Closing Costs for Purchaser
Lawyer / Notary Fee:
approximately $600 - $1,200 including searching the title, investigating the title, preparing legal and mortgage documents, Land Title registration, and service fee.
Home Inspection Fee:
approximately $250 - $500 depending the size and the age of the subject property.
Survey Certificate (if necessary) Fee:
approximately $300 - $350
Mortgage Processing fee:
approximately $85 - $125 (if applicable)
CMHC Loan Insurance Fee:
If you are putting less than 20% down payment, you will be required to purchase CMHC (Canadian Mortgage & Home Corporation) loan insurance.
Appraisal Fee: (required by the bank & mortgage broker)
approximately $150 - $200
GST:
GST is a 5% of purchase price and is charged in cases where the property is new, substantially renovated or bare land. There is a rebate program so you do not necessary have to pay the full tax (Please refer to article regarding G.S.T).
Property Transfer Tax:
1% on the first $200,000 and 2% on the balance of the purchase price.
Property Management Fee (if applicable):
- ½ month rent to find a qualified tenant.
- 5% - 7% of monthly rent for property management fee per month.
Cost of Hiring Movers:
Anywhere between $400 - $2,000 (the cost could be higher for larger houses)
Personal content & fire insurance premium (varies).
Closing Costs Worksheet
