Pre-Condition Removal Costs

• Inspection: Approximately $500, depending on the complexities of the inspection.

• Appraisal (if required): The cost is approximately $350.

• Water Tests (if applicable): Approximately $500.

 

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Post-Condition Removal Costs

• Lawyer Fees: Approximately $1500.

• Mortgage Default (CMHC) Insurance (if applicable): Speak with your mortgage broker about this.

• Property Transfer Tax: 1% of the fair market value up to and including $200,000; 2% of the fair market value greater than $200,000 and up to and including $2,000,000; 3% of the fair market value greater than $2,000,000; further 2% on residential property over $3,000,000.

• Property Taxes: Paid yearly to your municipal or rural tax office for each property to fund services in your area. Pro-rated by your lawyer depending on your closing date.

• GST (if applicable): 5% of purchase price.

• Title insurance (if applicable): $100 – $300.

• Speculation Tax (if applicable): Speak to your accountant about this.

• Foreign Buyers Tax (if applicable): Speak to your accountant about this.

 

• Moving Costs: Packing supplies, movers and/or truck rentals, utility hook-up fees, telephone number change fees, etc.

 

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Example of Total Closing Costs

On a $500,000 purchase, your approximate closing costs (not including the deposit) would be $10,150, plus applicable taxes on the purchase price.