CostBuying in BC means budgeting for your down payment, the Property Transfer Tax (with a first-time buyer exemption up to a set price threshold), legal fees, title insurance, and CMHC insurance if applicable — plus, in designated urban areas, understanding the Speculation and Vacancy Tax if the home won't be your principal residence.
Property Transfer Tax
BC's Property Transfer Tax uses its own marginal bracket structure, generally comparable in overall magnitude to Ontario's land transfer tax on a similar-priced home — see our province-by-province comparison for exact figures. BC offers its own first-time buyer exemption, fully eliminating the tax up to a set price threshold with a partial exemption above it.
The Speculation and Vacancy Tax, if it applies to you
If you're buying in a designated urban area (Metro Vancouver, Victoria, Kelowna, and several others) and the home won't be your principal residence, you'll want to understand BC's Speculation and Vacancy Tax — see our full explainer. Owner-occupiers are generally exempt but still need to file an annual declaration.
Legal and other closing costs
Legal fees and title insurance follow similar national patterns — see our legal fees guide and title insurance guide. BC is not one of the provinces where CMHC premium PST is charged separately in cash, unlike Ontario, Quebec, Saskatchewan, and Manitoba.
Putting it all together
$900,000 home, Metro Vancouver, 10% down, first-time buyer
| Down payment | $90,000 |
| Property Transfer Tax (partial rebate applies) | ~$14,000 |
| Legal fees + title insurance | ~$1,800 |
| Total cash needed to close (excl. down payment) | ~$15,800 |
See your exact numbers on the closing cost calculator.