1 Bedroom Suite On The 23rd Floor, Unobstructed View Of The City, Yonge & Bloor Area. Bright And Spacious Suite, With Lots Of Natural Light. Hardwood Floors. Outdoor Pool. Fitness Centre. Easy Access To Yorkville, Ttc, U Of T, And Museum. Total Sqft 645 (Interior 570 +Exterior 75...
The Penrose Recently New Flr, New Paint Updated Very Bright, Clean, Spacious & Rarely Offered 2+1 Bdrm Unit Approx 963 Sqft. Neutral Color, Great Layout & Good Use Of Space, Large Sep Den W/Closet-3rd Bdrm, Laminated Flr Throughout, Marble Floor, Granite Vanity, Mirror.24 Hrs Con...
Beautiful 2 Bedroom, Fully Renovated, Freshly Painted With Updated Kitchen And Bathroom.955 Sq With Balcony, Upgraded Laminate Flooring Throughout. Modern Stainless Steel Appliances, Close To All Amenities And Downtown And Dvp, Kitchen With Quartz Countertop.
Luxury Award Winning Condo In The Heart Of Downtown Toronto. Superb Location! Walk Score 99/100, Transit Score 98/100. Corner Unit W/Unobstructed Views, Lots Of Natural Light. Steps Away To Yonge/Bloor/Bay/Wellesley Subway Stations, Uoft, Hospitals, Ryerson, Supermarket, Restaura...
Clean, Bright One Bedroom With Balcony & Breathtaking Lake View. Shows 10++, 9 Ft Ceilings, State-Of-Art Amenities. Walking Distance To Lake Ontario. Minutes To Downtown. Front Door Street Car & Much, Much More
Executive One Bedroom Condo, Fully Furnished, In The Historic Waldorf Astoria Hotel! Tastefully Decorated, This Lovely Suite Is Perfect For Visitors Or Business Persons Coming To The City And Looking For A Clean And Professional Space. Located Steps To Bloor St,Yonge St., Yorkvil...
Large Open Concept 2+Den, Can Be Used As 3rd Bedroom. Very Bright And Updated. Laminated Flooring, Painted Designer Colours. Updated Washrooms, Fabulous Amenities For Family To Enjoy. Indoor Pool, Tennis Court, Squash/Racquet Court, Basketball, Party Rm, Meeting, Rec Rm, Car Wash...
Luxury Bayview Hill Mansion Backing Onto Beaver Creek! Fully Landscaped Backyard On Pie Shaped Lot With Pool, Poolhouse And Pond! Entertainers Dream! Opulent Features Include Sizeable Custom Kitchen With Granite Countertops, Light Filled Breakfast Room, Elegant Living Room, Famil...
Sun Filled Upper Penthouse Monarch Eq2 Unit With Wrap Around Balcony And Master Bedroom Access To Separate Private Balcony. This South West Corner Unit With Approximately 250 Sqft Balcony And Floor To Ceiling Windows Offers Panoramic Vista Of The City And Cn Tower. Fantastic Loca...
Rarely Available Townhouse In Willowdale East Among Multi-Million Dollar Homes. Convenient Underground Parking Spot. Literally Steps Away To Yonge & Finch Shops, Restaurants, Cafes, Movies, Groceries, Parks & Subway. Soak In The Morning Light From Your Eastern Facing Balcony & En...
World On Yonge By Liberty Development, **~595Sf Plus **80Sf Huge Balcony. **Clear View **Direct Access To Shop S On Yonge Mall, Foot Court, Bank, Supper Market, Shopping Center. Visiting Parking, Indoor Swimming Pool, Gym And So On. Ttc, Walk Distance To Subway. Future Subway Lin...
Luxurious Living At Yorkville And Avenue. Amazing View, Spacious One Bedroom Plus Den, Approx 610 Sqft. Excellent Design And Finishes With Functional Layout. Walk To Subway Stations, Upscale Stores, Fine Dining, Shopping, Supermarket, U Of T, Rom And All Other Amenities.** One Lo...
Fabulous Two Bedrooms Bungalow In The Danforth Village Neighborhood. New Roof, New Addition Mudroom W/ Skylight. Beautiful Backyard W/ A Big Shed, A Short Walk To Transit, Farmers Market, Shops And Restaurants.
Fabulous Bachelor At Neptune 2 Waterparkcity, Bright South West Exposure With Open Balcony & Lake View. Functional Open Concept Layout. Street Car At Door. Short Distance To Waterfront, C.N Tower,Rogers Centre. 24-Hr Concierge,Jacuzzi,Indoor Pool,Sauna,Exercise Room, Party Room,R...
Welcome To The Grand, The Cool... The Historic Printing Factory Lofts (1913) In The Heart Of Leslieville. This Gorgeous 1 Bedroom Loft Features Soaring 10' Ceilings With Polished Concrete Floors, Walkout To Large Balcony Overlooking The Beayutiful Courtyard, Modern Kitchen W/Gran...
Unit Is Vacant! Luxury Pantages Tower & Hotel Residence . Rare 2 Storey Suite Approx 1100 Sq Ft Of Living Space! Beautiful North/East View From Floor To Ceiling Windows. 2 Bedroom & 3 Washrooms, And A Locker. Hydro Included In The Rent. Steps To Eaton Centre, Dundas Square, St Mi...
Nice Building. 1Br Suite In North York Boutique Residences, Bravo Condominiums Situated On The Yonge Subway Line. Surrounded By Amenities, This 580 Sq.Ft. Unit Is Located On The 15th Flr With Locker And Parking. Unit Is Fitted With Hardwood Flrs Through Out, Ensure Laundry And Fr...
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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.
