Closing Costs

Closing costs need to be budgeted for in addition to your down payment.

Appraisal Fee: A cost that may be required by your financial institution to determine the value of your home.

Home Inspection: Is a report by a Professional Home Inspector of the condition of your home and generally ranges - $400-$500.00.

Legal Fees: Are fees payable to your Lawyer for services rendered.

Mortage Insurance: A cost associated with mrtgages with less than 20% down payment. The cost of the premium is usually added to your mortgage and is based on the amount of your down payment.

Property / Home Insurance: This insurance covers the replacement value of your home and it's contents. All lenders will require proof of insurance prior to taking possession.

Property Transfer Tax: The land transfer tax is payable based on the value of the transaction.

GST: Is payable on all new home purchases.

Other Costs: Some other expenses to consider: