Here you will find many valuable tools to aid you in the process of buying and selling real estate.
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65 Glenshaw Cres
Welcome To A Luxurious Brand New Custom Build Home In The Sought After Area Of Parkview Hills. No Expenses Spared. Stunning Residence W/High-End Finishes, Chef Inspired Kitchen W/ Quartz Waterfall Island & Butler's Pantry, Hickory Hw Flr, Family Rm With W/O To Large Deck, Custom ...
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...
Very Large One Bedroom Walkout Bsmt Unit In The Prestigious Rosedale Summerhill Neighbourhood. Huge Above Grade Windows Fill The Space With Light - Does Not Feel Like A Basement. Enjoy The Newly Renovated Washroom! Conveniently Located By The Popular Summerhill Market, Coffee Sho...
Spacious, Cozy And Clean Lower Level 2 Bedrooms Apartment With Walk-Out Entrance In The Coveted St. Andrews Neighborhood. Family Oriented Street. Bus Stop At The Door. Very Convenient Location, Safe Neighborhood, Best Schools In The Area - Owen Ps, St Andrew's Ms, York Mills Ci. ...
Steps To The Lake, Bike Path, Cne & Harbour Front. Spectacular 1 Bedroom + Den, Bathroom Can Be Sub-Divided Into A Powder Room For Comfort And Privacy. 98 Sq Ft Balcony With Unobstructed View Of Lake And West City Views. 638 Sq Ft With Fantastic Building Amenities Fitness Centre,...
Menkes Luxurious Building At Yonge/Sheppard. Short Walk To Sheppard Subway, Shopping, Restaurants, Hwy 401 And 407. Spotless And Clean, 1 Bedroom + Den (With Door) Nice Kitchen With Granite Counter And Backsplash, 24Hr Concierge, Indoor Pool, Exercise Room, Party Room ...
Prime North York Location, Luxurious Pulse Condo, Steps To Finch Subway, 20 Min To Downtown, 1 Br + 1 Wr, Comes With 1 Parking & Locker, 2 Exits To Large, Open Balcony With Sunny Nw Exposure. Great Building Amenities- 24 Hr Concierge, Guest Suites, Exercise Rm, Game Rm, Recreatio...
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.
Bright South Exposure, 1Bedroom+Den (Can Be Used As 2nd Bedroom) & One Parking W/Large Floor-To-Ceiling Windows. Live In Heart Of Downtown With Spectacular Lake & City Views. Close To Gardiner Expy, Union Station, Cn Tower, Rogers Ctr, Harbourfront, Restaurants, Library, Future L...
Luxurious Three Years New Condos Built By Menkes. Excellent Layout Of 1+1 Den Unit. Unobstructed Magnificent View Of The City And Cn Tower. Spacious And Bright. Open Concept, High End Modern Finish With All S/S Appliances, Large Balcony. Superb Location, Walking Score 96, Steps T...
Move In Condition 3 Bdrm, Mins To Ttc, Dvp, 401, Downtown, Shops, Schools! Building Loaded With Facilities Indoor Pool, Sauna, Gym, Party Room, Etc. Rent Includes Fridge, Stove, Heat, Hydro, Water, Cable Tv, Building Insurance, Underground Parking **Non Smoker** No Pets**
Beautiful, Bright, Spacious Open Concept Home. Close To Good Schools, Park, Restaurants, Bars, Cafes, Shopping, Close To Dufferin Mall And More. Minutes To Subway Station And 24 Hours Ttc. Great Location To Live In. Bsmt Is Not Included. 2/3 Utilities. 1 Month Notice Before Move ...
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...
Welcome To Montage In The Heart Of Downtown! This Bright & Spacious 2 Bedroom + Study Condo Features Over 800 S.F. Of Living Space(783Sf +35Sf), 2 Separate & Self Contained Bedrooms With 4Pc Ensuite Wshrms & A W/I Closet. Recently Renovated, New Embossed Flooring For The Natural ...
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
Brand New Never Lived In Unit At Daniels Lighthouse West Tower. One Bedroom With Floor To Ceiling Windows & Big Balcony, Open Concept Kitchen/Living Room Layout, Laminate Flooring All Over. Amenities Fitness Centre, Tennis/Basketball Court, Community Gardening Plots, Theatre, Art...
Live In Ultimate Luxury At Harbour Plaza Condo,One Bedroom Approx. 550 Sq Ft On 30th Floor W Both South & West Open And Partial Lake View. Full Size Balcony. Unbeatable Location, Direct Access To The Path, Acc, Union Station. Close To Cn Tower, Financial / Entertainment District,...
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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 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.