EXPENSES RELATED TO THE PURCHASE OF A HOME

LAWYER’S FEES
Approximately $800 - $1,200
TITLE INSURANCE
Homes $400,000 or less = Approx. $325
Homes $780,000 = Approx. $625.00
STATUS CERTIFICATE
If purchasing a condominium - $100
LAND TRANSFER TAX
0.5 % to 2% - based on purchase price
CMHC FEES
If mortgage is high ratio (less than 25% of purchase price down payment) $75-$235 depending on whether appraisal is available from lender (appraisal cost - approx. $175) Negotiate with lender - most will waive this fee
CMHC INSURANCE
.5% to 2.75%, depending on ratio of value / loan - this can be added to mortgage amount and financed over term of mortgage
P.S.T ON CMHC INSURANCE PREMIUM
8% - must be paid on closing
TAX ADVANCE REQUIRED BY LENDERS ON HIGH RATIO MORTGAGES
May be up to one half year’s tax amount
UP-TO-DATE SURVEY
Lender may request - approximately $800
PROPERTY INSURANCE
Your house must be insured in order to get a mortgage
UTILITY HOOK-UP
Phone, cable, etc. may cost around $200.00
MORTGAGE ADJUSTMENT PERIOD
This is the portion of the month following closing, to the end of that month. The bank is entitled to mortgage interest on closing to that point, however, your actual mortgage payments won’t start until one calendar month AFTER closing.
MOVING COSTS
Varies according to distance and volume.