completion means you owe the seller about $1,500.
- Mortgage broker fees ($0 for most A-lender purchases). Most residential first-time buyer mortgages pay the broker via the lender, not the buyer. B-lender and private mortgages may charge buyer-side fees of 1%–2% of the loan.
- Appraisal fee ($350–$500). If the lender orders an appraisal (often required on uninsured mortgages), this is usually passed through to the buyer.
- PST on CMHC premium (BC only). 7% provincial sales tax on the CMHC insurance premium, paid in cash at closing (not added to loan).
- Moving costs ($1,000–$5,000). Not technically a closing cost, but real day-one cash for most buyers.
How closing costs scale with purchase price
Most closing costs are flat or near-flat regardless of purchase price. Legal fees, title insurance, inspection, and strata documents barely move between a $500K condo and a $1.2M detached. The line that scales sharply is PTT, which is bracketed by price. The result is that closing costs as a percentage of purchase price shrink as the price rises (a $500K purchase might be 3% in closing costs, while a $1.2M purchase is closer to 2%).
Where the PTT exemptions change the picture
For first-time buyers below $835K, the BC FTB PTT exemption wipes out the biggest closing-cost line entirely. That can drop total closing costs from 3% of price to about 1.5%. For buyers of newly built homes below $1.1M, the newly-built exemption does the same thing. Two-thirds of the first-time Fraser Valley buyers we work with fall into one of those exemption windows, which is why we always run both calculators before settling on a closing-day cash estimate.
The 90-day cash question
Lenders verify the source of your down payment through 90-day bank statements. The same logic applies to your closing costs: the money should be in your accounts well before closing, not showing up the week before from somewhere unexplained. We tell first-time buyers to plan closing-cost cash separately from the down payment, in a chequing account or short-term savings, and to avoid moving funds around in the 60 to 90 days before completion.
How to use this calculator
Plug your purchase price and toggle the FTB or newly-built exemption if you qualify. The calculator above returns each line item and the total closing-day cash you should plan for. Run it at your target listing price and at $25K above to see how much closing-cost room you have if a deal moves up in price during negotiation. Book a 20-minute chat with the FRIVE team if you want help mapping closing costs to a specific Fraser Valley target neighbourhood.
Frequently asked questions
How much should I budget for closing costs in BC?
Plan for 2% to 4% of the purchase price. The biggest variable is whether you qualify for a PTT exemption. With the FTB or newly-built exemption, closing costs typically run 1.5% to 2%. Without an exemption, 2.5% to 4% depending on price.
Are closing costs paid out of pocket or financed?
Out of pocket in most cases. Closing costs are not part of the mortgage and lenders generally don't let you finance them. The exception is the CMHC insurance premium itself, which is added to the loan balance (but the PST on the premium is paid in cash).
What's the cheapest way to do legal work?
BC notaries are usually $200–$400 cheaper than lawyers for a standard residential purchase. Both can complete the title transfer and mortgage registration. Lawyers are required for certain complex situations (estate purchases, foreclosure sales, some pre-sale assignment situations). For a typical first-time buyer purchase, a notary is fine.
Do I need title insurance?
Almost always. Title insurance costs $250–$400 and covers title-defect, survey-error, and certain fraud risks. Most lenders require it. The one-time premium is a small fraction of the protection it provides.
What's a "property tax adjustment"?
BC municipalities bill property tax in July for the calendar year. If the seller paid the full year and you complete on July 1, you reimburse them for the second half of the year. Your notary calculates the adjustment based on the completion date.
What about utility adjustments?
Similar logic. If the seller has prepaid utilities (water, sewer, garbage) past your completion date, you reimburse them. Most BC municipalities bill utilities annually, so this is usually a small line ($100–$500).
Does the GST on a new construction home count as a closing cost?
Yes. On a new build, the 5% federal GST is one of your biggest closing-day costs. The federal first-time buyer GST/HST rebate (Royal Assent March 12, 2026) can rebate up to $50,000 of the GST for qualifying first-time buyers. See our GST calculator.
Can closing costs come from a gift?
Most lenders allow gifted closing-cost cash with the same gift letter used for a gifted down payment. The funds should be in your account before closing for AML verification.
What about HOA / strata fees at closing?
First month's strata fee is typically paid at closing (or adjusted from the seller if they pre-paid). On a $400/month strata, that's a $400 line on the statement of adjustments. Your notary handles it automatically.
How is this different from "cash to close"?
Closing costs are the costs themselves. Cash to close is the total cheque you write to the notary at completion: down payment + closing costs + adjustments. Use our cash to close calculator for the all-in number.
Sources
- Province of BC — Property Transfer Tax. gov.bc.ca/property-transfer-tax
- Society of Notaries Public of BC — Real estate purchases. notaries.bc.ca
- CMHC — Mortgage loan insurance cost (PST applies in BC). cmhc-schl.gc.ca
- FRIVE journal — Closing costs for a first home in the Fraser Valley (full walkthrough). closing-costs-first-home-fraser-valley
