Costs Associated with Home Purchase

Home Inspection $225. to $450.

Mortgage Appraisal Fee $150. to $300.

Legal Fee $700. to $1100.

Mortgage Processing Fee $85. - $125.

CMHC Loan Insurance Fee

Property Transfer Tax –1% on first $200,000, 2% on Balance

GST new homes only

Misc. Adjustments

Moving Expenses

Total:

Typically there are no mortgage processing fees, however if you are dealing with CMHC there is a fee.

Property Transfer Tax may be waved for qualified first time purchasers who purchase properties under $375,000.

GST is 4.48% for residential purchases under $350,000 or 6% for investment properties or residential purchases over $450,000. If the price is between $350,000. and $450,000 the formula is:
$450,000 – purchase price / $100,000 x 4.48%

Miscellaneous Expenses are adjustments made to allow for property taxes, condo fees etc.