What to Expect…

Your Mortgage & Down payment Are Not Your Only Expenses

When Dealing With Property

There are lots of things to keep in mind when you are dealing with property, whether or not that is a purchase, refinance or a renewal of your mortgage. As an experienced Mortgage Agent I will be able to guide you through this process and let you know about what costs may or may not come up for your Unique Mortgage Needs. Some examples of Closing Costs are written below.

Appraisal Fee

This is the cost for a professional to come to your property and assess its value. Your mortgage lender or mortgage default insurer may require an appraisal to determine whether the selling price is reasonable for that market.

GST

You must pay the Goods and Service Tax (or Harmonized Sales Tax) on a newly constructed or substantially renovated home. Resale homes do not require a GST payment. Some of this can be recovered with the GST/HST rebate for new or substantially renovated homes. 

Home Inspection Fee

This covers the cost of a professional inspection of your home. Hiring an inspector is voluntary but recommended for resale homes, and usually costs $400-$1100.

Property Inspection

Since your lender has a large stake in your home, they will often require you to purchase insurance against fire and weather-related damage. It is also a good idea for you to purchase ‘contents’ insurance to protect your valuables.

Realtor Costs

Realtors usually work commission with the split usually being 7% on the first $100,000 and 3% on the remainder. This will be important when working out your numbers which include the sale of property. Lots of Realtors will work with you in regards to commission as well.

Land Transfer Tax

This is a tax charged to buyers in most provinces, usually based on the purchase price. It varies province to province.

Legal Costs


This includes fees charged by your lawyer or notary for services such as conducting a title search, drafting a title deed and preparing the mortgage, and registration fees. Legal costs vary between law firms –  I have some listed in my Real Estate Partners Page if you do not have someone already picked out.

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Mortgage Default Insurance

High-ratio mortgages (those with less than 20% down payment) generally require mortgage default insurance. The cost is usually added to the mortgage, and ranges from 1.00% to 3.25% depending on the amount of your down payment. 

Mortgage Life Insurance

Special insurance coverage to cover the cost of your mortgage in the event of death or severe illness is available from most lenders. Through my brokerage I have access to a variety of insurance products to fit your mortgage needs as well as I work with some Independent Agents as well.

Moving Expenses

Costs will vary, depending on whether you do it yourself, rent a truck, or hire professional movers.

PrePaid Taxes, Utility Bills & Other Charges

Any previous owner may have prepaid some bills before the closing date, which you will have to reimburse them for. All taxes, utility bills, and other charges incurred after the closing date become your responsibility. Most utility companies charge for hooking up your services and replacing any previous owner’s name with your name on the bill.

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