Expenses Related to Buying a Home
LAWYER’S FEES
Approximately $800 - $1,200.
TITLE INSURANCE
Homes $400,000 or less = Approx. $325
Homes $780,000 = Approx. $625.00
STATUS CERTIFICATE
If purchasing a condominium - $100.
LAND TRANSFER TAX
0.5% to 2% - based on purchase price.
CMHC FEES
If the mortgage is a high ratio (less than 25% of the purchase price down payment), $75-$235 depending on whether an appraisal is available from the lender (appraisal cost - approx. $175) Negotiate with the lender - most will waive this fee.
CMHC INSURANCE
0.5% to 2.75%, depending on the ratio of value/loan - this can be added to the mortgage amount and financed over the mortgage term.
P.S.T ON CMHC INSURANCE PREMIUM
8% PST applies to CMHC premiums and must be paid on closing (cannot be rolled into the mortgage).
TAX ADVANCE REQUIRED BY LENDERS ON HIGH-RATIO MORTGAGES
May be up to one-half year’s tax amount.
UP-TO-DATE SURVEY
A lender may request - approximately $800.
PROPERTY INSURANCE
Your house must be insured in order to get a mortgage.
UTILITY HOOK-UP
Phone, cable, etc. may cost around $200.00.
MORTGAGE ADJUSTMENT PERIOD
This is the portion of the month following closing, to the end of that month. The bank is entitled to mortgage interest on closing to that point, however, your actual mortgage payments won’t start until one calendar month AFTER closing.
MOVING COSTS
Varies according to distance and volume.