Purchase Expenses

These are the expenses related to purchasing  a home:

Legal Fees
Approximately $800 – $1,200

Title Insurance
Homes $400,000 or less = Approx. $325
Homes $780,000 = Approx. $625.00

Land Transfer Tax
0.5 % to 2% – based on purchase price. There is a specific formula that needs to be calculated. Also, LTT for Toronto is higher than York region. First time home buyers qualify for a rebate.

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

Property Insurance
Your house must be insured in order to get a mortgage.

Utility Hookup
Phone, cable, etc. may cost around $200.00.

Mortgage Adjustments
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.

* This information is provided as a guideline only. We do not warrant or guarantee accuracy as each transaction may incur different levels and types of fees.

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