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Closing costs in BC are real, significant, and need to be planned for well in advance. Here is the complete picture so nothing catches you off guard.
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One of the most common surprises for first-time buyers — and even experienced ones — is the amount of money required at closing beyond the down payment. In British Columbia these costs are real, they are significant, and they need to be planned for well in advance.
The PTT is typically the single largest closing cost for buyers in Victoria BC. It is a provincial tax paid every time a property changes hands — and it applies to nearly every purchase.
The rate is 1% on the first $200,000 of the purchase price, 2% on the portion between $200,000 and $2,000,000, and 3% on anything above $2,000,000.
On a $750,000 purchase this amounts to $13,000 — making it the largest single closing cost for most Victoria BC buyers.
First-time buyers may qualify for a full or partial exemption. The full exemption currently applies to homes purchased for $835,000 or less, with a partial exemption available up to $860,000.
To qualify you must be a Canadian citizen or permanent resident, have never owned a principal residence anywhere in the world, and intend to occupy the property as your primary residence.
Your lawyer will confirm your eligibility and apply the exemption at closing. Newly built homes have a separate exemption threshold — ask your lawyer or mortgage broker what applies to your specific purchase.
A real estate lawyer or notary is required to complete your purchase in British Columbia. They handle the transfer of title, prepare and register all legal documents, coordinate the flow of funds, and ensure the title is clear before registering ownership in your name.
Legal fees typically range from $1,200 to $2,000 for a standard residential purchase, though this varies depending on the complexity of the transaction and the professional you work with.
Janine can refer you to trusted real estate lawyers and notaries she works with regularly across Victoria, Langford, and Greater Victoria.
A home inspection is not a legal requirement in BC, but it is one Janine strongly recommends for virtually every purchase. A licensed home inspector assesses the condition of the property and provides a written report identifying concerns before you remove conditions.
A thorough home inspection in Victoria typically costs between $500 and $1,200 depending on the size and type of property.
For strata properties, some buyers also choose to have the strata documents reviewed by a specialist — an additional cost worth considering for older buildings or complex stratas.
Two separate insurance costs come into play at closing — title insurance required by most lenders, and home insurance required before your mortgage funds are advanced.
Title insurance protects you against issues with the property’s title that may not be discovered until after closing — things like survey errors, encroachments, undisclosed liens, or title fraud. Most lenders require it.
The cost is typically between $150 and $300 for a residential property and is paid at closing through your lawyer.
Your lender will require proof of home insurance before advancing mortgage funds. Your first year’s premium must be arranged — and in many cases paid in full — before closing day.
Home insurance premiums in BC vary widely depending on the property type, age, location, and coverage level. Budgeting $1,200 to $2,500 for a first year’s premium on a typical Victoria home is a reasonable starting point.
Strata properties require a different approach — the strata corporation carries insurance on the building itself, but you will still need your own condo insurance policy to cover your unit’s contents, improvements, and personal liability.
Two additional costs that buyers sometimes overlook — tax adjustments between buyer and seller, and GST if you are purchasing a newly built home in Victoria BC.
At closing, costs that have been prepaid by the seller are adjusted between buyer and seller. The most common is property tax — if the seller has prepaid property taxes for the year, you will reimburse them for the portion covering the period after your possession date.
For strata properties, prepaid strata fees are adjusted the same way. These adjustments are calculated by your lawyer and factored into the final closing figures.
Adjustment amounts vary by property and possession date but are typically a few hundred to a few thousand dollars.
If you are purchasing a newly built home or substantially renovated property, GST applies to the purchase price at a rate of 5%. On a $750,000 new build this adds $37,500 to your total cost.
A partial GST rebate is available for new homes used as a primary residence, subject to purchase price limits. Your lawyer and mortgage broker will confirm what applies to your situation.
Resale homes — previously owned and occupied properties — are generally exempt from GST.
A quick-reference breakdown of every cost category, using a $750,000 resale purchase as the example. New construction costs will be higher due to GST.
| Closing cost item | Typical range (resale) |
|---|---|
| Property Transfer Tax (waived for eligible first-time buyers ≤ $835K) | $13,000 on $750K |
| Legal / notary fees | $1,200 – $2,000 |
| Home inspection | $500 – $1,200 |
| Title insurance | $150 – $300 |
| Home insurance (first year) | $1,200 – $2,500 |
| Property tax & strata adjustments | Varies |
| GST (new construction only — 5% of purchase price) | N/A on resale |
| Estimated total (resale, non-first-time buyer) | $16,050 – $19,000+ |
Honest answers to the questions buyers ask most about closing costs in British Columbia.
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There is no question too basic or too complex. Buying a home in Victoria is a big step — my job is to make sure you take it with confidence, clarity, and the right person in your corner.
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Mar 26, 2026
Mar 26, 2026
Mar 26, 2026
Janine Thomson
Mobile: 778-678-5466
Phone: (250) 384-8124
Toll Free: 1-800-665-5303
Fax: 250-380-6355
Pemberton Holmes
103-814 Goldstream Ave Victoria, BC V9B 2X7
