What Closing Costs Should I Budget For When Buying a Home in Victoria, BC? A Simple Buyer Guide (2026)

What Closing Costs Should I Budget For When Buying a Home in Victoria, BC? A Simple Buyer Guide (2026)

One of the most common questions buyers ask is: What closing costs should I budget for when buying a home? The most important thing to understand right away is this: this is a basic general guide only, because everyone’s situation is different. Your exact closing costs can vary depending on the purchase price, property type, financing structure, and the terms written into your contract.

With that in mind, here’s a simple breakdown of the most common closing costs buyers in Victoria, BC should plan for.

1. Property Transfer Tax (PTT)

Property Transfer Tax is often the largest closing cost for buyers in BC, although some first-time buyers may qualify for partial or full exemptions.

General Property Transfer Tax Rates (Tiered)

• 1% on the first $200,000 of fair market value (FMV)

• 2% on the FMV portion over $200,000 up to $2,000,000

• 3% on the FMV portion over $2,000,000

Additional Taxes

• Residential Property Surcharge: A further 2% on the portion of residential property FMV over $3,000,000

Example – $750,000 purchase:

• 1% of $200,000 = $2,000

• 2% of $550,000 = $11,000
  Total PTT = $13,000

Because exemptions, thresholds, and personal circumstances vary, it’s always best to confirm your exact PTT obligation with your lawyer, notary, or mortgage broker.

2. Legal or Notary Fees

Buyers typically pay $1,200 – $2,500+, depending on transaction complexity. This includes:

• Title transfer

• Mortgage registration

• Document preparation

• Handling of funds

3. Home Inspection

A professional home inspection generally costs $500 – $900, depending on the size and age of the property. Specialized inspections (sewer scope, oil tank scan, septic, etc.) can increase this cost.

4. Property Survey (If Required)

Some lenders require a property survey or site certificate, which may cost $300 – $1,200+, depending on the property and availability.

5. Appraisal (If Required by Your Lender)

If required, an appraisal typically costs $300 – $600+.

6. Title Insurance

Title insurance generally costs $200 – $400 and protects against title defects, fraud, and survey issues.

7. Property Tax, Utility & Strata Adjustments

Buyers reimburse sellers for prepaid property taxes, strata fees, utilities, and other adjustments, which can range from a few hundred to several thousand dollars, depending on timing.

8. Moving & Miscellaneous Costs

These may include:

• Movers or truck rental

• Storage

• Cleaning

• Lock changes

Typical range: $500 – $3,000+

How Much Should I Budget in Total?

As a simple general guideline, most buyers should plan for 1.5% – 3% of the purchase price for total closing costs.

Example – $750,000 purchase:
Estimated closing costs: $11,000 – $22,000+

Your actual amount will depend heavily on:

• First-time buyer exemptions

• Property type

• Financing structure

• Contract terms

This Is Just a Basic Guide

Everyone’s situation is different. First-time buyer exemptions, financing terms, property type, and timing can all significantly impact your total closing costs.

If you’re curious what closing costs would look like for your specific situation, feel free to call or text me anytime at 778-922-2231. Many people reach out even if they’re months away — simply to understand their options and build a smart plan.

You can also check out my YouTube channel for market updates, buyer and seller tips, and neighbourhood breakdowns across Greater Victoria:
youtube.com/@gsoldhomes

Disclaimer:
The information and opinions shared are provided for general informational purposes only and should not be relied upon as advice. Nothing in this communication constitutes professional, financial, legal, real estate advice, or any type of advice, nor does it create or imply any form of agency relationship. Market conditions and circumstances can vary significantly based on individual situations, property types, and neighbourhoods. Always consult your own qualified professional advisor before making decisions related to buying, selling, or investing in real estate or other aspects. This communication is not intended to cause or induce breach of any existing agency agreement. Everyone’s situation is different, so please chat with your own trusted professional advisor before making any decisions.