Buying a Home – Additional Costs to Consider
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
Down Payment:
- 5% or more.
- Effective Feb. 2016, a minimum 10% down payment is required for the portion of the mortgage over $500,000.
Other Costs:
Processing a Mortgage →
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Appraisal & Application Fee $235.00 approx. For lender purposes & CMHC insurance. |
Mortgages Life Insurance →
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Optional |
Pre-Approved for a mortgage →
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Get approved by a Mortgage Broker, Lender (Bank) or Trust Company. |
Buyer Incentives → | OHOSP– Ontario Home Ownership Savings Plan. If opened before December 31st 1993, you receive a Tax Rebate for Land Transfer Tax.
Down Payment: 5% down for Buyers. RRSP Monies: Can be used for Down Payment, up to $20,000 for each individual involved in the purchase.
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Home Inspection →
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$ 400.00-600.00 (approx). Highly recommended for both resale and new construction. |
Legal Fees Disbursements →
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Statement of Adjustments →
Given to the Buyer upon Closing
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This is a summary of all costs and expenses paid by the Buyer(s) and will be provided to the Buyer(s) upon closing. |
Land Transfer Tax →
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Applies to all transfers of land in Ontario.First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where:
Applications for a refund must be made within 18 months after the date of the transfer. |
Survey →
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Title Insurance → | $300 (approx). If there is no Survey, title insurance will satisfy the Lender and you will not have to incur the cost of a new survey. Title insurance is a must on all Real Property Purchases. |
All fees, costs & disbursements quoted are approximate. Actual fees, costs & disbursements could be more or less and should be obtained directly from the Lawyer.