How much cash back do you get on a $1 million Vancouver home?
A million dollars is roughly where a two-bedroom-plus-den condo on the West Side or a newer townhouse on the East Side sits today. Here is what the commission looks like on that purchase, and what comes back to you with a 50% rebate.
The commission on the buyer's side
Most BC listings pay the buyer's brokerage 3.22% on the first $100,000 and 1.15% on the remaining balance. On $1,000,000 that is $3,220 plus 1.15% of $900,000, which is $10,350. Total: $13,570 before GST.
Your share
Half of $13,570 is $6,785. GST is charged on top of the commission and is not part of the rebate, so think of the number as $6,785 flat.
What it is not
It is not a price reduction. The seller still receives the same proceeds, and the contract price stays at $1,000,000. That matters because the price is what your lender appraises and what the property transfer tax is calculated on.
When you receive it
In BC, the rebate is paid after completion. The listing brokerage pays the buyer's brokerage out of the deposit and sale proceeds, usually within days of completion, and the buyer's brokerage then pays you. Expect a cheque or e-transfer within a week or two of getting your keys.
What people actually spend it on
On a $1 million Vancouver condo, $6,785 covers most of a typical move: movers, a new mattress, window coverings and the first month of strata fees. On a house it often goes toward the first repair the inspector flagged.
Prices higher or lower? The rebate calculator does the same math for any number, and the Vancouver page breaks it down by East and West Side.