Closing Costs When Buying a Home in Vancouver

Closing costs are paid in addition to your down payment to legally transfer ownership of a property.

In Vancouver, buyers should typically budget 2% – 4% of the purchase price
(higher for properties over $1 million).

Example:

$1,000,000 home → roughly $20,000–$40,000 closing costs.

The Main Closing Costs

Property Transfer Tax (Biggest Cost)

British Columbia charges a Property Transfer Tax (PTT) at closing.

BC Property Transfer Tax Rates

First $200,000 → 1%
$200,001–$2,000,000 → 2%
$2,000,001–$3,000,000 → 3%
Over $3,000,000 → 5%

Additional 2% applies to certain foreign buyers (if applicable).

Example:

$1,000,000 home ≈ $18,000 tax

First-Time Buyer Exemption

Eligible buyers may receive full or partial exemptions for qualifying properties below price thresholds.

Real Estate Lawyer or Notary Fees

In BC, transactions may be completed by a lawyer or notary.

Typical costs:

$1,200 – $2,000 total including disbursements.

They handle:

• Title transfer

• Mortgage registration

• Funds transfer

Title Insurance

Typical cost:

$250 – $400

Commonly required by lenders.

Property Tax Adjustments

Buyer reimburses seller for prepaid:

• Property taxes

• Strata fees (condos)

• Utilities

Mortgage-Related Costs

Appraisal Fee: $300 – $600

Mortgage Default Insurance: added to mortgage if under 20% down.

Home Insurance

Required before possession.

Interest Adjustment

Partial-month mortgage interest may be payable at closing.

Costs Some Buyers Forget

• Strata move-in fees

• Elevator booking deposits

• Immediate maintenance costs

Experts suggest budgeting 3–4% overall.

Simple Rule of Thumb

Budget about $30,000 per $1 million purchase price in Vancouver.