Here’s your plain-English checklist of what you’ll pay at closing in Port Moody—plus rough ranges and quick math examples so nothing catches you off guard.
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The Big Ticket: B.C. Property Transfer Tax (PTT)
How it’s calculated (residential):
- 1% on the first $200,000
- 2% on the portion $200,000 – $2,000,000
- 3% on the portion over $2,000,000
- + an extra 2% on the residential portion over $3,000,000 (applies only to the slice above $3M). (Government of British Columbia)
Examples
- $800,000 resale condo: 1% of $200k ($2,000) + 2% of $600k ($12,000) = $14,000 PTT. (Government of British Columbia)
- $1,200,000 home: 1% of $200k ($2,000) + 2% of $1,000,000 ($20,000) = $22,000 PTT. (Government of British Columbia)
Exemptions that might reduce/erase PTT
- First-Time Home Buyers’ Program: Full or partial relief if you meet price and residency rules (full exemption if FMV ≤ $835,000; partial $835,000–$860,000; exemption applies to the first $500,000 of price when eligible). (Government of British Columbia)
- Newly Built Home Exemption: Principal-residence new builds can be fully exempt up to $1,100,000 FMV (partial to $1,150,000). (Government of British Columbia)
Foreign Buyer? Some purchasers owe an additional 20% PTT in specified areas (includes Metro Vancouver Regional District, where Port Moody is located). Check exemptions and status carefully. (Government of British Columbia)
Other Common Closing Costs (Typical Ranges)
- Legal fees & disbursements: conveyancing, title registration, trust accounting (~$1,200–$2,000+).
- Title insurance: lender/owner policies (often ~$200–$500+, property-dependent).
- Appraisal (if required): ~$300–$600+; more for unique/rural homes.
- Home inspection (optional but smart): ~$400–$800+; add-ons like sewer scope or oil-tank scan for houses.
- Land Title Office registrations: transfer & mortgage registration fees (modest fixed charges collected by your lawyer/notary).
- Fire/home insurance binder: required by lenders before funding.
- Strata move-in fee / elevator booking: ~$100–$300 (varies by building).
- Adjustments at closing: your share of property taxes, strata fees, and utilities (pro-rated).
- Deposit: paid with your offer and credited toward your down payment at completion.
Rule of thumb: For a typical Port Moody resale purchase, plan for ~2%–4% of price in total closing costs excluding your down payment (heavily driven by PTT). New-builds can be higher due to GST.
New-Build? Don’t Forget GST (and Possible Rebates)
- Most new homes are subject to 5% GST on the purchase price (separate from PTT).
- Some buyers may qualify for the GST/HST New Housing Rebate (federal) if it’s your primary residence and conditions are met. (Canada.ca)
- The federal government has also expanded rebates for purpose-built rentals (developers/landlords) — useful context if you’re buying in a rental-focused project. (Canada.ca)
(Programs change—during your consult we’ll confirm what’s currently in force and whether you qualify.)
Quick Worksheet (Fill This In)
- Price: __________
- PTT: use the formula above or the province’s calculator. (Government of British Columbia)
- Legal + title insurance: __________
- Appraisal/inspection (if any): __________
- Adjustments (taxes/strata): __________
- Insurance (first month/annual): __________
- Other (move-in fees, courier, etc.): __________
- GST (new-build only): __________
Estimated closing total: __________
FAQs
Is mortgage default insurance (CMHC/Sagen/Canada Guaranty) a closing cost?
The premium is usually added to your mortgage, not paid out-of-pocket at closing (you will pay PST on the premium in some provinces—ask us for today’s details).
Do I pay PTT on a presale?
You generally pay PTT when title registers (completion). Some exemptions apply to newly built principal residences. (Government of British Columbia)
Can the First-Time Buyer or Newly Built exemptions stack?
Different programs target different situations; we’ll check your eligibility for each and model the net savings. (Government of British Columbia)
What about the B.C. home flipping tax?
It’s a seller-side tax for properties sold within certain holding periods after Jan 1, 2025—good to know for future plans, but not a buyer closing cost. (Government of British Columbia)
What to Do Next
- Get a line-by-line estimate based on your price range and property type.
- Hold a rate while you shop (often up to 120 days).
- Bring us your offer—we’ll sync with your realtor and lawyer so funding lands cleanly.
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