CLOSING COSTS FOR HOME BUYERS

 
 

 
 
Closing costs are a list of charges your lawyer presents to you on the closing date for your home purchase. Many people are surprised by the additional costs over and above the price of the home. According to the Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial, you should provide for at least 1.5 per cent of the purchase price for closing costs in addition to the down payment. However, an experienced real estate agent would advise you to set aside between 2 per cent and 2.5 per cent, in order to take care of unexpected contingencies. The costs vary among provinces and cities, but usually the closing costs are associated with one or more of the following:

 

  • CMHC Premium
  • Land Transfer Tax (or taxes, if in City of Toronto)
  • Home Inspection
  • Appraisal Fee
  • Legal Costs
  • Title Insurance
  • Closing Adjustment
  • Property Tax Balance
  • Home & Fire Insurance
  • Interest Adjustments
  • Hydro Account Setup Fee
  • Natural Gas Account Setup Fee
  • Cable Setup Fee

 

For more information about buying or Selling your home, Contact Jimmy at 647-961-2639

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