Estimated Closing Costs;

• Approximate Legal Fees and Disbursements: $1000*

• Survey Certificate (if one is not available): $300

• Appraisal (if required by the lender): $150

• Inspection fee (not mandatory, but strongly

            recommended if buying a detached home) :$300

• Property Transfer Tax 1% of the first $200,000

            plus 2% of the balance of the purchase price

E.g.: A $365,000 home would attract PTT at this level

1% of the first $200,000 = $2,000

2% of $165,000                  = 3,300

                                               5,300

Other Fees

 If your down payment is less than 25% of the purchase price of the

home, the lender will require mortgage insurance from CMHC (Canada Mortgage and

Housing Corporation). The insurance premium, which is usually added to the

mortgage, ranges from 0.5% of the mortgage amount to 2.5% depending on the size

of down payment.

Property Tax Adjustment  

In addition to the above costs, you may be required to

have cash on hand to repay the vendors for taxes they have paid in advance

(depending on possession date and how the vendors paid their taxes). A good rule of

thumb is to have enough money on hand to pay six months of taxes. e.g. $300,000

home  -approx.$1,200

Insurance 

You will have to arrange insurance a few days before possession. The

annual rate for a basic policy is approximately (detached) -approx $500

*These figures are an estimate only. They are subject to change and it is

recommended that you consult your lawyer for confirmation of your total costs.

I have not tallied the above as you should determine which will apply to your

purchase.