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Beyond the actual purchase price of the house, there are a multitude of additional costs you should be prepared for when you buy a home. Don't be intimidated by this list, but assume you'll pay an additional 2% of the purchase price for 'closing costs'. These costs include:
- Legal fees and disbursements
- If purchasing a new home, GST and/or PST may be applicable
- Land Transfer Tax (click here) to calculate the land transfer tax for a given purchase price)
- Adjustments for utilities and property taxes
- Interest
- Home inspection fees or any other service fees requested by you as the purchaser (can include appraisal fees, water quality tests, etc.)
- CMHC premiums (if your down payment is less than 20% of the purchase price), plus application fees
- Moving expenses
- Property/condominium insurance
If you need any clarification or further guidance on any of these items, please contact me and I'll be happy to explain further!