Estimated Closing Costs and Down Payment Expenses

 

1. 5% Down Payment on a single family dwelling (up to purchase price of $175,000)

7.5% Down Payment on a 2-family dwelling if owner occupied

10% Down Payment on a 3 or 4 family dwelling if owner occupied

 

2. CMHC Mortgage Insurance (usually added to your mortgage)

The cost depends on the amount you borrow: 3.75% for 91% - 95%

2.50% for 86% - 90%

2.00% for 81% - 85%

1.25% for 76% - 80%

 

3. Building Inspection (Optional, but recommended)

 

4. Water Potability Test (required by lending institution if on well)

Test for minerals and heavy metals for well water (Optional)

 

5. CMHC Fee

 

6. Appraisal Fee

 

7. Legal Fees and Closing Costs (approximately 1.5% to 2% of purchasing price)

CMHC requires verification that this amount as well as the down payment is available

 

8. Surveyor’s Real Property Report

 

9. Land Transfer Tax (1/4 of 1% of purchasing price or assessed value – whichever is higher)

 

10. Adjustment for Property Taxes

 

11. Adjustment for Water and Sewage Tax

 

12. Fuel adjustments for oil and/or propane (the seller fills up the tank before closing and you pay for a full tank)

 

13. Registration Fees: Mortgage

Deed

 

Other Costs: 1. Hook up charges for telephone, power, and cable

2. Fire insurance for house and all contents

3. Moving costs