What closing costs should I be prepared for?
Closing costs are dictated by what you are purchasing. It is a good rule of thumb to have at least 1.5% of the purchase price available for potential closing costs. Here are potential closing costs:
- Property transfer tax. This equates to 1% on the first $200,000 and 2% on the remainder. If you are purchasing under $425,000 and have never been on title of a home you “lived” in, then you are exempt from this tax
- Moving costs strata elevator rental, etc
- Inspection – $400
- Appraisal – $250 (if necessary)
- Lawyer – $1,000 – $1,200
- GST / HST – 5% to 12%
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