Closing Costs are in addition to the purchase price and can include…
DepositDue at time of offer, usually 5% of purchase price. Bank draft is best.
CMHC FeesCanadian Mortgage & Housing Corp is required to insure all mortgages with less than 20% down payment. Rate is 0.6-3.85% of loan depending on down payment. This is added to the mortgage or paid on closing.
Land Transfer TaxOntario tax + Toronto tax. Check out Chestnut Park’s helpful calculator. Paid upon closing.
SurveyIf required, can cost $1000-1500. Due at time of survey.
Home InspectionIf applicable costs $500 and up depending on property size. Payment due at time of inspection.
Legal FeesObtaining a real estate lawyer to complete your transaction costs approximately $1000 and is paid upon closing.
Home InsuranceYou cannot close your property without this as your mortgagee must be notified of your policy. $500/year+. Due at closing and ongoing.
DisbursementsPaid to your lawyer for fees paid on your behalf (ie. title insurance, work order, etc.) for a maximum purchase price of $1M. Approximately $700-1000 paid upon closing.
Mortgage Processing FeeSome banks require a processing fee, amount varies depending on bank. Due at time of application.
Additional miscellaneous charges can include but are not limited to gas connection charges, telephone/internet/cable connections, hydro connections and moving expenses which can vary depending on the supplier.