Stunning Mondeo Springs Bright & Spacious One (1) Bedroom Condo. Attractively Decorated Top To Bottom! Fam-Size Kitchen W/ Breakfast Bar. Entertainers Size Living/Dining Area. W/O To Sun Filled Balcony. Extensive Upgrades Throughout Including Kitchen Cabinets, Bathroom & Newer La...
Brand New Condo Building, Facing Nw, Modern Kitchen With Granite Counter Top And Stainless Steel Appliances, Building Is Equipped With 24 Hr. Concierge, Gym, Billiard Room, Guest Suites, As Well As Swimming Pool Located In Ph1 At 1328 Birchmount Road. Must See!
Fabulous Bachelor Right In The Downtown Core. The Prestigious Pantages Tower, With Access To Luxury Hotel Amenities. The Most Convenient Location - Walking Distance To Subway, Eaton Centre, Dundas Square, Universities And Hospitals. Newer Laminate Flooring Throughout. Excellent C...
Modern 3 Bedroom And 2 Washroom, Bright And Spacious Condo Unit, Located At Birchmount And Lawrence, High Demand Area. Nice And Modern Kitchen. Big Balcony Facing East, Courtyard. Building Is Equipped Wit 24 Hr Concierge, In-Home Security System, Gym, Guest Suites, Billiard Roo...
Brand New Never Lived In 1 Br+Den W/ Unobstructed Breathtaking View From 43rd Floor! Amazing, Practical Layout Of One Plus Den. Modern Kitchen W/ Quartz Countertop, Stainless Steel Appliances! Ttc At Your Doorstep & Steps To Subway, Ryerson, St Michael Hospital Eaton Centre, Dund...
1Bedroom Basement Apartment In Prestigious Bayview/John Area, Separate Entrance, Separate Laundry, Utilities Included, 4Pc Bathroom, Very Quiet Street(Cul De Sac).
Location!Location!Modern&Completely High End Renovated W/O One Bdr. Basement Apartment In A Detached Home,With Separate Entrance,5Min. To 2 Subway Lines. Bright & Spacious, Featuring Hardwood Fl., Led Pot Lights Throughout,Built In Ceiling Speaker System,Blinds, New Bathroom W/Mo...
Super Spacious Bachelor In Luxurious Pentages Tower. Unbeatable Location In The Heart Of Downtown Toronto, Steps To Eaton Centre, St Michael Hospital, Ryerson, Dundas And Queen Subway Station, Financial District And All Amenities. Amazing View From 28th Floor. Much Bigger Than Mo...
Tridel Built Spacious 2 Bedroom + Den Unit + 1 Parking + 1 Locker. Laminate Floor For Living And Dining, Carpets For Bedrooms. Split Bedroom Layout *Over 1000 Sq Ft*. White Kitchen With Granite Countertop & Ceramic Backsplash. Large Master Bedroom And Huge Walk-In Closet And 4 Pi...
Furnished 1 Bdrm+Spacious Den. Located In The Heart Of Etobicoke Trendy Islington Village. 9 Foot Smooth Ceilings, Open Concept, Kitchen With Eat-In Quartz Countertops, Filtration System Upgraded Backslash, Engineered Hardwood Flooring Throughout. Overlooking South West View, Bal...
Newly Renovated Home On Premium Lot. Perfect For Entertaining W/ Fabulous Brand New Kit.& High-End Appliances. Feat.4 Good Size Bdrms, Master Ensuite, Huge Sun Filled Family Rm W/Fire Place W/O To Backyard, Side Ent., Practical Liv/Din Rm W/Lrg Window, Finished Bright & Spacious ...
Executive 2 Bdrm+Den Furnished Condo @ Maple Leaf Square. The Interior Of This Suite Has Been Professionally Decorated To Perfection! Located On The 48th Floor, This Corner Suite Has An Abundance Of Natural Light & Spectacular City & Lake Views Makes For An Entertainer's Dream! W...
Detached Home In Quiet High Demand Area On Large Lot With Pond And Shed In Garden, Hardwood Throughout (Under Existing Carpet).Main Floor Laundry Room Finished Walkout Basement With Large Open Recreation Area With Wet Bar, Kitchen And 4 Pc Bath. Oversized Double Garage. Extended ...
Super Spacious Bachelor In Brand New Building, Never Lived In. 425 Sqft As Per Builder. A Boutique Building By Mattamy, Top Quality Material And Finishes. Couple Minutes Walk To Davisville Station, Yonge Subway Line. Walk To Shops, Restaurants, Cafes, Kay Gardiner Beltline Trail ...
Amazing Penthouse Studio In Luxurious Neptune 2 Condo, With 9 Foot Ceilings And Excellent Views, Located In Superb Downtown Toronto Location, Close To Street Car Stops To Union Subway, Shops, Restaurant, Park, Supermarket And All Amenities.Historic Fort York Area. Walk To The Lak...
Beautiful Townhouse Located On Toronto's Most Desirable Neighborhood, Facing East Interior Courtyard, Cozy & Quite! Laminated Throughout, Open Concept Layout, Air Condition Unit Replaced Aug 2017, Indoor Visitor Parking, . On-Site Property Management. Hydro And Gas Paid By Tenant...
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...
Absolutely Immaculate One Bedroom Basement For Rent. Heat, Hydro, Water, Cable Tv, Wireless Internet Included, Laundry... Mins To Ttc, Dvp, Downtown, Shops, 5 Min Walk To Leslie Subway, Etc...Huge Basement All For Your Self **No Parking**Microwave Cooking**Shared Entrance**No Pet...
Location, Location, Location! Incredible Opportunity For Investor, Builder's And First Time Buyers, Live In Renovate Or Build Your Dream Home On This 60 X 125 Ft Corner Lot In The Prestigious St. Andrews, Multi Million Dollar Homes. Master Bedroom Has Been Converted To Family Roo...
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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.
