Closing Cost ExplainedHere is a basic overview of the closing costs associated with buying a house. People sometimes forget to consider this when calculating their budget for the home purchase.
Below is an example of what your closing costs could look like.
This is an example for a house at $250,000:
Cost anywhere between $600 - $1200 $750
Usually at the $180 - $275 range $278
Land Transfer Tax $2,500
Purchase Price %Purchase Price Less
0-$55,000 0.5% 0
$55,001-$250,000 1.0% 275
$250,001-$400,000 1.5% 1525
$400,000 + 2.0% 3525
Such as: property tax, utilities, or Condo fees $400
Recommended. Costs usually around $300-$500 $350
Usually between $100-$300 $150
Land Survey (if required)
(Possible) Mortgage Fees
E.g. Mortgage Discharge Fee
Mortgage Loan Insurance
*A good rule of thumb is about 3-4% of the purchase price Total $4,428
If you are a fist time home buyer you can receive up to $2,000 back off the land transfer tax.