Cost of purchasing a home in Squamish, BC
What to Expect: Closing Costs for a Home Purchase
Buying a home in Squamish—nestled between towering mountains and glistening water—is a dream for many. But before you get the keys, there are additional costs to budget for at closing. Here’s what you need to know:
1. Property Transfer Tax (PTT)
In British Columbia, the provincial PTT is calculated as:
1% on the first $200,000
2% on the portion between $200,000 and $2,000,000
3% on the portion from $2,000,000 to $3,000,000, with 5% on amounts above that.
2. Legal Fees & Disbursements
Most buyers should expect to pay $2,000 to $3,000 for legal services—this includes conveyance, mortgage registration, title searches, and disbursements
3. Home / Building Inspections
Optional but highly recommended. Expect inspection costs in the $500–$1,000 range
4. Appraisal Fees
Often required by lenders. These typically range from $300 to $1,000, depending on the property and location
5. Title Insurance
Required by most lenders, this insurance against title fraud or disputes costs around $200–$400
6. Home / Fire Insurance
Lenders generally require proof of insurance, which can cost around $500–$1,000 annually
7. Adjustments for Property Taxes, Utilities & Strata Fees
Lawyers prepare “statement of adjustments” to prorate expenses already paid by the seller—these can include taxes, utilities, strata or maintenance fees, and
8. GST on New Builds (if applicable)
Great news: resale homes generally don’t incur GST. However, if you’re buying a newly constructed property, GST (5%) may apply—but rebates might be available depending on price and eligibility
9. How Much to Budget Overall?
In BC, closing costs typically range between 1.5% and 3.5% of the purchase price.
Pro Tips to Ease the Cost Burden
Check for First-Time Buyer or New Build Exemptions — Some buyers qualify for PTT exemptions up to certain thresholds
Compare Legal Fees — Different lawyers/notaries may offer varying rates.
Bundle Insurance Quotes — Shop around to find competitive rates.
Squamish Homebuying: Closing Costs Checklist
Use this checklist to stay organized as closing day approaches:
Property Transfer Tax
Legal Fees & Disbursements
Home / Building Inspection (if desired)
Appraisal Fee
Title Insurance
Home / Fire Insurance
Adjustments for Property Taxes, Utilities, Strata, etc.
GST (if applicable)
Additional miscellaneous costs (e.g., strata move-in fees, survey, etc., if applicable)
Final Thoughts
Closing costs in Squamish typically amount to 1.5%–3.5% of the home’s purchase price—subject to variables like property type, services needed, and whether it's a new build. Proper planning and early preparation (including tax exemptions and comparing quotes) can keep your finances in check, so you cross the finish line with ease—and excitement.
Let me know if you'd like a downloadable checklist, calculator suggestions, or details about exemptions for first-time buyers!
