Financing
your new home...
Costs
incurred when buying a home:
-
GST
- 6%, but only applicable to a new or substantially renovated homes,
and a rebate is usually given to the home owner.
-
Property
Purchase Tax - 1% on the first
$200,000, 2 1/2% on the balance. First-time buyers may be
exempt if the purchase price is less than $275,000.
-
Legal
Fees - $600 - $900 for a notary
public, $700 - $1,500 for a laywer.
-
Bank
Fees - $75 - $200 for appraisal fee
(often waived) and $250 - $300 for survey certificate (only for
non-strata purchases)
-
Mortgage
Insurance - available through the
bank but may also be available through a private company for less
money.
-
CMHC
Fees - for high ratio mortgages a
premium of 1.25% and 2.75%. The premium is slightly higher for
mortgages amortized over 35 years.
-
Home
Inspections - are optional but can
cost between $350 and $600
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