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Example of Current North Shore Costs |
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An Estimation Of Closing Costs On The North Shore
Approximate Legal Fees and Disbursements $900/1,200* Survey Certificate (if one is not available) $350 Appraisal (if required by the lender) $250 Inspection fee (not mandatory, but strongly $300/450 recommended)
Property Transfer Tax 1% of the first $200,000 plus 2% of the balance of the purchase price
E.g: A $525,000 home would attract PTT at this level 1% of the first $200,000 - $2,000 2% of $325,000 - 6,500 8,500
Other Fees - If your down payment is less than 25% of the purchase price of the home, the lender will require mortgage insurance from CMHC (Canada Mortgage and Housing Corporation)/or other Mortgage insurers. The insurance premium, which is usually added to the mortgage, ranges from 0.5% of the mortgage amount to 3.25% depending on the size of down payment.
Property Tax Adjustment - In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they have paid in advance (depending on possession date and how the vendors paid their taxes). A good rule of thumb is to have enough money on hand to pay six months of taxes. e.g. $500,000 home - approx $2,400
Insurance - You will have to arrange insurance a few days before possession. The annual rate for a basic policy is approximately(detached) $800/1,200
*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.
I have not tallied the above as you should determine which will apply to your purchase. |