Home Buying Costs in Metro Vancouver: 2026 Guide

Buying a home is more than just the sticker price. In British Columbia, "closing costs" can add significant expenses to your purchase. This guide breaks down the essential fees and the latest 2026 tax exemptions to help you budget accurately.

Property Transfer Tax (PTT) – Updated for 2026

PTT is a provincial tax payable when you register a property at the Land Title Office.

Standard Rates:

• 1% on the first $200,000

• 2% on the portion between $200,000 and $2,000,000

• 3% on the portion over $2,000,000

Major 2026 Exemptions

The BC government recently increased the thresholds for exemptions to reflect modern market prices:

• First-Time Home Buyers Program: * Full Exemption: Now available for homes with a fair market value up to $835,000. (You save up to $14,700).

  • Partial Exemption: Available for homes priced between $835,000 and $860,000.

  • Requirement: You must be a Canadian citizen/PR, have lived in BC for 12 months, and never owned a principal residence anywhere in the world.
    
    

• Newly Built Home Exemption: * Full Exemption: Increased to $1,100,000.

  • Partial Exemption: Available for new homes between $1,100,000 and $1,150,000.

Goods and Services Tax (GST) & The New 2026 Rebate

GST of 5% applies to all newly constructed homes. If you buy a "re-sale" home, you generally do not pay GST.

New: First-Time Buyer GST Rebate (2025/2026)

Effective for agreements signed after May 2025, a massive new federal incentive has arrived:

• Full GST Rebate: First-time buyers can now receive a 100% rebate of the GST (up to $50,000) on new homes valued up to $1 Million.

• Partial GST Rebate: Available for new homes valued between $1 Million and $1.5 Million.

• Impact: This can save a first-time buyer up to $50,000 on a new condo or townhouse—a huge shift from previous years.

The "Anti-Flipping" Taxes (Warning for Sellers/Buyers)

If you plan to sell your home shortly after buying, be aware of two new layers of taxation:

1. BC Home Flipping Tax (2025): A separate provincial tax of up to 20% on profits if you sell within 730 days (2 years).
   
   

2. Federal Anti-Flipping Rule: If you sell within 365 days, 100% of your profit is taxed as business income (no capital gains or principal residence exemption).

Professional Fees & Other Costs

Beyond taxes, expect the following standard "soft costs":

Annual Taxes to Keep in Mind

• Speculation & Vacancy Tax: In 2026, the rate for Canadian residents is 1% and 3% for foreign owners if the property is not a principal residence or rented out.
  
  

• Home Owner Grant (2026): The threshold for the full grant is $2,075,000. If your home is assessed below this, you receive a reduction on your annual property taxes.

Important Disclaimer

This information is for educational purposes only and is subject to change. Real estate tax law is complex; we strongly recommend consulting with a qualified BC Tax Accountant or Real Estate Lawyer before finalizing any purchase.

Other Costs

Here are other costs to consider after getting the keys to your home:

• Moving Costs 
• Furniture and other household items
• New locks, new keys
• Internet, phone, alarm system, cable etc.
• Renovation and repairs
• Annual property taxes and utilities, home insurance
• Monthly strata fees
• Hydro and Natural Gas fees