Closing Costs in British Columbia

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In British Columbia, most home purchases are subject to Property Transfer Tax (PTT).

The current rates are:

• 1% on the first $200,000
• 2% on the portion from $200,001 to $2,000,000
• 3% on the portion above $2,000,000

Some first-time home buyers may qualify for a full or partial Property Transfer Tax exemption if they meet eligibility requirements.

A lawyer or notary will prepare your closing documents, register the property in your name, and transfer funds to complete the purchase.

Typical cost:

Approximately $1,000–$2,000

A professional home inspection can identify potential concerns before you finalize your purchase.

Typical cost:

Approximately $500–$900

Some lenders require an independent appraisal to confirm the property's market value.

Typical cost:

Approximately $300–$600

Title insurance helps protect against certain ownership-related issues, title defects, or registration errors.

Typical cost:

Approximately $250–$500

On completion, buyers typically reimburse the seller for prepaid expenses such as:

• Property taxes
• Utilities (where applicable)
• Strata fees (if applicable)

These costs depend on the completion date and are calculated by your lawyer or notary.