# Coquitlam Closing Costs: The Real 2–3% Math > The honest Coquitlam closing-cost breakdown. **Source:** https://soldbycraig.ca/coquitlam-closing-costs-guide/ **Author:** Craig Johnston, REALTOR® (BC Licence V99960) · The MACNABS · Royal LePage Elite West **Site:** https://soldbycraig.ca --- Coquitlam Closing Costs Guide ## Budget 2–3% — the honest line-by-line on what Coquitlam buyers actually pay at closing. 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 60–70% of that total. Here is every line item, what triggers each one, the worked $850K example, and the first-time-buyer exemption math. Updated July 2026 · By [Craig Johnston, REALTOR®](/coquitlam-realtor-craig-johnston/) [Get the spreadsheet for your purchase](/book-a-strategy-call-with-craig-johnston/) [See the full buyer hub](/coquitlam-buyer-resource-hub/) Or call: [604-202-6092](tel:+16042026092) **5.0** across 34+ Google reviews **Top 1% Team** — GVR 47+ years in the Tri-Cities Top 1% TeamGreater Vancouver REALTORS® Medallion ClubTeam Member since 2021 ★5.0 · 34+Verified Google reviews Top 2% National TeamRoyal LePage Source: Royal LePage internal rankings & Craig's verified Google Business Profile. Updated July 2026. Free · one email per month ## Get the honest Tri-Cities market read — monthly, by email. Real GVR numbers. Plain-English explanation of what they mean for your move. No salesy fluff, no listings flood, no follow-up calls. Unsubscribe anytime. Rather have it as a PDF? [Get the Tri-Cities Pricing Cheat Sheet →](/tri-cities-pricing-cheat-sheet/) 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 — usually 60–70% of the total. 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. The 2–3% rule, by price band ## What the rule actually translates to in real Coquitlam dollars. "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: | Purchase price | PTT (standard) | Other closing | Total (no exemption) | Total (FTB exemption) | | --- | --- | --- | --- | --- | | **$800K** (entry condo) | $14,000 | ~$6,000 | ~$20,000 | ~$6,000 | | **$1.2M** (townhouse / 2-bed) | $22,000 | ~$8,000 | ~$30,000 | partial only | | **$1.5M** (entry detached) | $28,000 | ~$10,000 | ~$38,000 | no FTB exemption | | **$2M** (Burke / Westwood detached) | $38,000 | ~$12,000 | ~$50,000 | no FTB 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% next $200K-$2M + 3% over $2M). 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. The biggest line, explained ## BC Property Transfer Tax — how it actually calculates. 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: Bracket 1 ### 1% on first $200K. Maximum from this bracket: $2,000. Every BC purchase pays this much before anything else. Bracket 2 ### 2% from $200K to $2M. Maximum from this bracket: $36,000. Most Coquitlam purchases sit entirely within or end inside this bracket. Bracket 3 ### 3% from $2M to $3M. Maximum from this bracket: $30,000. Triggers on the Burke detached, Westwood luxury townhouse, Anmore acreage tier. Bracket 4 ### 5% over $3M (residential). Additional 2% on the residential portion above $3M. Triggers on Anmore/Belcarra acreage and Tri-Cities luxury detached. Worked example · $1.2M townhouse 1% × $200,000 = **$2,000** 2% × ($1,200,000 − $200,000) = **$20,000** Total PTT: **$22,000** Every line item ## Required and recommended — the full closing-cost menu. 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. Required · not optional ### What you have to pay. - **BC Property Transfer Tax**Marginal rate — see brackets above. Usually 60–70% of total closing cost. - **Legal / Notary fees · $1,200–$2,200**Standard residential conveyance plus disbursements. Title and mortgage registration. - **Title insurance · $250–$400**Protects against title defects predating your ownership. Most lawyers arrange. - **Property tax adjustment · $200–$800**If seller prepaid annual property tax past possession, you reimburse the unused portion. - **Strata adjustment (if applicable) · $200–$500**Seller's prepaid strata fees for the month, adjusted on the statement of adjustments. - **5% GST (new construction only)**Applies to brand-new homes from a builder. Partial rebate up to thresholds for owner-occupiers. Resale homes are GST-exempt. Recommended · skip at your peril ### What you should pay. - **Home inspection · $500–$900**Cheap insurance on the biggest purchase of your life. Strongly recommended on detached and townhomes. - **Appraisal · $400–$600**Required by most lenders on conventional (non-CMHC) deals. CMHC-insured purchases usually don't need one. - **Home insurance (first year) · $1,000–$2,000**Binder required before closing. Premiums vary by size, location, claims history. - **Moving costs · $1,000–$3,000**Don't forget this in the budget. Distance and volume drive the number. - **Pre-offer envelope inspection (older homes) · $400–$700**Worth it on detached pre-1998 or strata buildings flagged in document review. - **Status certificate review (strata) · included in legal**Your lawyer reviews strata Form B, depreciation report, minutes — usually inside the standard fee. Worked example ## $850K Coquitlam townhouse, first-time buyer — the real spreadsheet. A realistic line-by-line on a typical first-time-buyer Coquitlam townhouse purchase. Both columns: without the first-time-buyer PTT exemption and with the full exemption. Build the higher number into your plan; treat the exemption as upside. | Closing-cost line | Standard buyer | First-time buyer (full exemption) | | --- | --- | --- | | BC Property Transfer Tax | $15,000 | $0 (if eligible) | | Legal / notary + disbursements | $1,800 | $1,800 | | Title insurance | $350 | $350 | | Home inspection | $700 | $700 | | Appraisal (if required) | $500 | $500 | | Property tax + strata adjustments | $900 | $900 | | First-year home insurance | $1,400 | $1,400 | | Moving costs | $1,800 | $1,800 | | Total closing cost | ~$22,450 | ~$7,450 | | As % of purchase price | ~2.6% | ~0.9% | 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. When each line item hits ## Closing costs don't arrive as one bill. They arrive on five different dates. 