1% on first $200K.
Maximum from this bracket: $2,000. Every BC purchase pays this much before anything else.
Craig Johnston Personal Real Estate Corporation · Brokerage: Royal LePage Elite West
Craig Johnston Personal Real Estate Corporation · Brokerage: Royal LePage Elite West
Down payment is the famous number. Closing costs are the one that surprises every first-time buyer. The clean rule: 2–3% of purchase price, on top of the down payment. The detail: BC Property Transfer Tax is usually roughly two-thirds to three-quarters of that total in the examples below. Here is every line item, what triggers each one, the worked $850K example, and the first-time-buyer exemption math.
5.0 across 36+ Google reviews Top 1% Team — GVR, 2023–2025 47+ years in the Tri-CitiesEnter the purchase price. BC Property Transfer Tax calculates automatically — then adjust the lawyer and inspection lines, and add any extras that apply to you.
Estimate only — not legal or tax advice. Property Transfer Tax is calculated at BC’s standard residential rates. The first-time buyer exemption has eligibility rules (Canadian citizen or permanent resident, BC residency, never owned a principal residence anywhere, home used as your principal residence); a separate exemption may apply to some newly built homes. Your down payment and any mortgage default insurance (usually added to the mortgage) are not included. Confirm final figures with your lawyer or notary before you write an offer.
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Quick answer
How much should I budget for closing costs in Coquitlam?
2–3% of purchase price, on top of the down payment. On an $800K Coquitlam condo: $16–24K. On a $1.2M townhouse: $24–36K. On a $1.5M detached: $30–45K. The single biggest line is BC Property Transfer Tax — roughly two-thirds to three-quarters of the total in the examples below. First-time buyers may qualify for full or partial PTT exemption up to certain price thresholds, which materially reduces the number. Build the higher estimate into your plan; treat the exemption as upside.
"Two to three percent" sounds abstract until you put it against the purchase price. Here's the honest range at every Coquitlam price band — with and without the first-time-buyer PTT exemption:
Other-closing line includes legal/notary, title insurance, inspection, appraisal, statement-of-adjustments items, first-year insurance, and moving. PTT shown at standard BC rate (1% first $200K + 2% from $200K to $2M + 3% from $2M to $3M; 5% above $3M on residential). First-time-buyer exemption thresholds are set by the BC government and change periodically — verify current ceilings at close. Add 5% GST on top for new-construction purchases.
PTT is the single biggest closing cost on every BC purchase. It's a marginal-rate tax — not flat — which means a $1.2M purchase doesn't pay 2% of the full price; it pays 1% on the first $200K, 2% on the rest. Here are the brackets and a worked example:
Maximum from this bracket: $2,000. Every BC purchase pays this much before anything else.
Maximum from this bracket: $36,000. Most Coquitlam purchases sit entirely within or end inside this bracket.
Maximum from this bracket: $30,000. Applies to the portion above $2M — upper-tier detached homes on Burke Mountain, Westwood Plateau and in Anmore.
Additional 2% on the residential portion above $3M. Triggers on Anmore/Belcarra acreage and Tri-Cities luxury detached.
1% × $200,000 = $2,000
2% × ($1,200,000 − $200,000) = $20,000
Total PTT: $22,000
Required items are legally or contractually unavoidable. Recommended items are not legally required but skipping them is usually a false economy — especially on a Coquitlam purchase north of a million dollars. The dollar ranges below are planning estimates, not quotes — fees vary by provider and property, so get written quotes before you budget.
A hypothetical line-by-line on an $850K townhouse purchase, using planning estimates for the non-tax lines. Both columns: without the first-time-buyer PTT exemption and with it. At $850K the exemption is only partial ($3,200), because it phases out between $835K and $860K. Build the higher number into your plan; treat the exemption as upside.
Note: $850K sits near the BC first-time-buyer exemption threshold. Whether you get full, partial, or no exemption depends on the current government thresholds. Verify your specific eligibility with your lawyer at offer time. The "standard buyer" column is the conservative budget; build that into your plan and treat any exemption as savings.
Most first-time buyers mentally bundle closing costs as one big payment the week of possession. The reality is a rhythm of expenses across the purchase timeline. Knowing the rhythm prevents the "wait, when is that due?" panic in subject removal week.
Cash or e-transfer to inspector after walkthrough. Get a quote first — size drives the price. Usually within 48 hours of inspection day.
