32
$1,118,800
$571/sqft
3 bd · 3 ba · 1,959 sqft
#13, 4111 Garry Street
Richmond · Townhouse
Listed by RE/MAX WestcoastMLS® R3173781
Cost of buying in Richmond
The cost of buying a home in Richmond
At the $1,022,500 median, you need $98,750 to close. That is the minimum down payment plus closing costs.
- Median asking
- $1.02M
- Closing costs
- $22K
- Minimum down
- $77K
- Cash to close
- $99K
Source: BCRES MLS® median asking price.
Cash to close
Starts at the median asking price in Richmond. Enter your own.
Minimum down payment
$77,250
Closing costs
$21,500
Cash to close
$98,750
Cash to close is the minimum down payment plus closing costs.
- Median asking
- $1.02M
- Closing costs
- $22K
- Minimum down
- $77K
- Cash to close
- $99K
Source: BCRES MLS® median asking price.
Where the money goes
On a $1,022,500 home.
Closing costs, $21,500
| Cost | Amount |
|---|---|
Property transfer tax1% on the first $200,000, 2% to $2,000,000, 3% above. | $18,450 |
Legal and conveyancingA typical fee, not a quote. | $1,800 |
Home inspectionDone before your offer is final. | $600 |
AppraisalOften required by the lender. | $400 |
Title insurance | $250 |
Closing costs | $21,500 |
Minimum down payment5% of the first $500,000, 10% above that, 20% of the whole price from $1,500,000. | $77,250 |
Cash to closeMinimum down payment plus closing costs. | $98,750 |
- Default insurance of about $37,810 is added to the mortgage, not paid in cash.
- Not included: adjustments ($300 to $2,000) and moving ($500 to $3,000).
At the Richmond median
The median asking price in Richmond is $1,022,500. On a purchase at that price the closing costs come to roughly $21,500, about 2.1% of the price, on top of your down payment.
Property transfer tax is the largest single piece at $18,450. The rest is legal and conveyancing, an inspection, an appraisal and title insurance, which together run about $3,050.
At this price the first-time buyer exemption does not apply. It phases out between $835,000 and $860,000 and is gone above that, so in Richmond it reaches only the lower end of the market.
The minimum down payment on $1,022,500 is $77,250, which puts the cash needed to close at roughly $98,750.
As a share of price, that is in line with the rest of the province, where the median is about 2.1%.
Homes near $1.02M in Richmond
Open these homes on the map
Draw an area and save homes you like.
12
$1,000,000
$803/sqft
2 bd · 3 ba · 1,245 sqft
#18, 8677 Capstan Way
Richmond · Townhouse
Listed by LeHomes Realty PremierMLS® R3177964
27
$1,092,000
$678/sqft
4 bd · 4 ba · 1,611 sqft
#35, 5840 Dover Crescent
Richmond · Townhouse
Listed by Grand Central RealtyMLS® R3178902
19
$1,028,000
$666/sqft
2 bd · 3 ba · 1,543 sqft
#1106, 6331 Buswell Street
Richmond · Apartment/Condo
Listed by Interlink RealtyMLS® R3170203
27
$1,090,000
$735/sqft
3 bd · 3 ba · 1,483 sqft
#49, 9333 Sills Avenue
Richmond · Townhouse
Listed by eXp RealtyMLS® R3162295
18
$1,058,000
$897/sqft
3 bd · 3 ba · 1,179 sqft
#3, 8288 No. 1 Road
Richmond · Townhouse
Listed by RE/MAX Crest RealtyMLS® R3181988
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
Saved search
Get new homes at this price.
Get new listings that fit, by email.
Closing costs in other BC cities
Vancouver
About $28,050 in closing costs
See the breakdown
Surrey
About $21,550 in closing costs
See the breakdown
Burnaby
About $18,220 in closing costs
See the breakdown
Kelowna
About $16,450 in closing costs
See the breakdown
Langley
About $20,849 in closing costs
See the breakdown
Abbotsford
About $17,049 in closing costs
See the breakdown
Coquitlam
About $20,220 in closing costs
See the breakdown
Chilliwack
About $16,048 in closing costs
See the breakdown
Questions
How much are closing costs in Richmond?
About $21,500 on the $1,022,500 median price, or 2.1%. Transfer tax is $18,450 of that.
How much cash do I need to close on a home in Richmond?
About $98,750 at the $1,022,500 median. That is the minimum down payment of $77,250 plus $21,500 in closing costs.
How much property transfer tax will I pay in Richmond?
On a $1,022,500 purchase the property transfer tax is $18,450. British Columbia charges 1% on the first $200,000, 2% on the portion to $2,000,000, and 3% above that, with a further 2% on residential value over $3,000,000.
Who qualifies for the first-time home buyer exemption in BC?
A first-time buyer who qualifies pays no transfer tax on the first $500,000, saving up to $8,000, on a home priced up to $835,000. The saving shrinks between $835,000 and $860,000 and ends above that. Conditions apply. Check with gov.bc.ca before you rely on it.
Prepared by
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Data
Source: BCRES MLS® asking prices, with tax rates from gov.bc.ca and canada.ca.
NOTE: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. MLS®, Multiple Listing Service®, and REALTOR® are trademarks of the Canadian Real Estate Association (CREA).
CorrectionsReport a correction
Rates verified against gov.bc.ca on 2026-07-22. Other costs are typical amounts, not quotes. Not tax or legal advice.