Total costs of buying a house

[low]

Hi...can anyone adv how much do I need to put aside for "closing costs" of buying a property in the range of CAD400,000? I'm referring to lawyer's fees, inspection costs, land transfer fees etc.

 

[scylla]

Here's a link that may help:

http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_003.cfm

 

[steaky]

In some provinces, you need to pay HST when you buy a new home.

 

[Leon]

I bought an older house and frankly I can't remember any fee that was based on a percentage of the value. The real estate agent only takes a fee from the seller of the house so that does not cost you anything. The bill for the lawyer ended up being around $800. If you get a home inspection which you really should, that used to be around $500 back then. Maybe it's more now.

 

[low]

Thanks for the info.

As for locations, I'm quite familiar with North York and Scarborough area but I find the costs of housing to be a bit on the high side now. May I know how is Danforth/Midland neighbourhood?

 

[CharlotteJ]

That is close to 2% of purchase price.

Bear in mind that land transfer fee does vary depending on area in which you want to purchase a home.

 

[KarenCee]

Scylla, thanks so much for the link you provided. I've looked around the site and I'm glad to see a First Time Home-buyers program. There's a lot of information on that site too so I've added another read to my list of things to read before moving. ;D

 

[maina]

Here's a link that may help:

http://www.cmhc-schl.gc.ca/en/co/buho/hostst/hostst_003.cfm

i was looking fo such website.. thnxx