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...
Welcome To 11 Sparta Rd! This Beautiful, Fully Renovated Home Sits On A Premium Extra Large Lot. Located Close To Hwys 400 And 401. Walking Distance To Public Transit, Close To Schools And Many Other Local Amenities. This Turn Key Home Is Sure To Impress!
Best Location In Midtown. Steps Away From Future Eglinton Crosstown Lrt. Short Walk To Shops & Subway. Excellent Schools Nearby. Flat Fee Of $100.00 For Heat Hydro And Water. Cable And Internet Are Not Included.
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...
Super Modern Sun-Filled And Spacious 1+Den Condo In High Demand Area. Prestigious World On Yonge Development. Updated Kitchen With Ss Appliances, 9' Ceiling. Direct Indoor Access To Mall, Supermarket And Steps To Ttc. Unobstructed South Views Of Toronto!
Nice And Clean One Bedroom Plus Den With A Balcony At Liberty Place, The Heart Of Liberty Village.Conveniently Located - With Minutes Walk To 24 Hours Metro, Banks, Aroma Coffee Shop, Bars, Restaurants, Local Butchers, Lcbo, And Goodlife Fitness.
Welcome To The Upper House! A Posh, Boutique Building In Leaside. This 841-Sqft Unit Offers A Spacious Open Concept Layout With The Finest Of Finishes. It Is Conveniently Located To Ttc, Dvp, And Many Local Amenities. Building Features Rooftop Terrace, Party Room, Gym, And Pet Sp...
Prestigious Thornhill Luxury Condo In Great And Convenient Location! Spacious,Panoramic And Unobstructed View. Enjoy Comfortable Life Style In This Modern Building With All Amenities. Upgraded Kitchen Cabinets,Granite Counter Top ,Laminate Floor In Master Bedroom And Living Room....
Fantastic Live/Work 2 Bedroom Home Steps To Yonge St.! This Lovely Thornhill Village Home Features Private Drive With 2 Parking Spots, 2 Large Bedrooms On 2nd Floor, Large Living/Office Space On Main Floor And An Eat In Kitchen. Freshly Painted, New Cabinets And Countertop In Kit...
Bright, Sunny And Spacious,4 Bdrm 3 Bathroom Semi In Vellore Village. Nicely Finished And Super Clean. Gas Fireplace, New Maple Hardwood, California Shutters. This House Features Ceramic Flooring, 4Pc Master Ensuite W/Soaker Tub & Separate Shower. Steps To Hillside Park & Glen Go...
Spacious Town House With Many Upgrades! 3 Bedroom Family Home In A Desirable Neighbourhood. Finished Basement Has 2 Principle Room And A Large Rec Room. Walk Out To Back Yard From Living Room. This Is A Great Starter Home! Fenced Back Yard, Hardwood Floors. Great Location Close T...
Prime North York Area Sought After Bayview Village. Great School District Such As Earl Haig School Zone (School Rating 8.5) Bayview M.S, Elkhorn P.S. Lots Of Upgrades Over The Years. Professionally Landscaped Front And Backyard. Great Family Home With Huge Rec Room And Extra 3 Be...
Stunning 2-Storey Luxery 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...
Wow! **Nicest Home In The Neighborhood** Completely Permitted Re-Model From Top To Bottom With Outstanding Craftsmanship And Design. Open Concept With 11 Ft Vaulted Ceilings, Maple Hardwood Throughout, Quartz Counters, Lots Of Natural Light. Skylight, & Led Lighting. Side Entranc...
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...
Bright And Spacious 2 Bedroom Condo In Luxurious Menkes Palladium Building. 1,122 Sq Ft. Excellent Location At Yonge And Clark. Public Transit, Shopping, Restaurants And Great Schools., Great Amenities, Gym, Outdoor Pool, Sauna, Tennis Court, Party Room, 24 Hr Concierge And Vis...
Tridel Luxury & Elegant Building In Heart Of North York. Very Spacious & Functional 2 Bdrms W/Hardwood Flrs, W/2 Full Baths, Over 1250 Sqft W/Magnificant Unobstructed East View. Laminate Flr Thru-Out. Renovated, Big Eat-In Open Concept Kit, W/Breakfast Bar & Granite Countertop. 2...
Lovingly Cared For, South Facing, Sunny, Originally 1+Den On A Low Floor. Unit Comes With 2 Underground Side By Side Parking Spots. Has A Great Flow And Brand New Washroom. Freshly Painted T/Out. Maintenance Fee Includes All Utilities, Even Basic Cable. Building Has Direct Acces...
Luxury Bayview Hill Mansion Backing Onto Beaver Creek! Fully Landscaped Backyard On Pie Shaped Lot With Pool, Poolhouse And Pond! Fabulous House For Entertaining! Opulent Features Include Sizeable Custom Kitchen With Granite Countertops, Light Filled Breakfast Room, Elegant Livin...
One Of A Kind Charming Bright Family Home Is Situated In The Prime Location Of Woodbridge. Over 2900 Sqft. House Has Gorgeous Center Hall Features Large Principal Rooms. Finished W/O Basement With Existing Rough In For Kitchen. Hardwood Flrs Thru-Out. Main Floor Laundry. Gourmet ...
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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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