Moving Cost

Vendor’s Costs:

Legal Fees: range from $1200 to $2500  plus disbursements. Real estate lawyer will provide you with details.

Real estate commission +HST : range from 3% to 5% of the selling price.

Discharge of Mortgage: check with your lending institution.

The Move: may vary depending on your choice of movers. ( about $125 per hour)

Purchaser’s Cost:

Deposit: this is part of your down payment that must be paid when you make the initial Offer to Purchase – 5% of the purchase price, depending on area.

Legal Fees: range from $1200 to $2500 plus disbursements. Real estate lawyer will provide you with details.

Land Transfer Tax: this amount varies by province. It is generally calculated as 1% of the first $200,000 of the price, plus 2% on the remaining amount.

Adjustments: money owned, pre-payment of taxes, hydro, gas, etc.

Home Inspection: CMHC recommends that you make a home inspection a condition of your Offer to Purchase. This is a report on the condition of the home and can cost around $500.

Appraisal Fee: you can often negotiate to have this fee waived.  If you have to pay it yourself, it will be between $450 and $550.

If your mortgage is insured: (CMHC or Genworth Financial), you will be required to pay the applicable taxes on the insurance premium on closing. While the insurance premium can be added to the mortgage amount, the tax must be paid at closing.

Fire insurance/Property insurance: mortgage lenders require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size, amount of coverage, the insurance company and the municipality. The cost can vary anywhere from $350-$1600 annually for most properties.

Land Survey Fee: a recent survey of the property is usually required by lenders. If one is not available the cost can range between  $2000 – $2500 for a new survey. In lieu of the survey most lenders today will accept title insurance which can cost considerably less.

New Home warranty: in most provinces new homes are covered by a new home warranty program. The cost to the purchaser for this warranty is approximately $1000 and should the builder default or fail to build to an agreed-upon standard the fund will finish or repair the deficiencies to a maximum amount. For more information on Ontario new home warranty visit http://www.tarion.com.

HST: HST is payable on the purchase of a newly constructed homes only. If you are purchasing a new home make sure you know who pays this, you or the builder. On the offer the purchase price will say “Plus HST” or “HST Included” and who gets any HST rebates. Many builders have included this cost into the purchase price so the buyer does not have to come up with it at closing.

The Move: may vary depending on your choice of movers ( about $125 per hour)