Closing Costs

Closing costs are a list of charges your lawyer presents to you on the closing date of your home Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and GE Capital you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (I suggest around 2% - 2.5% to be on the safe side). The costs vary among provinces and cities.

Below you'll find an example and a brief explanation of these costs. Please note these are some of the closing costs you may encounter depending on your specific situation. Use this as a guideline then talk with your lawyer who can provide a more realistic estimate for your situation.

Closing Costs Example
Purchase Price: $275 000.00
Down Payment:$13750.00
CMHC Premium: $9796.88
Principle:$271 046.88
CMHC Premium is based on 5% down.The rates may vary depending on when you decide to purchase.


Closing Costs
PST on CMHC Premium: $783.75
Land Transfer Tax: $2600.00
CMHC Application: $165.00
Home Inspection: $250.00
Appraisal Fee: $300.00
Legal Costs: $1070.00
Title Insurance: $250.00
Closing Adjustments: $250.00+
Home & Fire Insurance: $40/ mo. or $480/ yr.
Interest Adjustments* Depends on closing date
Hydro New Account: $300.00
Estoppel Certificate Fee*** : $100.00
Est. Total:  $6148.75
*** Only applies to condos