Closing Cost


1. Resale


a. adjustment cost


b. land transfer tax (rebate)


c. legal fee


2. New development


a. assignment fee (usually vendor)


b. levy (education, environmental)


c. meter fee


d. tarion fee


e. HST (usually included in the purchase price)


f. land transfer tax (rebate)


g. legal fee


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Condo Monthly Expense



  1. Property tax at 1% of assessed value

  2. Mortgage payment (monthly, bi-weekly, weekly)

  3. Utilities cost: hydro

  4. Maintenance fee at about $0.5 to $0.6 per sq ft.



Who Needs Mortgage Loan Insurance?



Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.


Through your lender, CMHC Mortgage Loan Insurance enables you to finance up to 95% of the purchase price of a home.


 



Are You Pre-Qualified?


 


If not, please call my preferred mortgage brokers today. It is important to know how much mortgage you are qualified for, and it helps determine what you can afford to purchase.


 


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