29
$699,000
216 Kault Hill Road
Salmon Arm · Vacant Land
Listed by eXp Realty (Sicamous)MLS® 10405318
Cost of buying in Salmon Arm
The cost of buying a home in Salmon Arm
At the $659,000 median, you need $55,130 to close. That is the minimum down payment plus closing costs.
- Median asking
- $659K
- Closing costs
- $14K
- Minimum down
- $41K
- Cash to close
- $55K
Source: BCRES MLS® median asking price.
Cash to close
Starts at the median asking price in Salmon Arm. Enter your own.
Minimum down payment
$40,900
Closing costs
$14,230
Cash to close
$55,130
Cash to close is the minimum down payment plus closing costs.
- Median asking
- $659K
- Closing costs
- $14K
- Minimum down
- $41K
- Cash to close
- $55K
Source: BCRES MLS® median asking price.
Where the money goes
On a $659,000 home.
Closing costs, $14,230
| Cost | Amount |
|---|---|
Property transfer tax1% on the first $200,000, 2% to $2,000,000, 3% above. | $11,180 |
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 | $14,230 |
Minimum down payment5% of the first $500,000, 10% above that, 20% of the whole price from $1,500,000. | $40,900 |
Cash to closeMinimum down payment plus closing costs. | $55,130 |
- Default insurance of about $24,724 is added to the mortgage, not paid in cash.
- Not included: adjustments ($300 to $2,000) and moving ($500 to $3,000).
At the Salmon Arm median
The median asking price in Salmon Arm is $659,000. On a purchase at that price the closing costs come to roughly $14,230, about 2.2% of the price, on top of your down payment.
Property transfer tax is the largest single piece at $11,180. The rest is legal and conveyancing, an inspection, an appraisal and title insurance, which together run about $3,050.
A qualifying first-time buyer would pay $3,180 of that transfer tax instead of $11,180, bringing closing costs to about $6,230. The exemption carries residency and prior-ownership conditions, so treat it as a figure to confirm rather than assume.
The minimum down payment on $659,000 is $40,900, which puts the cash needed to close at roughly $55,130, or $47,130 as a first-time buyer.
As a share of price, that is in line with the rest of the province, where the median is about 2.1%.
Homes near $659K in Salmon Arm
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68
$625,000
$391/sqft
3 bd · 1 ba · 1,600 sqft
1260 16 Street
Salmon Arm · Single Family
Listed by REMAX ShuswapMLS® 10396903
59
$595,000
$270/sqft
2 bd · 2 ba · 2,204 sqft
2996 Brockman Road
Salmon Arm · Single Family
Listed by Coldwell Banker Executives RealtyMLS® 10397533
38
$699,000
$256/sqft
4 bd · 2 ba · 2,735 sqft
320 Okanagan Avenue
Salmon Arm · Single Family
Listed by B.C. Farm & Ranch Realty Corp.MLS® 10345252
70
$659,000
$424/sqft
3 bd · 3 ba · 1,553 sqft
5791 70 Avenue
Salmon Arm · Single Family
Listed by Coldwell Banker Executives RealtyMLS® 10405116
67
$669,900
$330/sqft
4 bd · 2 ba · 2,030 sqft
1791 15 Avenue
Salmon Arm · Single Family
Listed by eXp RealtyMLS® 10397744
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).
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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 $18,230 in closing costs
See the breakdown
Richmond
About $21,500 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
Questions
How much are closing costs in Salmon Arm?
About $14,230 on the $659,000 median price, or 2.2%. Transfer tax is $11,180 of that.
How much cash do I need to close on a home in Salmon Arm?
About $55,130 at the $659,000 median. That is the minimum down payment of $40,900 plus $14,230 in closing costs.
How much property transfer tax will I pay in Salmon Arm?
On a $659,000 purchase the property transfer tax is $11,180. 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. A qualifying first-time buyer would pay $3,180 instead.
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.