Closing Costs in BC: Full Breakdown for a $1M Home (2026)

GST: New Builds Only

Resale homes in BC do not attract GST. If you are buying from a previous owner, skip this section.

If you are buying a new or substantially renovated home, 5% federal GST applies to the purchase price. On a $1,000,000 new build, that is $50,000. The New Housing Rebate gives some of it back: a partial federal rebate is available on homes up to $450,000, and there is no rebate at all on the federal portion above $450,000. For a $1M new build, expect to pay the full $50,000 GST.

For more on the GST rebate mechanics, see our guide on GST on new homes in BC.

Legal Fees and Disbursements

Every BC real estate purchase requires a lawyer or notary public to handle title transfer, mortgage registration, and trust accounting. Expect $1,300 to $2,100 for a straightforward $1M residential purchase with a mortgage.

The quote you receive usually includes professional fees (around $900 to $1,400) plus disbursements (Land Title Office registration, title searches, courier, and document handling, typically $300 to $500). GST on legal fees adds another 5% on the professional portion. Get a written quote that itemises fees and disbursements before signing the retainer.

Title Insurance

Title insurance is a one-time premium of $300 to $500 for a residential purchase, paid to the lawyer at closing. It covers gaps in title, undisclosed encumbrances, survey errors, and fraud. Most lenders now require it. Optional for buyers paying cash, but recommended. We covered the full mechanics in our title insurance BC guide.

Home Inspection

Budget $500 to $900 for a standard inspection on a $1M home in BC. A condo or townhouse typically runs $400 to $600, a detached home $500 to $800, and an older or larger detached home can reach $900 or more. Specialty add-ons (sewer scope, mould, radon, oil tank scan) run another $150 to $400 each. See our full breakdown in home inspection cost BC.

The inspection is paid directly to the inspector on the day, usually before subjects are removed, not at completion. We include it as a closing-period cost because it is unavoidable cash out the door during the transaction.

Appraisal

If you are getting a mortgage, the lender will usually require an independent appraisal. Most lenders pay for it on conventional mortgages (20% down or more), but some pass the $400 to $600 cost to the buyer. On high-ratio mortgages (less than 20% down), the appraisal is folded into the CMHC premium. Confirm with your broker before closing.

Mortgage Default Insurance (CMHC)

If your down payment is below 20%, you must carry mortgage default insurance. Premiums scale with loan-to-value ratio:

• Up to 65% LTV: 0.60%
• 65.01% to 75% LTV: 1.70%
• 75.01% to 80% LTV: 2.40%
• 80.01% to 85% LTV: 2.80%
• 85.01% to 90% LTV: 3.10%
• 90.01% to 95% LTV: 4.00%

On a $1,000,000 home with 10% down ($100,000), the mortgage is $900,000 at 90% LTV, premium 3.10%, adding $27,900 to the principal. With 5% down on the first $500,000 and 10% on the rest (the federal minimum-down formula on homes above $500K, applicable up to $1.5M as of December 2024), the math is more complex but the premium reaches 4.00% of the insured amount. A 30-year amortization adds 0.20% on top.

The premium is not cash due at closing. It is added to your mortgage principal and amortised over the life of the loan. Provincial sales tax on the premium (none in BC) is paid in cash on completion. We covered the full math in CMHC insurance BC.

Property Tax and Strata Fee Adjustments

The seller has often prepaid annual property taxes or monthly strata fees that extend past your completion date. You reimburse them for the unused portion at closing.

On a $1M Metro Vancouver home, annual property tax runs $2,500 to $4,500 depending on municipality. If completion is mid-year and the seller has paid the full year, expect $1,000 to $2,500 owed to the seller at closing. If completion is early in the year before the seller has paid, you may receive a small credit. The exact figure appears on your statement of adjustments a few days before completion.

Strata fees are prorated the same way, usually a partial month, $100 to $500 depending on building.

Strata Move-In Fees and Other Small Costs

• Strata move-in or move-out fee: $100 to $300, condos and townhouses only. Paid to the strata corporation, not the lawyer.
• Utility hookups and transfers: $50 to $200 for hydro and gas account setup or transfer.
• Property insurance: First-year premium is due at or before closing, typically $1,200 to $2,000 for a detached home or $400 to $700 for a condo (strata covers the building, you cover contents and liability).
• Movers: $1,000 to $3,000 for a local move, more for long distance or large homes.

Worked Example: $1M Resale Home, 20% Down, BC Citizen

Here is the realistic closing-cost total for a buyer purchasing a $1,000,000 resale home in Burnaby with 20% down ($200,000), holding a $800,000 conventional mortgage, single buyer who is a Canadian citizen, completion mid-year:

• Property Transfer Tax: $18,000
• Legal fees and disbursements: $1,800
• Title insurance: $400
• Home inspection: $700
• Appraisal: $0 (lender absorbs on conventional)
• Property tax adjustment (mid-year, seller prepaid): $1,500
• Strata fee adjustment: $0 (detached home)
• First-year home insurance: $1,500
• Utility setup: $100
• Moving: $2,000
• Total cash at or near closing: ~$26,000

Add the $200,000 down payment and total cash out of pocket is $226,000. CMHC does not apply because the down payment hit 20%.

The Same Home, 10% Down (CMHC Territory)

Now the same $1M home with 10% down ($100,000):

• Mortgage: $900,000 base + ~$27,900 CMHC premium = $927,900 financed
• All other closing costs above: ~$26,000 cash
• Down payment: $100,000 cash
• Total cash at or near closing: ~$126,000

The CMHC premium itself is rolled into the mortgage, not paid in cash. But you carry it for the life of the loan, paying interest on it for 25 to 30 years.

How to Estimate Your Own Closing Costs

A reliable rule of thumb for BC: budget 2.5% to 4% of the purchase price for cash closing costs, on top of your down payment, for a resale home. New builds add 5% GST if the New Housing Rebate does not fully offset. The variance comes from PTT exemption eligibility, whether you are a first-time buyer, and whether your municipality has higher property tax mill rates.

Once you have an address in mind, run the numbers properly. Pull the current property assessment, mortgage scenarios, and historical sale price from the listing. Zealty shows the full MLS pricing history, listing changes, and assessed values on every property page, which gives you the inputs you need before you write an offer. Start your search across Metro Vancouver with live MLS data updated throughout the day, or check the latest Metro Vancouver market statistics for current median pricing in your target submarket.

The closing-cost math is mostly fixed once you know the purchase price and your status. The down payment is where you have the most leverage. Saving an extra 5% pushes you across the 20% threshold and erases the CMHC premium entirely, which is often a better return than chasing a marginally cheaper rate.