Large Family Home On Desirable Tree-Lined Street, With 4+3 Bdrms,4 Bthrms & 2 Eat-In Kitchns! Live In & Investment Property All In One W/Separate Private Side Entrance To Complete Living Quarters. Home Has It All, Incldng Magnificent Mastr W/Endless Space, Perfect Place To Live, ...
Fully Renovated Bright Two Bedroom Aparment On 2nd Floor In The Charming Junction Area. Pictures From Previous Listings, Separate Entrance. New Eat In Kitchen, Throughout Laminated Floor. Steps To Ttc, Bakery, Restaurants, Bloor West Village, High Park. Perfect For Young Professi...
Live In Prestigious North York Area! Bright & Spacious 1700 Square Feet, Huge Master Bedroom With Sitting Area And En Suite! Magnificent Building Offers All Luxury Amenities - Close To Hwy's And Everything Toronto Has To Offer. Don't Miss Out On This Opportunity. Condo Has Direct...
Don't Miss This Updated And Super Spacious Thornhill Beauty. 1546 Sq Ft One Of The Largest Unit In The Building. 2 Spacious Bedrooms, Large Living/Dining Room And A Den, 2 Full Bathrooms, Laundry With Built-In Storage Closet And Locker On The Same Floor. Parking For 2 Cars. Locat...
Fabulous Two Bedrooms Bungalow In The Danforth Village Neighbourhood. New Roof, New Addition Mudroom W/ Sky Light. Beautiful Backyard W/ A Big Shed, A Short Walk To Transit, Farmers Market, Shops And Restaurants. Appointments Between 9Am To 8Pm Everyday.
Spacious Bachelor In Superb Location In The Heart Of Toronto, Walking Distance To Anywhere In Downtown Dundas Sq. Eaton Centre, Subway Station, Street Car & Buses, Universities, Financial District, Restaurants, Hospitals, Uof T, Ryerson, Canadian Tire. Excellent Layout, Rare 9 F...
Spacious Renovated House For Large Family With Income Potential. Hardwood Floors Throughout. Custom Kitchen With Granite Countertop & Family Size Eating Area. Main Floor Laundry. W/O To Large Deck & Side Patio. Direct Access To Garage. Sitting Area On 2nd Floor Use As Den Or Offi...
All New Completely Reno'd Town Home From Top To Bottom In Prime German Mills Area. Enjoy All New Chefs Kit W/ Breakfast Island That O/Looks Cozy Parkette. W/O Bsmt. New S/S Appliances. New Flrs & Paint. 3 New Bathrms. All New Light Fixtures. New Led Pot-Lights, Newly Laid Grass &...
Absolutely Stunning Fully Renovated Home Situated In The Middle Of Mill Pond Area. This House Has 4 Bedrooms, 7 Bathrooms, Large Beautiful Rooms Full Of Natural Sunlight, Custom Made Kitchen With Pull Out Cabinets. Custom Wrought Iron Railing Staircase Leading To Bsmt Apartment W...
Executive Home In Highly Sought After North Ajax. Great Family Neighbourhood, Spacious, 4 Bedrooms, 4 Bathrooms, Approx 2700 Sqft. Open Concept. Kitchen+Family. Separate Dining And Living Area. Huge. Huge Master En-Suite. 2nd Bdroom And Att. Bathrooms. 2nd Flr Laundry. Close To S...
Fantastic Location W/Practical Layout & Tasteful Design Perfect For Entertaining And Family Living.Executive Home In High Demand Willowbrook Neighborhood.Fully Renovated 4 Bdrms,4 Wshrms,New Open Concept Kitchen W/O To B/Y.Cozy Family Room. Large, Bright, Finished Bsmt W/2 Bdrm, ...
Gorgeous Semi In Prestigious Cachet Community, Built By Aspen Ridge. Excellent Lay Out With Cathedral Ceiling, Solid Oak Staircase, New Quartz Kitchen Counter Top, Maple Hardwood On Main Floor And Quality Laminate Flooring On 2nd Floor And Basement. No Carpet. Generous Room Sizes...
World On Yonge By Liberty Development. 1 Bedroom + Den, 1 Underground Parking Space. Stainless Steel Appliances, Open Concept 9 Foot Ceiling. North West View, 622 Sq Ft + 40 Sq Ft Balcony. Granite Kitchen Countertop, State Of The Art Facilities. Indoor Pool, Fitness Room, Theater...
Highly Sought After Prime Location Park Gem! Considered One Of Toronto's Most Exclusive Areas. Steps Away From The Best Schools Of Toronto Such As Lawrence Pk, Jr. Glenview, Havergal College, Otter Creek Centre. Rare Renovated 3 Bdrm Move In Ready! Lots Of Storage Space, 2 Laundr...
Beautiful West Facing Unit In A Boutique Building. Only 6 Units Per Floor. Fridge And Bbq On Balcony, Large Locker, Party Room And Sauna On Main Floor. Close To Greektown, Parks, Schools, Shopping, Downtown, Transportation, Subway, Nice Neighborhood, Spacious Open Balcony Overloo...
