Vancouver Condo Closing Costs: What Buyers Should Budget For

Updated October 17, 2026

When you are budgeting for a condo, the purchase price is only part of the number.

Vancouver condo closing costs can include property transfer tax, legal or notary fees, insurance, adjustments, inspection costs and, in some cases, GST. Some of those amounts are predictable. Others depend on the property, the lender, the completion date and whether the condo is new or resale.

The important thing is to estimate them before you remove subjects or commit all of your available cash to the down payment. A lender may approve the mortgage, but you still need enough accessible money to complete the purchase comfortably.

Here is how I would break down the main costs with a Vancouver condo buyer.

Property Transfer Tax Examples for Vancouver Condo Buyers

These figures are before legal or notary costs, insurance, inspection, adjustments and moving expenses.

Purchase price	Standard property transfer tax	Fully eligible first-time buyer
$650,000 resale	$11,000	$3,000
$800,000 resale	$14,000	$6,000
$835,000 resale	$14,700	$6,700
$1,000,000 resale	$18,000	Exemption unavailable at this price

Source: B.C. first-time home buyers’ exemption amounts. Eligibility and ownership percentage can change the result, so have your lawyer or notary confirm your calculation.

First, Separate the Deposit, Down Payment and Closing Costs

These three amounts are related, but they are not the same thing.

• The deposit is paid according to the contract, often shortly after an offer is accepted. It forms part of the purchase price and is usually held in trust.
• The down payment is the portion of the purchase price not covered by your mortgage. The deposit is normally credited toward it.
• Closing costs are the taxes, professional fees, adjustments and other expenses required to complete the transaction.

The deposit and down payment are not extra charges on top of the price. Closing costs are.

This distinction matters because buyers sometimes plan to use nearly all of their available cash for the down payment, then discover that property transfer tax and other completion costs still have to be paid separately. Before writing an offer, I would confirm the amount and timing of your deposit with your Realtor, and confirm your total cash requirement with your lender and legal professional.

1. B.C. Property Transfer Tax

For many resale condo buyers, property transfer tax is the largest closing cost.

B.C. generally calculates the tax on the fair market value registered at the Land Title Office. The current general rates are:

• 1% on the first $200,000
• 2% on the portion over $200,000 up to $2 million
• 3% on the portion over $2 million

For example, the property transfer tax on an $800,000 condo is $14,000 before any exemption. You can confirm an estimate using the B.C. property transfer tax information and calculator.

What About the First-Time Home Buyers’ Exemption?

The first-time buyer rules are often misunderstood. Qualifying does not automatically make every purchase under $835,000 completely tax-free.

For an eligible buyer purchasing a qualifying property of 0.5 hectares or less, the current provincial exemption works this way:

• At $500,000 or less, the exemption can equal the full property transfer tax.
• Over $500,000 and up to $835,000, the exemption amount is $8,000.
• Over $835,000 and under $860,000, the exemption is gradually reduced.
• At $860,000, no first-time buyer exemption remains.

That means a qualifying first-time buyer purchasing an $800,000 condo would still pay $6,000 in property transfer tax under the current rules, not zero. Eligibility also depends on the buyer, ownership percentage, intended use and other conditions. Review the current B.C. first-time buyer exemption amounts and have your lawyer or notary confirm the actual calculation.

2. GST on a New or Substantially Renovated Condo

A typical resale condo is generally not subject to GST on the purchase price. A new condo, pre-sale assignment or substantially renovated property can be different.

Five percent GST is a major number, so it is important to read the contract carefully. Depending on the wording, the price may include GST, exclude it or account for an anticipated rebate. Do not assume the number on the feature sheet is the final amount required at completion.

A separate B.C. newly built home exemption may eliminate property transfer tax on a qualifying never-occupied principal residence valued up to $1.1 million. A partial exemption may apply above $1.1 million and below $1.15 million. This provincial exemption is not limited to first-time buyers.

As of 2026, eligible first-time buyers may receive a federal GST/HST rebate of up to $50,000 on a new or substantially renovated home. The rebate can eliminate the federal GST on qualifying homes up to $1 million and is reduced between $1 million and $1.5 million. The agreement, construction, occupancy and buyer all have to meet the program rules.

The Canada Revenue Agency is now accepting applications, and a builder may be able to credit the rebate at closing. If the builder does not, an eligible buyer may have to apply directly. The CRA’s first-time home buyer GST/HST rebate guidance explains the current program.

For the complete picture, including the FHSA, Home Buyers’ Plan, B.C. property-transfer-tax relief and the federal GST rebate, see my 2026 first-time home buyer Vancouver guide.

Because GST and rebate treatment can change the money required on completion by tens of thousands of dollars, this is something I would confirm in writing with the developer, your accountant and your lawyer or notary.

3. Legal or Notary Fees and Disbursements

A lawyer or notary handles the conveyance, reviews the documents they are responsible for, prepares the transfer and mortgage paperwork, registers the title and accounts for the money.

The final invoice can include both a professional fee and disbursements such as title searches, registration charges, courier costs and other third-party expenses. If there is a mortgage, extra documents or a more complicated ownership structure, the amount may change.

I would ask for a quote early and make sure you understand what is included. The cheapest headline fee is not necessarily the final bill.

4. Inspection, Appraisal and Financing Costs

A condo inspection is narrower than an inspection of a detached house, but that does not make it pointless. An inspector can still evaluate the unit’s visible systems and conditions, flag moisture or maintenance concerns and help you understand what you are buying.

Your lender may also require an appraisal. Sometimes the lender absorbs that cost; sometimes the buyer pays it. Mortgage setup, broker, insurance or administration costs can vary as well, so ask your lender for a written list of anything due before or at completion.

