BC Home Buyer Calculator: Transfer Tax, CMHC and Closing Costs (2026)

🗓️ Rules current to September 2026

🧮 BC home buyer calculator

Work out your down payment, CMHC insurance, property transfer tax and cash to close for a home in Vernon, Coldstream or anywhere in BC.

Uses the 2026 BC property transfer tax rates, the first-time buyer and newly built home exemptions, current CMHC premiums and the federal GST rebates for new homes.

Purchase price

Down payment

I’m a first-time home buyer It’s a newly built home 30-year amortization (first-time buyers and new builds)

Want real numbers for a specific home? Here’s who to call.

Call Sarah for general information. Chalet Sean’s AI assistant answers questions about neighbourhoods, schools, listings and prices. Free, 24/7, call or text 604-227-4810.

Call Sean for real-estate-specific tasks. Buying, selling, showings, offers and pricing your home: 778-363-0542.

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🏛️ BC property transfer tax at a glance

Portion of the price	Rate
First $200,000	1%
$200,000 to $2,000,000	2%
Over $2,000,000	3%
Residential value over $3,000,000	a further 2%

Examples before any exemption: $500,000 pays $8,000, $700,000 pays $12,000 and $1,000,000 pays $18,000. More detail in BC property transfer tax and the first-time buyer exemption.

🎁 Exemptions and rebates that can cut your costs

Program	Who it’s for	What it’s worth (2026)
First-time buyer PTT exemption	Canadian citizens or permanent residents who’ve never owned a principal residence, and meet BC residency rules	No PTT on the first $500,000 if the home is worth $835,000 or less (up to $8,000). Partial between $835,000 and $860,000.
Newly built home PTT exemption	Anyone buying a new home to live in, first-time or not	Full PTT exemption up to $1,100,000. Partial between $1,100,000 and $1,150,000.
Federal first-time buyers’ GST rebate	First-time buyers of a newly built or substantially renovated home	Up to $50,000 (all the GST) on homes up to $1,000,000, phasing out at $1,500,000.
GST/HST new housing rebate	Buyers of new homes as a primary residence	36% of the GST up to $6,300 for homes up to $350,000, phasing out at $450,000.
First Home Savings Account (FHSA)	First-time buyers	Save $8,000 a year, $40,000 lifetime, tax-deductible going in and tax-free coming out.
RRSP Home Buyers’ Plan	First-time buyers	Withdraw up to $60,000 per person from your RRSP, repaid over 15 years.

Both property transfer tax exemptions require the home to be your principal residence, on 0.5 hectares (1.24 acres) or less, and you must move in within 92 days. That lot-size rule matters if you’re a first-time buyer looking at acreage in the BX, Lavington or Coldstream.

🛡️ CMHC mortgage insurance premiums

Down payment	Premium (% of the mortgage)
5% to 9.99%	4.00%
10% to 14.99%	3.10%
15% to 19.99%	2.80%
20% or more	Not required

Add 0.20% if you choose a 30-year amortization, which is open to first-time buyers and buyers of newly built homes. Everyone else is limited to 25 years on an insured mortgage.

📚 Keep reading

🙋 Questions

❓ How much is property transfer tax on a $700,000 home in BC?

$12,000 before exemptions: 1% on the first $200,000 ($2,000) plus 2% on the next $500,000 ($10,000). A qualifying first-time buyer saves $8,000 of that, and a qualifying newly built home can be fully exempt.

❓ What’s the minimum down payment in Canada in 2026?

5% of the first $500,000 and 10% of the portion from $500,000 up to $1.5 million. Homes at $1.5 million or more need at least 20% down, because insured mortgages aren’t available at that price.

❓ How much is CMHC insurance?

It depends on your down payment. With 5% to 9.99% down the premium is 4.00% of the mortgage, 10% to 14.99% is 3.10%, and 15% to 19.99% is 2.80%. A 30-year amortization adds 0.20%. The premium is usually added to your mortgage.

❓ How much should I budget for closing costs in Vernon?

Plan for property transfer tax plus roughly $2,250 to $4,950 for a lawyer or notary, title insurance, a home inspection and an appraisal, before property tax adjustments and moving. The Government of Canada suggests budgeting 1.5% to 4% of the price for closing costs.

Sources

This calculator gives estimates for general information only. It isn’t legal, tax or mortgage advice. Rules and eligibility change, so confirm your numbers with your lawyer or notary, mortgage professional and the official sources above. Prepared by Sean Phillips, Coldwell Banker Executives Realty.