Following is a list of the closing costs that you are likely to incur when closing your real estate transaction. This summary is only an estimate, designed to assist you in budgeting for your closing.
Legal Fees: Range from $500 to $1,000 depending on which lawyer you choose.
Disbursements: Approximately $350, but can fluctuate depending on the property.
Adjustments: You should also budget for adjustments to the vendor such as property taxes and possibly heating oil as often these expenses have been paid by the vendor past the date of closing.
Land Transfer Tax: 1% of your purchase price less $275.00 up to $250,000 plus 1.5% of the purchase price between $250,000 and $400,000 plus 2% of the amount by which the value exceeds $400,000. + Land Transfer Tax Calculator
C.M.H.C. Fee: Subject to 8% PST and this tax amount cannot be added to the mortgage and as such will be an adjustment on closing. + CMHC Mortgage Loan Insurance Cost Table
C.M.H.C. Application Fee: Consult your financial institution as fee may vary.
Appraisal Fee: Consult your financial institution as fee may vary.
Please note: you will be required to provide your lawyer proof of insurance on the property prior to closing.
Legal fees + Disbursements + Adjustments + Land transfer tax = Closing Costs