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Completion Costs
Property Transfer Tax - this tax is 1% on the first $200,000
of the sale price and 2% on the remainder. First-time buyers may be
exempt from paying this tax. Prepaid property taxes or utility bills - You will have to reimburse
the sellers for any prepaid property taxes or utilities. Mortgage loan insurance and application fee - If you get a high-ratio
mortgage, (a mortgage where you pay less than a 25% down payment), you
will have to buy mortgage loan insurance from CMHC (Canadian Mortgage
& Housing Corporation) or a private company. If you qualify for
a 5% down payment, CMHC charges an insurance fee that equals 3.75% of
the mortgage. If you put 10% or 15% down, your insurance fees will decrease
to 2.5% and 2% respectively. The insurance premium usually gets added
to your mortgage. You will also have to pay an application fee. CMHC's standard fee is
$235. CMHC also offers a basic service for a $75, but it must be accompanied
by an appraisal. Appraisal - Before your lender approves your mortgage, you may
be required to have an appraisal done. Sometimes your lender covers
this cost, otherwise, you are responsible for covering this cost. The
fee ranges from $150 to $350. Survey fee - Your lender may require an up-to-date survey of
the property. If the seller did not provide you with one, you will have
to pay to have one done. The fee ranges from $150 to $350. Home Inspection fee - Most realtors recommend that you get a
home inspection done by a certified home inspector. It will cost you
from $200 to $350 for a smaller property. Larger properties generally
cost more. Legal fees - Lawyer/notary fees for closing the sale may vary,
according to the complexity of the contract. However, the cost will
most likely be at least $400. Disbursements to Land Titles Office - These fees are approximately
$300. Your lawyer/notary will arrange this payment.
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