It’s definitely helpful to understand the costs associated with your home purchase in Ontario and we want to arm you with some insight.

“Wait, you mean that it’s not just the deposit and down-payment?”.

Keep in mind:

  • Down Payment (Minimum 5% – 20%, or greater)
  • Appraisal fee (if applicable)
  • Condo certificate fee (if applicable)
  • Property inspection fee
  • Legal fees + disbursements (purchase and mortgageĀ representation)
  • Mortgage insurance premium (less than 20% – can be included to the mortgage)
  • Mortgage insurance PST (less than 20% – must be paid at closing)
  • Adjustments including prepaid property taxes and utilities
  • Interest adjustment
  • Mortgage arrangement fees
  • Property insurance
  • Title insurance
  • Water or septic tests
  • Provincial land transfer tax
  • Toronto land transfer tax (if applicable)
  • Moving, storage, etc.

Keep in mind that your lender will typically request evidence that you have the cash equivalent of 1.5% – 4% of the purchase price to cover closing costs.

Note: If you are self-funding your down-payment (cash in your savings account) please keep in mind that funds must be held in the account for a minimum of 90 days with bank statements to verify.

We can help guide you through the number-crunching and mortgage process so you can focus on what’s fun – finding your next home!

-DV Capital Corporation #13186

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