Buyers Cost Guide

In addition to the purchase price of your new home there are several other costs and fees that you should consider.

Property Transfer Tax - This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. Some first-time buyers may be exempt from paying this tax.

GST - If you buy a new home, you must pay the 7% GST. However, if your house is less than $450,000 you may be eligible for a rebate. There is no GST on resale housing unless there have been substantial renovations to the property...

Appraisal - Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender covers this cost otherwise you are responsible for covering this cost. The fee ranges from $350 to $500.

Survey fee - Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $350 to $500.

Home Inspection fee - Most Realtors recommend that you get a home inspection by a certified home inspector. Home inspections generally cost $400 to $500.

Mortgage loan insurance - If you qualify for a high-ratio mortgage (a mortgage with less than a 25% down payment) you will have to obtain mortgage insurance from CMHC or a private company. If you qualify for the minimum 5% down payment, CMHC charges an insurance fee that equals 3.25% of the mortgage; if you put 10% the fee is 2.0% and for 15% down the fee is 1.75%.

Legal fees - Lawyers/Notaries fees for closing the sale and disbursements range according to the complexity of the deal but they will probably be at least $1000.