Budget for a Purchase

In order to budget properly for a home purchase, the purchasers should be aware of ALL charges that will be incurred on closing.  All purchasers should call their lawyer early in the process to discuss a full budget tailored to each individual situation.  The following charges may be incurred at closing:

  • Legal Fees and all closing costs (disbursements) which include title searches, registration fees, execution searches, e-reg fees, HST etc.;
  • Land Transfer Tax (Ontario Government Tax on the Transfer of Property);
  • Property Tax adjustment between the Purchaser and Seller;
  • PST on CMHC Mortgage Insurance (if applicable);
  • Title Insurance Premium;
  • Condo Fee adjustment (if applicable);
  • Remaining Down Payment (Down Payment less deposit).  For example if Purchaser is putting $25,000 down and have paid $2,000 as a deposit to the real estate agent, the Purchasers would bring in $23,000 plus all closing costs listed above;
  • Builder costs added at closing (If purchasing a New Construction Property).

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