Absolutely Rare Find 2 Storey Loft. Built By Monarch At Prime North York Centre. Steps To Subway, Ttc Stops, Library. 24 Hrs Concierge W/ Indoor Pool, Hot Tub, Roof-Top Party Rm, Visitor Parking.
Gorgeous 2+1 Corner Unit At Tridel's Finest Meridian Condo! Spacious And Bright. Fresh Painting, Great Layout With Split Bedrooms, Den With French Doors And Wrap Around Windows Can Be Used As 3rd Bedroom, Excellent Location. Walk To Finch Subway, Go Transit, Viva, Trendy Shops An...
Don't Miss This Updated And Super Spacious Thornhill Beauty. 1546 Sq Ft One Of The Largest Units In The Building. 2 Spacious Bedrooms, Large Living/Dining Room And A Den, 2 Full Bathrooms, Laundry With Built-In Storage Closet And Locker On The Same Floor. Parking For 2 Cars, Loca...
Quality Mcclintock Built 4+1 Bedroom And Den Home In High-Demand Bridlewood Community. Backs Onto Green Corridor Instead Of Someone Else's Backyard! 4 Bathrooms. Wood-Burning Fireplace. New Interior Doors. Crown Moulding In Bedrooms, Dining Room And Living Room. Original Hardwood...
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...
Fabulous 1 Bed & Den South Facing Unit In Luxurious Boutique Jade Condo, Located Bayview / Sheppard, Short Walk To Bayview Subway Station, Upscale &Trendy Bayview Village Mall, Short Drive To 401/Dvp, 9Ft Ceilings, Wade-Planked Hardwood, Upgraded Kitchen With Caesarstone Counter ...
Gorgeously Renovated, Quiet, Sun Filled, East Facing End Unit At Tree Top Level. Enjoy Serenity Of Nature From Your Huge Open Balcony. Large Windows On Three Sides (N-E-S) Allow Abundance Of Natural Light To Enhance This Beautiful Corner Unit. Rich Laminate Floors T/Out, Updated ...
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.
Fabulous One Bedroom In The Highly Sought-After Burano Condominiums! Breathtaking City Views Of Downtown Core From Private Balcony. Floor To Ceiling Windows Allowing Abundance Of Natural Light Throughout.
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.
A Remarkable Unique Urban Home W/ Exceptional Attention To Details Built By Nano Design Build. Spectacular Flow Of Natural Light Thanks To Oversized Multiple Windows, Skylights And The Courtyard In The Middle Of The House. High Ceilings With Lots Of Pot Lights. Walk To Subway An...
Gorgeous,Light-Filled,2080 Sqf 3 Bd Semi-Detached Located In Rouge Woods, Quiet Street , Bright And Spacious Initially Model Home, Excellent Open Concept Design With Hardwood Flr., Oak Staircase,Gas Fireplace,Large Bedrs. On 2nd Floor With Hardwood Throughout. Master Retreat W/La...
Gorgeous East Woodbridge Detached Home. Completely Renovated From Top To Bottom. Bright Modern Kitchen Open To An Inviting Family Room And Walkout To Spacious Backyard. Professionally Finished Basement Ideal For In Law Unit With 2Br, Kitchen, Family Room And Beautiful Bathroom.
Bright Condo Townhouse At Hendon Park- (Yonge And Finch). Two Bedroom W/Smooth 9' Ceilings, Stainless Steel Appliances, Natural Hardwood On Main Floor. Just Steps To The Finch Subway Station, Go, Viva, Hendon Park, Shopping And Restaurants. One Parking Spot & One Locker Included.
2 Car Garage, Bright & Spacious Freehold Townhome In Sought After Markham Community. Functional Layout, Totally Renovated By Professional Designer. Open Concept Kitchen W/Quartz Countertop, Marble Backsplash & Modern Cabinets. Newly S/S Appliances, Bathroom W/Free Standing Tub & ...
Luxurious Tridel Built Condo In Superb Location,Walk To Everything You Need. Subway Stations, Bus Stop,Metro Supermarket On Site, Park, School, Library, Restaurants, Shops And All Amenities.Stunning Layout With Seven Sided,Southern Exposed Windows. Open Concept Living And Dining....
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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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