If you have any questions or would like more information about closing costs please Contact Us. If you are planning on buying or selling a home or property please visit our Buyers Page or Sellers Page.
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:
Land Transfer Tax (or taxes, if in City of Toronto)
Property Tax Balance
Home & Fire Insurance
Hydro Account Setup Fee
Natural Gas Account Setup Fee
Cable Setup Fee
For more information on closing costs, please feel free to contact us at Living Realty or visit the CMHC website at cmhc-schl.gc.ca
A top Greater Toronto real estate agent will work with you through every stage of purchasing a home in the GTA. To get in touch with an experienced Ontario REALTOR® who can help you understand these costs and more, CLICK HERE or visit our offices to speak with a member of our Living Realty Inc. real estate team today.