These costs are usually small compared with property transfer tax, but they tend to arrive at the same time. That is why a buffer matters.

For more context on financing and affordability, see how interest rates affect Vancouver home buyers.

5. Strata Documents and Professional Review

Most of the standard strata documents are obtained during due diligence, before closing. The seller or listing agent will often provide a package, but an updated Form B or additional records may be needed.

Under the current provincial rules, a strata corporation can charge up to $35 for a Form B, plus copying costs, and may charge a rush fee when it is requested with less than seven days’ notice. The Form B discloses items such as strata fees, approved special levies, the contingency reserve fund, proceedings, work orders, parking, storage and insurance information. You can see the full list in the B.C. government’s Form B guide.

The document charge itself is not the main risk. The important part is understanding what the records reveal. My broader guide to buying a condo in Vancouver explains the strata documents, depreciation report, insurance and special-levy issues I would review before removing subjects.

For another important part of the document review, see what a Vancouver condo depreciation report can reveal about upcoming repairs and funding.

Depending on the property, a buyer may also choose to pay for legal, engineering, insurance or accounting advice. That is not necessary in every transaction, but it can be worthwhile when the documents raise a technical question.

6. Condo Insurance

Your lender will normally require proof of insurance before advancing mortgage funds. Even without that requirement, a condo owner needs coverage for personal belongings, improvements, liability, additional living expenses and potential exposure to the strata corporation’s insurance deductible.

The building’s insurance does not replace your own policy. Send the strata insurance summary and any relevant bylaws to your insurance broker before completion so the policy matches the unit and building.

7. Property Tax, Strata Fee and Other Adjustments

Not every amount on the statement of adjustments is a fee.

Property taxes, strata fees, utilities or other expenses may be prorated between the buyer and seller based on the completion date and what has already been paid. If the seller prepaid an amount that covers time after you take ownership, you may reimburse the seller for your share. If an amount is outstanding, the adjustment can work the other way.

Your lawyer or notary will show these amounts on the statement of adjustments. They vary with the date and property, so they are difficult to estimate from the listing alone.

Approved special levies also deserve careful attention. The contract should clearly address who is responsible, but the payment schedule, wording of the resolution and completion date can all matter. Do not rely on a verbal understanding.

8. Moving, Setup and the First-Month Buffer

Moving costs are not legal closing costs, but they still compete for the same cash.

Depending on the building and your plans, you may have elevator booking fees or deposits, movers, storage, utility setup, locksmith costs, furniture and immediate repairs. A condo can also have expenses that appear shortly after possession even when the transaction itself went smoothly.

I would rather see a buyer keep a reasonable reserve than use every available dollar to increase the down payment by a small amount. Your lender can help you compare the mortgage impact, but liquidity has value when you have just taken ownership.

A Simple Vancouver Condo Closing-Cost Checklist

Before you remove subjects, ask for estimates or confirmation for:

• Deposit amount and due date
• Down payment and total cash required by the lender
• Property transfer tax and any exemption
• GST and any new-home rebate, if applicable
• Legal or notary fees and disbursements
• Inspection and appraisal costs
• Condo insurance
• Strata, property-tax and utility adjustments
• Approved special levies
• Moving and building fees
• An emergency reserve after completion

A useful estimate for Vancouver condo closing costs should be property-specific. An $800,000 resale condo, a $1.2 million pre-sale and a first-time purchase can have very different cash requirements even if the mortgage payment looks similar.

Frequently Asked Questions

How Much Are Closing Costs on an $800,000 Vancouver Condo?

Standard B.C. property transfer tax is $14,000. A fully eligible first-time buyer would pay $6,000 after the current exemption. Legal or notary work, title charges, insurance, inspection, adjustments and moving expenses are additional.

Do First-Time Buyers Pay Property Transfer Tax in B.C.?

They may. A qualifying purchase of $500,000 or less can receive a full exemption. Between $500,000 and $835,000, the standard maximum exemption is $8,000, so tax may still be payable. The exemption is gradually reduced above $835,000 and ends at $860,000.

Does GST Apply to a Resale Condo?

GST generally does not apply to an ordinary previously occupied resale condo. New construction, assignments, substantially renovated properties and certain other situations can receive different treatment. Confirm the contract with your lawyer, notary or accountant.

Can Closing Costs Be Added to the Mortgage?

Do not assume they can. Property transfer tax, professional fees and adjustments usually require accessible funds separate from the down payment. Ask your lender and legal professional to confirm the total cash required before completion.

When Are Condo Closing Costs Paid?

The deposit is paid according to the purchase contract. Inspection and some financing expenses can arise before subject removal. Your lawyer or notary will normally require the remaining purchase funds and closing costs shortly before completion.

Who Pays an Approved Strata Special Levy?

That depends on the purchase contract, the levy resolution, its approval date and its payment schedule. The responsibility should be addressed clearly in the contract and confirmed by your legal professional.

Budget Before the Offer, Not After It

Planning your Vancouver condo closing costs before the offer is much easier than discovering them a few days before completion. The earlier you identify them, the easier it is to choose a price range, structure the deposit and protect a reasonable cash buffer.

This article is general information, not legal, tax, accounting or lending advice. Your lawyer or notary, accountant and lender should confirm the amounts that apply to your purchase.

For building-specific due diligence, see what I check before a buyer writes an offer on a Vancouver condo. If you are still choosing representation, see five things to look for in a Vancouver Realtor.

If you are planning a Vancouver condo purchase and want help building a property-specific checklist, send me the listing or tell me what you are considering. I’ll help you work out what deserves attention before you write an offer.