Exceptional Unit With Designer Renovation W/2 Bedrms Plus Solarium, Executive Corner Unit With Oversized Balcony! Bright, Functional Layout, Split Bedrms W/Ensuite Bathrm., Features Top Quality Finishes Throughout Including Upgraded Kitchen (Lots Of Storage), Quartz Countertop, L...
Well Maintained, Clean, Big Beautiful Top Level 3 Bedrooms, 2 Bathrooms, 2 Storey Condo - Feels Like A Townhouse. Fantastic Layout & Floor Plan Maximizes Your Living Space. Walkout To Two (2) Private Terraces With Bbq's Allowed! Overlooking Quiet Tree Line And Park Like Setting. ...
Must See This Spectacular Custom Home Boasting Thousands In Quality Upgrades & Finishes W/2 Car Garage W/Entrance To Home, 5+1 Bdrm, Master Bdrm W/ En-Suite Bath, W/I Closet. Majestic Soaring Entrance W/ Beautiful Staircase, Elegant Dining & Liv Rm, Updated Modern Chef Size Kitch...
East York Well-Maintained Home 2-Storey Semi-Detached Brick House W/ 3 Bdrms, 2 Washrooms, Mutual Driveway, Detached Garage Close To All Amenities, Walk To Subway, Shopping, Schools, Parks, Danforth Ave. Newer Heating And Air Condition, Walkout From Kitchen To Patio And Walkout B...
Haven On The Bluffs, Brand New Condo Unit Located On The 5th Floor. Minutes To Downtown Toronto, Prime Location, Upgraded Kitchen And S/S Appliances, Steps To Ttc, School, Shopping Ctre And Lake. Must See.
A Must See!!!! Stunning Home!!! Won't Last.2 Renovated Kitchens W/Granite Counters,Backsplash,High End S/S Appliances, Ceramic Floors.2 Full Reno'd Baths, Hardwood Floors Throughout Main Floor, Open Concept, Shows 10++.Custom Built Closets In All 5 Bedrooms, New Windows And Pot L...
Lovely End Unit Freehold Townhome. Like A Semi! In High Demand Heart Of Pickering, Close To All Amenities. Parks, Schools, Transit, Hwy 401, Shopping, Go Train! Spacious Entry. Bright & Open Concept! Gleaming Laminate Flrs! Cozy Fireplace & W/O To Yard. Carpet On Stairs, Upper La...
Executive Newly Upgraded 4Br,4Bath Residence In Prime York Mills Location.W/O To Professionally Landscaped Spacious Backyard W In Ground Large Salt Water Swimming Pool.Short Walk To Denlow Ps,Windfields Jr High &York Mills Collegiate.Short Drive To Several Prestigious Private Sch...
Prestigious Thornhill Location. Beautiful Ascot Mansion, Low Rise Condo By Shane Baghai. Well Maintained, Top Floor Unit With Unobstructed Stunning South West Park View. 2 Bdrm +1 Full 4 Pc Bathroom. 1 Parking. 1 Locker +Ensuite Laundry. Updated Kitchen. New H/W Flrs, B/I Cabinet...
Overlooking Park. Double Car Garage . Townhouse Built By Mattamy Homes In Downsview Park. 9 Ceilings, Large Windows, Updated Open Concept Kitchen. With Walkout To Terrace, Quarts Countertop, Stainless Steel Appliances. Finished Basement With Heated Floor. Built-In Fireplace. Perf...
Spacious Bachelor In Downtown Toronto, Yonge And King, Financial District. Unbeatable Location!! Steps To King Subway Station. Walk To All Amenities, Entertainment District, Universities/Colleges, Eaton Centre, St Lawrence Market, St Michael Hospital, Etc. Quiet Residential And L...
Stunning 2-Storey Luxury Home In Upscale Agincourt Neighbourhood! 3300 Sqft Plus 1600 Sqft Finished Walk-Up Basement. 4 Bedrooms With Private Ensuite In Each Bedroom. Coffered Ceilings In Entire Main Floor And All Bedrooms With Quality Trim-Work Throughout The House. Gourmet Kitc...
Boutique Condo In The Heart Of North York. Breathtaking Views From Your Rooftop Terrace. Walking Distance To Bayview Village Shppng Ctr, Pusateri's, Great Restaurants/Amenities. Offering Approx. 2,500 Sqft Of Indoor/Outdoor Living Space. Impeccable Finishes & Layout Design. 2+1Bd...
Assignment Sale, Brand New Building, Move In End Of 2019. A Plus Location, Transit, Library, Hospital, Shopping, Building, 24 Hour Concierge Service. Swimming Pool, Underground Parking, Terrace For Bbq, Large Unit, Large Balcony. Peace Of Mind Security And Safety Features.
Assignment Sale, Brand New Building, Move In End Of 2019 Or Beginning Of 2020. A Plus Location, Transit, Library, Hospital, Shopping, Plazas, 24 Hour Concierge Service. Swimming Pool, Underground Parking, Terrace For Bbq, Large Unit, Large Balcony.
Stunning 50' X 174' Lot, Nestled Away In One Of The Most Sought After Streets In Parkview Hills!! Dead-End Street! Surrounded By Ravine, Hiking & Bicycle Trails, Enjoy Rural Living In Urban Setting! This 2 Storey Brick Home With Attached Garage, Features 3 Bdrms, 2 W/R, 2 Walk-O...
Outstanding Location Bright Spacious Bungalow 2+2 On 50 Ft Wide Lot With Sep Entrance To 2 Bed Bsmt( For Income Or In-Law Suite)+Eat-In Bsmt Kitchen In Very Exclusive Quiet Neighborhood, Solarium To Enormous Private Back Yard, Minutes Drive To Hwy 400 & 401 And Minutes Walk To Tt...
Upgraded, Spacious And Bright South Facing Unit In Luxurious Parkview Tower. New Wood Laminate Flooring Throughout (2018) No Carpet. Updated Open Concept Kitchen (Renovated In 2018) W/Granite Counter Top & Centre Island, Modern Back Splash (2018). Upgraded Washroom (2018). Parkin...
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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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