If required. Lender sometimes covers; usually buyer's expense on conventional deals.
The deposit amount and deadline are set in your contract — often due within 24 hours of subject removal, paid to the brokerage trust account. Not strictly a "closing cost" but part of the cash flow.
Wire to your lawyer's trust account 2–5 business days before completion. The biggest single transfer.
Movers paid on completion of move. Home insurance must be active before completion — first-year premium often paid up front.
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Budget 2-3% of purchase price on top of your down payment. On an $800K Coquitlam condo: $16,000-$24,000. On a $1.2M townhouse: $24,000-$36,000. On a $1.5M detached: $30,000-$45,000. The single biggest line item is BC Property Transfer Tax — roughly two-thirds to three-quarters of the total in these examples. First-time buyers may qualify for full or partial PTT exemption up to certain price thresholds, which materially changes the total.
BC PTT is a provincial tax on every real estate purchase. 1% on the first $200,000 of purchase price. 2% from $200,000 to $2,000,000. 3% from $2,000,000 to $3,000,000. 5% over $3,000,000 (on the residential portion above $3M). On an $800K purchase: $14,000 PTT. On a $1.2M purchase: $22,000 PTT. On a $1.5M purchase: $28,000. First-time buyers may save up to $8,000 (the first $500K of the price is exempt) on homes up to $835K, with a partial exemption to $860K.
Maybe not, or not all of it. BC's First-Time Home Buyers' Program exempts the first $500,000 of the price (worth up to $8,000) on homes up to $835,000, with a partial exemption up to $860,000 (thresholds are set by the BC government — verify current numbers with your lawyer or the BC government's PTT page). Eligibility requirements include Canadian citizenship/permanent residency, residency in BC for the prior year, never having owned a principal residence anywhere, and a commitment to occupy the home as your principal residence. Your lawyer or notary confirms eligibility at close.
Yes, on almost every detached home, townhome, and older condo. The cost of a standard inspection (get a quote; size, age and suites drive it) is small against the information it produces — roof condition, mechanical age, plumbing material (poly-B risk on older builds), envelope status. Even in firm-deal markets, the right answer is usually a pre-offer inspection rather than no inspection. Skipping it on a million-dollar purchase to win an offer is a false economy.
In stages, not one bill. Inspection: during the subject period, before you remove subjects (you pay the inspector directly). Appraisal: when ordered, often by your lender. Bulk of the rest — BC PTT, legal fees, balance of down payment, statement-of-adjustments items — is wired into your lawyer's trust account the week of possession. Moving and home insurance bind in the week of and around possession. Bundling everything mentally as one bill is what causes surprise; the actual rhythm is spread over a few weeks.
Sometimes. Some lenders allow it via cash-back mortgage products or when you are well under their lending maximum. Most BC buyers pay closing costs out of pocket, separate from the mortgage — that is the conservative, lower-interest-cost path. If you do roll them in, recognize you are paying interest on them for the full amortization. For example, a $20,000 closing cost rolled into a 25-year mortgage at a constant 5% costs roughly $35,000 over the full amortization.
Yes — 5% federal GST applies on every new-construction purchase from a builder. Partial GST rebates apply up to certain price thresholds for owner-occupiers. Investors may qualify for the GST New Residential Rental Property Rebate (NRRPR) after the unit is tenanted. Resale homes (those previously owner-occupied) are GST-exempt. The GST on a $900K new condo is $45,000 — a material number that surprises first-time buyers of presale or new-build product. Get the GST math on paper before you sign.
Four. 1) Statement-of-adjustments items — if the seller prepaid annual property tax or strata fees past your possession date, you reimburse the unused portion. 2) Title insurance, often recommended at closing. 3) Moving costs, which depend on volume and distance. 4) First-year home insurance premium, often paid up front. These rarely show on the rule-of-thumb 'closing costs' estimate but always show on the actual closing statement.
PTT applies to new construction the same way as resale, but BC's newly built home exemption (separate from the first-time buyer exemption) gives a full exemption on qualifying new builds up to $1,100,000 and a partial exemption up to $1,150,000.
Yes, particularly for older (pre-1980s) homes in established Coquitlam neighbourhoods like Maillardville, Como Lake and Austin. Hidden underground oil tanks are a common and expensive remediation issue.
Most residential closing costs are not deductible. Some legal fees may be added to the property's adjusted cost base for the capital gains calculation when you eventually sell. Talk to your accountant.