The “Cost of Buying a House” checklist identifies a number of costs buyers frequently encounter when purchasing a property, and may be required to close the transaction.
The Buyer should review the list carefully with their Realtor to determine which items apply to their purchase.
| Legal Fees |
$600-700 |
| Registering the Mortgage |
$200 |
| Disbursements |
$600 |
|
|
| ADJUSTMENTS –Taxes/Utilities |
- |
|
|
| LAND TRANSFER TAX |
- |
| $0 -$55,000 |
=0.5% of purchase price |
| $55,000 - $250,000 |
=1.0% of purchase price less $275 |
| $250,000 - $400,000 |
=1.5% of purchase price less $1,525 |
| $400,000 or more |
=2.0% of purchase price less $3,525 |
|
|
CMHC INSURANCE FEE
(Less than 25% Downpayment) |
- |
| Can be added to Mortgage Amount |
- |
| Loan to Value up to 95% |
= 3.75% of Mortgage Amount |
| Loan to Value up to 90% |
= 2.5% of Mortgage Amount |
| Loan to Value up to 85% |
= 2.0% of Mortgage Amount |
| Loan to Value up to 80% |
= 1.25% of Mortgage Amount |
|
|
| CMHC APPRAISAL & APPLICATION FEE |
$235 |
| 8% RETAIL TAX ON CMHC FEE |
- |
| HOME INSPECTION |
$300 |
| SURVEY |
$1000 |
