Closing Costs To A Purchaser

Here is a list of the additional costs that you might incur before completing the final transaction steps of buying your dream home.

1. Notary fees of approximately $850 plus summary costs plus all applicable taxes; GST & PST.
2. Adjustment of school taxes (July to June).
3. Adjustment of municipal taxes (January to December).
4. Oil costs if applicable (One full tank approx. 909 liters at current rates).
5. Transfer tax: 0.5% on first $50,000, 1% on the difference from $50,000 to $250,000 and 1.5% on the difference over $250,000.
6. Appraisal and Application fee for mortgage which normally does not exceed $250 plus all applicable taxes, GST & QST.
7. Building Inspection, if requested, which normally does not exceed $250-$350, plus all applicable taxes, GST & QST, for written report.
8. CMHC premium for high ratio mortgage .5% to 4.25% of face value plus 9% tax on the premium. CMHC charge for opening of a file is approx. $235.
9. If the purchased property is a condominium, the purchaser will have monthly condo fees to pay and might have an adjustment for reserved fund at closing.