54
$799,990
$254/sqft
5 bd · 4 ba · 3,154 sqft
14406 Latimer Avenue
Summerland · Single Family
Listed by RE/MAX Orchard CountryMLS® 10405192
Cost of buying in Summerland
The cost of buying a home in Summerland
At the $750,000 median, you need $66,050 to close. That is the minimum down payment plus closing costs.
- Median asking
- $750K
- Closing costs
- $16K
- Minimum down
- $50K
- Cash to close
- $66K
Source: BCRES MLS® median asking price.
Cash to close
Starts at the median asking price in Summerland. Enter your own.
Minimum down payment
$50,000
Closing costs
$16,050
Cash to close
$66,050
Cash to close is the minimum down payment plus closing costs.
- Median asking
- $750K
- Closing costs
- $16K
- Minimum down
- $50K
- Cash to close
- $66K
Source: BCRES MLS® median asking price.
Where the money goes
On a $750,000 home.
Closing costs, $16,050
| Cost | Amount |
|---|---|
Property transfer tax1% on the first $200,000, 2% to $2,000,000, 3% above. | $13,000 |
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 | $16,050 |
Minimum down payment5% of the first $500,000, 10% above that, 20% of the whole price from $1,500,000. | $50,000 |
Cash to closeMinimum down payment plus closing costs. | $66,050 |
- Default insurance of about $28,000 is added to the mortgage, not paid in cash.
- Not included: adjustments ($300 to $2,000) and moving ($500 to $3,000).
At the Summerland median
The median asking price in Summerland is $750,000. On a purchase at that price the closing costs come to roughly $16,050, about 2.1% of the price, on top of your down payment.
Property transfer tax is the largest single piece at $13,000. 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 $5,000 of that transfer tax instead of $13,000, bringing closing costs to about $8,050. The exemption carries residency and prior-ownership conditions, so treat it as a figure to confirm rather than assume.
The minimum down payment on $750,000 is $50,000, which puts the cash needed to close at roughly $66,050, or $58,050 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 $750K in Summerland
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12
$799,000
$462/sqft
2 bd · 3 ba · 1,731 sqft
14416 Fisher Close
Summerland · Single Family
Listed by RE/MAX Orchard CountryMLS® 10397051
37
$730,000
$500/sqft
2 bd · 4 ba · 1,460 sqft
10836 DUNHAM Crescent
Summerland · Single Family
Listed by Vantage West Realty Inc.MLS® 10403257
69
$775,000
$321/sqft
4 bd · 3 ba · 2,411 sqft
13424 Hermiston Drive
Summerland · Single Family
Listed by REMAX KelownaMLS® 10386010
15
$729,000
$277/sqft
4 bd · 2 ba · 2,636 sqft
#101, 11801 Sinclair Road
Summerland · Single Family
Listed by Chamberlain Property GroupMLS® 10394250
18
$798,900
5803 Lewes Avenue
Summerland · Agriculture
Listed by RE/MAX Penticton RealtyMLS® 10402266
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 $21,549 in closing costs
See the breakdown
Burnaby
About $18,210 in closing costs
See the breakdown
Richmond
About $21,610 in closing costs
See the breakdown
Kelowna
About $16,450 in closing costs
See the breakdown
Langley
About $20,848 in closing costs
See the breakdown
Abbotsford
About $17,048 in closing costs
See the breakdown
Coquitlam
About $20,098 in closing costs
See the breakdown
Questions
How much are closing costs in Summerland?
About $16,050 on the $750,000 median price, or 2.1%. Transfer tax is $13,000 of that.
How much cash do I need to close on a home in Summerland?
About $66,050 at the $750,000 median. That is the minimum down payment of $50,000 plus $16,050 in closing costs.
How much property transfer tax will I pay in Summerland?
On a $750,000 purchase the property transfer tax is $13,000. 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 $5,000 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.