What Buying a Home in Vancouver Really Costs

A simple breakdown of purchasing costs

Buying a home in Vancouver is exciting—but it’s also one of the biggest financial commitments you’ll ever make. With all the energy that comes with house hunting, it’s easy to overlook some of the costs that come after your offer is accepted. To help you plan with confidence, here’s a breakdown of common expenses you’ll want to be prepared for.

Get Cost Acquainted

Before writing an offer, it’s wise to look at the full picture—not just the down payment and mortgage. Vancouver real estate comes with a few unique considerations, like property transfer tax, strata fees, and (depending on the property) additional provincial or municipal taxes.

👉 If you’re a first-time buyer, check if you qualify for the BC First Time Home Buyer’s Program: HERE.
👉 Curious about your down payment and monthly payments? Try this calculator: HERE.

Once you’ve crunched the numbers, your next step should be meeting with a mortgage broker or bank to get pre-approved.

Making an Offer

When you find the right place and your offer is accepted, there are several “subject to” conditions you may need to fulfill, such as:

  • Home inspection
  • Appraisal (lender requirement)
  • Strata document review (for condos/townhomes)
  • Proof of insurance

💡 Tip: Always interview more than one inspector, and when buying a strata property, review at least two years of minutes to spot red flags. But don’t worry – I’m here to help you through all of this and more!

Property Transfer Tax (PTT)

In BC, Property Transfer Tax is due at closing. For most buyers, this is one of the largest upfront costs after the down payment.

The tax is calculated on the purchase price:

  • 1% on the first $200,000
  • 2% on $200,001 to $2,000,000
  • 3% on $2,000,001 to $3,000,000
  • 5% on anything above $3,000,000

👉 Use the provincial calculator to estimate your PTT: HERE

If you’re a first-time buyer and meet the criteria, you may be exempt from some or all of this tax.

Other Vancouver-Specific Costs to Consider

  • GST: Applies to brand-new homes and some pre-sales.
  • Speculation & Vacancy Tax: May apply if you don’t live in the property full-time.
  • Foreign Buyers’ Tax: An additional 20% for non-residents in Metro Vancouver.
  • Strata Fees: Common in condos/townhomes, covering building insurance, maintenance, and amenities.
  • Legal/Notary Fees: For land title transfer and registration.
  • Insurance: Homeowner’s insurance is required before closing.
  • Moving & Setup: Movers, internet, utilities, furniture, and potential renovations.

Example Breakdown

Here’s an example based on a $750,000 condo purchase in Vancouver with a 10% down payment (assuming first-time home buyer program eligibility):

  • Down Payment (10%): $75,000
  • Monthly Mortgage (25-year amortization, 5-year fixed): ~$3,075/month
  • Home Inspection: $500
  • Appraisal: $300
  • Insurance: $1,200/year
  • Property Transfer Tax: ~$12,000 (may be reduced with first-time buyer exemption)
  • Property Taxes: ~$2,700/year
  • Strata Fees: $400/month
  • Legal/Notary Fees: $1,500
  • Moving/Utilities/Furniture: ~$5,000

Total upfront (excluding down payment): ~$23,000
Ongoing monthly costs: ~$3,600 + utilities

Moving Day!

Whether you’re hiring a moving company or rallying friends with pizza, don’t forget to budget for:

  • Truck rental or movers
  • Utility hookups (internet, hydro, gas)
  • Strata move-in fees (common in Vancouver condos)
  • Small repairs or upgrades

A detailed checklist will keep you on track and help you avoid costly surprises.

Final Word

Buying a home in Vancouver comes with layers of costs beyond the purchase price. While this guide gives you a ballpark, every situation is different. Sit down with a mortgage broker and real estate professional (ahem… that would be me!) to get tailored numbers for your scenario.