Closing Costs

Many of us have been advised to make sure we have enough left in the bank for “closing costs.” The best way to do this is to be knowledgeable about what they are.



GST and Property Transfer Tax

Government Sales Tax: This is applicable on new homes. It is calculated at 5% of the purchase price (rebates may be available, please ask for more details).

Property Transfer Tax: 1% of the the first $200,000 + 2% of the balance of the property value (rebates may be available, please ask for more details).



Disbursements and Conveyancing

Conveyancing: Budget approximately $1000 to facilitate the exchange of money for ownership.

Disbursements: Allow about $250 to have the title of the property registered and insured under your name.


Home Buying Costs

Home Inspections, Move-in Fees, Deposits, and Down Payments

Home Inspection: A price tag of under $500 can ensure peace of mind for years to come.

Strata Move-in Fee: Strata’s require anywhere up to $200 for move-in’s.

Deposit: Typically between 5% - 10% of the purchase price and included as part of the Down Payment. This money (paid via bank draft or certified cheque) is most commonly delivered to a trust account of the buying agent's brokerage within 24 hours of subject removal.

Down Payment: The initial payment to purchase a home, typically ranging from 5%-35% depending on the purchase intention. You may require CMHC insurance, please ask for additional information.


Owning a home is a rewarding experience. Be informed of all that is involved to avoid surprises.

Heat/Gas/Hydro: Varies by city - sometimes included in strata fees.

Cable/Internet: Select the right plan for your lifestyle. Many new buildings will offer free cable and Internet for up to one year.

Property/Personal Belongings Insurance: Insurance is mandatory for all homes. Be sure to have the right type of insurance for your property.

Strata Fees: Applicable for condos and townhouses. Strata fees usually range from 25-65 cents/square foot.

Special Levies: Special levies and home repairs are inevitable in both detached houses and condominiums. It is always important to set aside some money to avoid the shock and disruption a special levy may cause.