Property Transfer Tax Calculator – BC

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Is this property a newly built home?
No Yes

Applicable on newly constructed homes and condos, manufactured and recycled homes placed on vacant land and conversions of property to residential purposes on land parcels under 0.5 hectares, as long as the new home is a principle residence for at least one year and is moved into within 92 days of purchase. More details here.
Are you a first-time homebuyer?
No Yes

Applicable to canadian citizens or permanent residences that have lived in BC for 12 consecutive months, and have never owned an interest in a principle residence anywhere in the world at any time. here.

Property Tax Info:

Property Transfer Tax:
Newly Built Home Exemption:
First Time Homebuyer’s Exemption:
Total Property Transfer Tax Due:

Mike Grace is an independent full-time mortgage planner and industry insider located in Victoria, BC. If you are purchasing, refinancing or renewing your mortgage, contact Mike to obtain the best available rates and terms.

First Time Homebuyer’s Closing Cost Calculator – BC

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Did you Know?

  • When applying for a mortgage, you will be required to prove you have enough money (either in savings or via gift) to cover BOTH your downpayment and closing costs?
  • If you’re putting less than 20% down on your purchase, you will be required to pay for ‘high-ratio mortgage insurance’? Did you know this insurance will be added to your mortgage?
  • Mortgage insurance is charged at three separate rates, depending on the size of your downpayment? Less than 10% Down = 3.6% of Loan Amount | Less than 15% down, but more than 10% = 2.4% | Less than 20% down, but more than 15% = 1.8%.
  • As a first time homebuyer, you are entitled to a tax credit if your purchase price is under $500,000? This tax credit works on a sliding scale, depending on your purchase price.
  • You will be responsible for your portion of property taxes, if the seller has already paid them for the year.
This calculator will help first time home-buyers make a sound a sound financial plan, and prepare their finances to ensure a smooth mortgage application. It calculates:

-Minimum Downpayment (Current with New Rules Beginning February 15th, 2016
-Loan to Value
-Mortgage Insurance Premium (If High Ratio)
-Property Transfer Tax
-First Time Homebuyers Tax Credit

I encourage you to use this calculator regularly as you prepare to make the biggest purchase of your life!

Mortgage Info:

Minimum Downpayment:
Loan to Value:
Loan Amount:
Mortgage Insurance:
Total Mortgage Amount:

Closing Costs:

Property Transfer Tax:
Legal Fees:
First Time Homebuyers Tax Credit:
Other Closing Costs (0.1%) of Purchase Price:
Total Closing Costs:

Mike Grace is an independent full-time mortgage planner and industry insider located in Victoria, BC. If you are purchasing, refinancing or renewing your mortgage, contact Mike to obtain the best available rates and terms.