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. During subjects ### Inspection paid. Cash or e-transfer to inspector after walkthrough. $500–$900. Usually within 48 hours of inspection day. During subjects ### Appraisal paid. If required. $400–$600. Lender sometimes covers; usually buyer's expense on conventional deals. Subjects removed ### Deposit wired. ~5% of purchase price to brokerage trust within 24 hours of subject removal. Not strictly a "closing cost" but part of the cash flow. Week of possession ### Down-payment balance + closing costs. Wire to your lawyer's trust account 2–5 business days before completion. The biggest single transfer. Possession day ### Moving + insurance bind. Movers paid on completion of move. Home insurance must be active before completion — first-year premium often paid up front. Who I am ## The Tri-Cities Move-Up Specialist. ![Craig Johnston, REALTOR®](https://soldbycraig.ca/wp-content/uploads/2026/03/DSC1119-1-scaled.jpg) Craig Johnston, REALTOR® 47+ year Tri-Cities resident · Top 1% Team Member — Greater Vancouver REALTORS® · Medallion Club Team Member since 2021 · Top 2% Team Member — Royal LePage nationwide · The MACNABs Team, Royal LePage Elite West · BCFSA #V99960 [More about Craig →](/coquitlam-realtor-craig-johnston/) 5.0 stars across 34+ verified Google reviews. Three below from Tri-Cities buyer clients on diligence, transparency, and protecting the close. ★★★★★ > “Craig assisted in every aspect of the purchase of my Bowen Island home, including the building inspection, the follow-up inspection, and ensuring deficiencies were repaired. He was thorough and protected my position every step of the way.” Roberta Shaw Bowen Island purchase · Diligence-focused · Google Review ★★★★★ > “Craig was patient throughout the entire process. He never pushed us to buy something we weren't sure about, and when we decided to wait six months and save more, he just said ‘good call’ and stayed in touch. When we did finally buy, the math was so much cleaner.” Susie & Hans First-time buyers · Patient strategy · Google Review ★★★★★ > “We received seven offers, and Craig held firm on our priorities: no subject to sale and achieving our price. When we re-listed in January, it sold in just three days to buyers he had been nurturing — at the price we wanted.” Jim Turnbull 7 offers · Sold at target price · Google Review [Read all 34+ reviews on Google →](https://www.google.com/search?q=Craig+Johnston+REALTOR+Coquitlam+reviews) FAQ ## The closing-cost questions Coquitlam buyers ask. What are typical closing costs on a Coquitlam home purchase?+ 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 — often 60–70% of the total. First-time buyers may qualify for full or partial PTT exemption up to certain price thresholds, which materially changes the total. What is the BC Property Transfer Tax (PTT)?+ BC PTT is a marginal-rate provincial tax on every real estate purchase. **1% on first $200,000.** **2% from $200K to $2M.** **3% from $2M to $3M.** **5% over $3M (residential portion).** On an $800K purchase: $14,000. On a $1.2M purchase: $22,000. On a $1.5M purchase: $28,000. First-time buyers may qualify for full or partial exemption up to a price ceiling. Do first-time buyers in BC pay PTT?+ Maybe not, or not all of it. BC's First-Time Home Buyers' Program provides a full PTT exemption up to a price ceiling and a partial exemption above it (the exact thresholds are set by the BC government and change periodically — 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 confirms eligibility at close. Is a home inspection really necessary?+ Yes on almost every detached home, townhome, and older condo. $500–$900 is trivial against the information it produces — roof condition, mechanical age, plumbing material (poly-B risk on older builds), envelope status. Even in firm-deal markets, a pre-offer inspection is usually the right answer rather than no inspection. Skipping it on a million-dollar purchase to win an offer is a false economy. When do I actually pay closing costs?+ In stages, not one bill. Inspection: within days of subject removal. Appraisal: when ordered. Bulk of the rest — BC PTT, legal fees, balance of down payment, adjustments — is wired into your lawyer's trust account the week of possession. Moving and home insurance bind in the week of and around possession. Can I roll closing costs into my mortgage?+ Sometimes. Some lenders allow it via cash-back products or when you're well under their lending maximum. Most BC buyers pay closing costs out of pocket separate from the mortgage. If you do roll them in, recognize you're paying interest on them for the full amortization — $20,000 rolled into a 25-year mortgage at 5% costs roughly $35,000 over the term. Does GST apply on a new construction Coquitlam home?+ Yes — 5% federal GST applies on every new-construction purchase from a builder. Partial rebates apply up to certain price thresholds for owner-occupiers. Investors may qualify for the NRRPR rebate after tenanting. Resale homes (previously owner-occupied) are GST-exempt. GST on a $900K new condo is $45,000 — a material number that surprises first-time buyers of presale or new-build product. What closing-cost line items do most quotes skip?+ Four. **1)** Statement-of-adjustments items — you reimburse the seller's prepaid property tax / strata fees ($400–$1,500). **2)** Title insurance — $250–$400. **3)** Moving costs — $1,000–$3,000. **4)** First-year home insurance premium — $1,000–$2,000 often paid up front. Rarely on rule-of-thumb estimates. Always on actual closing statements. Ready when you are ## Want the line-by-line spreadsheet for your specific purchase? Twenty minutes is enough to run your specific purchase price, down payment, and first-time-buyer status through the full math. You walk away knowing exactly what's owed, when each payment lands, and where you can save. No pitch, no pressure. 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