Closing Costs

GST – 5% on the purchase price (this applies to new or substantially renovated homes)

Property Purchase Tax – 1% on the first $200,000 and 2% on the remaining balance of the purchase price

Legal Fees – approximately $500-$800 (depending on various factors such as if it is just a purchase or a purchase and a sale), it is always a good idea to call around and speak to a Notary/Lawyer’s office first to determine their services and costs.

Bank Fees – $75 – $200 for appraisal fee (often waived) and $250 – $300 for survey certificate (only for non-strata purchases)

Mortgage Insurance – Those mortgages with less than a 25% down payment require mortgage loan insurance. The cost is usually added to the amount of the mortgage. This is available through the bank but may also be available through a private company for less money at times.

Home Inspections – $300-$600 (this is optional but encouraged), price will depend on the company and the size of the home being inspected (this cost is to be paid at the time of the inspection).