How much should I budget for closing costs on a $1M Coquitlam home?

Budget $18,000–$22,000 for closing costs on a $1,000,000 Coquitlam purchase. Property Transfer Tax alone is $18,000 (no first-time-buyer exemption above $860K).

What is the BC Property Transfer Tax on a $1.5M Coquitlam home?

PTT on $1,500,000: $2,000 (1% of first $200K) + $26,000 (2% of next $1.3M) = $28,000. First-time buyers do not get the exemption above $860K.

Do I pay PTT if I am buying a new construction home in Coquitlam?

Yes — PTT applies to new construction the same way as resale. The newly-built home exemption (separate from first-time buyer) is for qualifying new builds under $750,000 (full exemption) and partial up to $800,000.

When are closing costs paid?

Most are paid at the closing date through your lawyer/notary, who will provide a Statement of Adjustments showing every line item. You wire your closing funds to the lawyer's trust account a few days before closing.

Are home inspections mandatory in BC?

No, but strongly recommended. The BCFSA Standard Buyer's Form includes inspection as a standard subject. Skipping inspection exposes you to substantial financial risk.

Should I get an oil tank scan in Coquitlam?

Yes — particularly for older homes (pre-1980s) in established Coquitlam neighbourhoods like Maillardville, Como Lake, Austin. Hidden underground oil tanks are a common and expensive remediation issue.

Are closing costs tax-deductible?

Most residential closing costs are not deductible. Some legal fees may be added to the property's adjusted cost base for capital gains calculation when you eventually sell. Talk to your accountant.

Do I need a real estate lawyer in BC?

You need either a lawyer OR a notary public to handle closing. Notaries handle most standard residential closings; lawyers are typical for complex situations or commercial transactions.

What is the difference between closing costs and the down payment?

Down payment = the portion of the purchase price you pay in cash (rest is mortgage). Closing costs = additional fees, taxes, and disbursements paid at closing on top of the down payment.

How can I reduce my Coquitlam closing costs?

Largest lever: first-time-buyer PTT exemption if you qualify. Other levers: shop around for legal fees, skip optional add-ons (e.g., title insurance is recommended but technically optional), use online or commission-rebate brokerages with caution. The biggest closing-cost mistake is not having a buffer for surprises.

Coquitlam · Closing costs

Closing costs in Coquitlam — the actual numbers.

Closing costs in Coquitlam typically run 1.5%–2% of the purchase price. On a $1,000,000 home that is $15,000–$20,000 in addition to your down payment. Here is the line-by-line breakdown.

Book a Strategy Call Call Craig — 604-202-6092

Closing costs · Coquitlam

Every closing-cost line item, with verified current rates.

Most Coquitlam first-time buyers underestimate their cash-to-close by $10,000–$20,000 because they only budget for the down payment. Below is every closing-cost line item with current 2026 ranges.

BC Property Transfer Tax

1% on first $200,000 + 2% from $200,001 to $2,000,000 + 3% from $2,000,001 to $3,000,000 + 5% above $3M. On a $1,000,000 Coquitlam home: $18,000. First-time buyer exemption may apply up to $860,000.

Legal / notary fees

$1,200–$2,500 typical for a residential purchase. Higher for new construction or strata properties with extensive title work.

Title insurance

$200–$400 typical. Strongly recommended.

Home inspection

$500–$900 for a residential home inspection. Specialty inspections (e.g., oil tank scan, sewer scope) extra.

Property tax adjustments

Varies by closing date. You reimburse the seller for the prepaid portion of the year's property taxes.

Strata move-in fees

$200–$300 typical for strata properties (one-time fee charged by the strata corporation).

Mortgage default insurance (if <20% down)

2.8%–4.0% of mortgage amount, added to mortgage balance.

First-year property insurance

$1,200–$2,500 typical for a Coquitlam home (varies by property type, replacement cost, and earthquake coverage).

GST (new construction only)

5% on new builds. First-time buyer GST rebate may exempt up to $1M (new program). Existing GST rebate available on resale-condition new builds up to $450K.