Chris Shortt
Mortgage Broker
BRX Mortgage Inc.
BCFSA X301291
Licence MB612777
Answers
Here is an example breakdown, with and without the first-time buyer exemption.
On a $700,000 home in Nanaimo, closing costs often come to roughly $6,000 to $7,500 if you qualify for the first-time buyer transfer tax exemption, and roughly $14,000 to $15,500 if you do not. That is on top of your down payment.
The biggest single difference is property transfer tax.
| Item | First-time buyer | Not a first-time buyer |
|---|---|---|
| Property transfer tax | about $4,000 | about $12,000 |
| Lawyer or notary | about $1,400 to $1,800, plus tax | about $1,400 to $1,800, plus tax |
| Home inspection | about $375 to $600 | about $375 to $600 |
| Title insurance | about $150 to $800 | about $150 to $800 |
| Example total | roughly $6,000 to $7,500 | roughly $14,000 to $15,500 |
Not included above, because they vary a lot: moving, your first year of home insurance, strata move-in fees if it is a strata, and your share of the year's property taxes.
| Minimum down payment | At $700,000, the minimum is generally $45,000: 5% of the first $500,000 and 10% of the rest. |
| Mortgage default insurance | With less than 20% down, the premium is usually added to your mortgage rather than paid in cash at closing. |
These are examples based on rules and typical local prices as of autumn 2026. Every purchase is different, and I will work out the actual numbers for yours.
Nothing to fill in first, and no credit check to book. Bring whatever questions you have got.