South Facing Two Bedroom Unit, Enclosed Balcony (Can Be Converted Back To Open). Lots Of Storage Space, Large Living, Dining Space And Eat In Kitchen, En-Suite Storage With Water Line Hook Up For Laundry, Built Ins And Walk In Closet In Master Bedroom. Convenient Location To Ttc...
Amazing Fontana One Year New Building, In The Heart Of Downtown Markham Unionville. Spacioius And Bright One Bedroom Plus Den With 2 Full Washrooms. Separate Den With Door And Window, Can Be A Single Bedroom Or Media Room Or Office. Walk To Viva Bus, Public Transit, Restaurants, ...
Bright And Modern Basement Apartment. Be The First One Living In Newly Renovated Unit! Immediately Available, Price Includes Internet, Pay 1/4 Of Utilities, Convenient Location Close To Eglington, Walk To Public Transportation, School, Shops, No Smoker Please.
Beautiful End Unit Townhouse, Shows Like A Semi! Neutral Colours Throughout, Pride Of Ownership. Open Concept Energy Star Home With A 9 Ft Ceilings In Living, Dining And Kitchen. Garage Entrance From House. Professional Landscaped Enclave. Common Fee Of $182.12 Includes Snow Rem...
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Closing Cost Overview
Closing costs, ranging from 1.5% to 4% of selling price, are the legal and administrative costs you will need to pay when your house closes. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often unexpected costs do not sneak up on you.
Cash outlays required before your mortgage closes
Home Inspection Fee. It is highly recommended that you contract a home inspection as a condition of your Offer to Purchase. A home inspector will assemble a report on the condition of the home for a fee of around $500, depending on the complexities of the inspection.
Deposit. A deposit that counts towards your down payment is required when you make an Offer to Purchase. The deposit may amount to 5% of the purchase price, which is the minimum down payment percentage in Canada.
Costs financed in your mortgage
Mortgage default insurance, or CMHC insurance, is not normally considered a traditional closing cost as it is added to the total mortgage you require and amortized over the life of your mortgage. I have chosen to include it here to point out the major difference between it and traditional closing costs: it does not require a cash outlay upon closing.
Mortgage default insurance. If you purchase a house with less than a 20% down payment, you will be required to buy mortgage default insurance, commonly referred to as CMHC insurance. This protects the lender in the case the borrower, defaults on the loan.
Mandatory closing costs covered by the home buyer
The following is a list of closing costs that are incurred by the home buyer
Land Transfer Tax. Calculated as a percentage of the purchase price of your home, all provinces have a Land Transfer Tax (LTT) payable on closing, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.
Legal Fees and Disbursements. You can expect to incur a minimum of $500 and may go up to $1000 (plus GST/HST) on legal fees, which account for the preparation and recording of official documents. Find a residential real estate lawyer or contact Nick Ignatiou direct for a list of real estate lawyers that his Clients have used.
Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.
PST on CMHC insurance. Though CMHC insurance itself is financed through the mortgage, PST on the insurance must be paid in cash at the time of close.
The following is a list of closing costs that are incurred by some home buyers as they are only applicable to certain properties
Septic tank. If the house has a septic tank, it should also be tested to ensure it is in good working order. Once again, you can negotiate the cost with the previous owner and list it in your Offer to Purchase.
Water Tests. If the home has a well, you will want to test the quality of the water and ensure there is an adequate supply, as well if the water is potable. You can negotiate these costs with the previous owner and list them in your Offer to Purchase.
Estoppel/Status Certificate Fee. A certificate fee may be payable if you are buying a condominium or strata unit, and could cost up to $100.
Mandatory closing costs often covered by the lender
Appraisal Fee. An appraisal, which is an estimate on the value of your home, is often covered by your mortgage lender. An appraisal is performed to certify the lender of the resale value of the home in the case you default on the mortgage. The cost is usually between $250 and $350.
Other costs to consider
Property Insurance. Property insurance, which covers the cost of replacing your home and its contents, must be in place on closing day. This insurance is often paid in monthly or annual premiums.
Prepaid Utility Bills. You may need to reimburse the previous owner of your property for prepaid costs such as property taxes, utilities and so forth.
Property taxes. Property tax is calculated as a percentage of your home value, varies by municipality and must be paid each year. The residential property tax rate in Toronto for example is 0.83%, and on a $400,000 home, would be equal to $3,320 per year. You may need to reimburse the previous property owner if he/she has already paid property taxes for the full year. You are also given the option to set-up an automatic payment plan with your lender. Your lender will set up an account for you, collect an additional $277 per month ($3,320 / 12 months) and then pay property taxes on your behalf. Though by no means necessary, some homeowners find this service extremely valuable for budgeting purposes.
Closing Day
Closing Day is the day you finally take legal possession of your home. It's important that the bulk of your administration is completed by this point including transferring your down payment to your lawyer. Transferring down payment funds, especially from your RRSP can take time, and should be done several days before close.
On closing date, the following events will take place:
Your lender will provide the mortgage funds to your lawyer/notary.
You must provide, your down payment less the deposit, to your lawyer/notary along with the closing costs.
Your lawyer/notary pays the previous owner, registers the home in your name, and gives you the deed and keys to your new home.
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