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Closing Costs

Real Estate Closing Costs Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home.

According to the CMHC and Genworth Financial you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (have around 2.5% to be on the safe side). The costs vary among provinces and cities. Below you will find a brief explanation of these costs. Please note these are some of the closing costs you may encounter depending on your specific situation. Use this as a guideline then talk with your lawyer who can provide a more realistic estimate for your situation.

Appraisal Fee Generally Required with New Homes

An appraisal provides the lender with a professional opinion of the market value of the property. This cost is normally the responsibility of the homeowner and it can cost between $100 - $300.

Home Inspection Fee Generally Required with Resale Homes

A professional inspection of the home, top to bottom, is for the benefit of the buyer. A home inspection can cost anywhere from $300 - $400 and is well worth the investment. When hiring a home inspector make sure the inspector has liability insurance just in case they overlook something.

Fire 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 $250-$600 annually for most properties.

Provincial Sales Tax on Mortgage Insurance

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.

Land Survey Fee or Title Insurance Fee

A recent survey of the property is usually required by lenders. If one is not available the cost can range between $600 - $900 for a new survey. In lieu of the survey most lenders today will accept title insurance which can cost considerably less.

Legal Costs and Disbursements

Lawyers and notaries charge fees for their services involved in drafting the title deed, preparing the mortgage, and conducting the various searches. Disbursements are out-of-pocket expenses incurred during the process such as registrations, searches, and supplies.

Land Transfer Tax

Land Transfer Tax

Most provinces charge a land transfer tax payable by the purchaser. The amount varies depending on the province. Land transfer tax is based on the purchase price. First time home buyers purchasing a new or re-sale home may be entitled to a refund.

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 $600 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 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.

Closing Adjustments

An estimate should be made for closing adjustments for bills the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the responsibility of the purchaser. A lawyer will let you know what they are once the various searches have been completed.



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Yorkville Condos for Sale - Yorkville latest condos - New Condo listings in Yorkville Toronto Oct 28th 2015: 155 Yorkville Ave 2605,18 Yorkville Ave #1509, 1055 Bay St 302, 1080 Bay St 2306, 59 Mcmurrich St Th4, 59 Mcmurrich St Th4, 15 Mcmurrich St 304, 155 Yorkville Ave 1006, 155 Yorkville Ave 2216, Yorkville Condos for Sale - Yorkville latest condos - New listings in Yorkville Toronto Oct 24th 2015:, 170 Avenue Rd 810, 3 Mcalpine St 202, Yorkville Condos for Sale - Yorkville latest condos - New listings in Yorkville Toronto Oct 23rd 2015: 155 Yorkville Ave 704, 15 Mcmurrich St 6063 Mcalpine St 707, 35 Balmuto St 2804, Yorkville Condos for Sale - Yorkville latest condos - New listings in Yorkville Toronto Oct 22st 2015: 35 Balmuto St 1402 Yorkville Condos for Sale,32 Davenport Rd 2708 Yorkville Condos for Sale, 55 Scollard St 805 Yorkville Condos for Sale, 980 Yonge St 901Yorkville Condos for Sale   - Yorkville Condos for sale - Yorkville latest condos - New listings in Yorkville Toronto Oct 21st 2015: 164 Cumberland St 402, 68 Yorkville Ave 301, 68 Yorkville Ave 303, 164 Cumberland St 402, 88 Davenport Rd 404, 225 Davenport Rd 316- Yorkville Condos for sale, latest condo listings in Yorkville Toronto Oct 20th 2015 : 55 Scollard St. Unit 1103 for sale , 155 Yorkville Ave W 2717 for saleYorkville Condos for sale, latest condo listings in Yorkville Toronto Oct 15th 2015:,32 Davenport Rd 2307,30 Hayden St 807, 32 Davenport Rd 2702 - Yorkville Condos for sale, latest condo listings in Yorkville Toronto Oct 14th 2015, 1174 Yonge St 301, 980 Yonge St 1002, 10 Bellair St 1404 - Yorkville Condos for sale, latest listings Oct 10th 2015, 80 Cumberland unit 1505 - Yorkville condos for sale Oct 10th 2015, 85 Bloor St 1805 - Yorkville Condos for Sale Oct 10th 2015, 32 Davenport rd 1507 - Yorkville condos for sale Oct 10th 2015, 102 Bloor St W 909, Yorkville condos for sale Oct 10th 2015 ,18 Yorkville Ave 503 - Yorkville Toronto Condos for sale Oct 10th 2015,  77 Avenue Rd 402 - 


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Yorkville Condos for Sale, Condo news Oct 19th 2015 : Condo sales in the Greater Toronto Area have increased by almost 11 per cent year-over-year during the third quarter of 2015. Toronto Real Estate Board president Mark McLean says there were 6,586 sales of condos in the quarter with new listings on the MLS and active listings also increasing. He is expecting the trend to continue to year-end, setting a new high: “The condominium apartment market segment has been a key contributor to overall growth in GTA home sales this year.  With continued sales growth expected in the fourth quarter, we are on track for a new record in condo transactions through TREB’s MLS® System this year.” Prices were also higher with the average selling price for condo apartments up by 5.4 per cent year-over-year and the median selling price up by 4.4 per cent. 




Yorkville Condos for Sale, we are located at

1300 Bay St. Toronto, ON M5R-3K8

Located in Yorkville Selling your property 

Sales Representatives

John Kennedy Call me to show this property and receive a FULL AREA PROPERTY VALUE REPORT with all Last SOLD PRICES in this area. 416-464-9600
Century 21 Leading Edge Realty Inc., Brokerage Independently owned and operated
Office 416-686-1500Toll Free 1-800-362-0893Mobile 416-464-9600

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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 2/19/2018 6:25:10 PM