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...
Excellent Location * Beautiful End Unit With The Biggest Lot * Finished Basement Apartment With Separate Entrance And Kitchen * Bright & Spacious * Over 2000Sqft * Open Concept * Large Terrace * Spacious Master Bedroom With Spa-Like 4Pc Ensuite * 9Ft Ceilings On Main & Upper * Tw...
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...
Overlooking Park. Double Car Garage . Townhouse Built By Mattamy Homes In Downsview Park. 9 Ceilings, Large Windows, Updated Open Concept Kitchen. With Walkout To Terrace, Quarts Countertop, Stainless Steel Appliances. Finished Basement With Heated Floor. Built-In Fireplace. Perf...
Outstanding Location Bright Spacious Bungalow 2+2 On 50 Ft Wide Lot. Finished Basement With 2 Bedrooms, Separate Entrance+ Eat-In Kitchen For Rental Income Or In-Law Suite In A Very Exclusive Quiet Neighborhood, Solarium To Enormous Private Back Yard, Minutes Drive To Hwy 400 & 4...
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...
Beautiful Bright & Spacious Custom Built Home In Prime Location Across To Mitchell Field Community Centre. Steps To Mckee Ps, Short Walk To Earl Haig Ss. Great Walk Score To Access Ttc, Restaurants & Supermarket. Cherry Hardwood Flooring, Family Size Kitchen W/ Custom Cabinetry. ...
Welcome To Toronto's Bisha Private Residences And Boutique Hotel! A New Standard Of Elegance Located In The Heart Of The Entertainment District.This Stunning Suite Boasts Over 700 Sf Of Living Space,9' Ceilings, Gourmet Kitchen With Built-In Cabinet Finished Appliances, Large Isl...
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.
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.
Lovely End Unit Freehold Townhome. Like A Semi! In High Demand Heart Of Pickering, Close To All Amenities. Parks, Schools, Transit, Hwy 401, Shopping, Go Train! Spacious Entry. Bright & Open Concept! Gleaming Laminate Flrs! Cozy Fireplace & W/O To Yard. Carpet On Stairs, Upper La...
Live In Toronto's Soho! The Most Vibrant Village In Town. Unobstructed Breathtaking View! Surrounded By Artisans Cafes, Restaurants, Shops And Offices. Close To Parks, Lake, And Highways. This Unit Has The Best Panoramic View Of The Building. Ready To Move In , 2 Bedroom With 2 W...
Brand New Condo Beautiful Open Concept Suite (Bayview Viliage.) Boutique Building. Clear 6th Flr View (East), Lots Of Light/ Granite Countertop In Kitchen. Brand New Stainless Steel Appliances. Engineered Flooring. Walking Distance To Bayview Sheppard Subway, Bayview Village Mall...
Bright And Sunny Spacious 1 Br With Rare 2 Pkg Spot And Locker. Excellent Location In Rh At The Gates Of Bayview Glen 2. Walking Distance To Viva/Go Transit Direct To Pearson Airport. Walk To Yonge St, Shopping, Entertainment And Restaurants. Building Is Well Maintained With Low ...
Beautiful Modern Open Concept 4Bdrm Family Home In Up & Coming Area Of Clairlea/Birchmount. Open Concept Main Level W/10' Ceilings, Beautiful Kitchen W/Quartz Countertop +Centre Island& High End S/S Appliances.W/Out To Beautiful Deck &Fully Fenced Huge Backyard.Pot Lights Through...
Fantastic Opportunity Steps From Yonge Street!!!! Either Live & Rent Now Or Reconfigure & Build For The Future**Property Has A Commercial Portion Of 34 Feet X 171 Feet (Irregular At The North)**34 Feet Along John St From The Western Limit Is Zoned Commercial**Entire Lot Is 101.5 ...
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...
Beautiful 3 Bedroom House For Family. Very Convenient Location. Quiet Friendly Neighbourhood. Walk To Public And Catholic Schools, Library And Highland Creek Community Park Close By.
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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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