CLOSING COSTS

Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at 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% of the purchase price for closing costs in addition to the down payment. It is preferable, however, that you set aside 2% – 2.5%, 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:

 

CMHC Premium

Land Transfer Tax

Home Inspection

Appraisal Fee

Legal Costs

Title Insurance

Closing Adjustment

Property Tax Balance

Home & Fire Insurance

Interest Adjustments

Hydro New Account

Natural Gas New Account

Cable Setup

 

For more information on closing costs, please visit the CMHC website at http://www.cmhc-schl.gc.ca/

 

 

 

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