Below are the most typical costs associated with purchasing a new home. As many costs are variable in nature, we recommend that you consult with your lawyer, mortgage lender, insurance company and other professionals that you are working with throughout your purchase process for detailed specifics. Our Sales Associates are also available to assist in answering your questions.
CMHC MORTGAGE INSURANCE: If you are purchasing your home with less than 20% down, mortgage insurance fees will apply. For more details, visit the CMHC website at www.cmhc-schl. gc.ca/en/co/moloin/moloin_010.cfm
LEGAL FEES: Legal fees and disbursements will vary depending on the complexity of the transaction but typically tend to be in the $1,200 range.
CONDOMINIUM FEES: Estimated monthly condominium fees are based on historical figures for similar projects. They include water, gas, garbage removal, building insurance (YOU need to obtain content insurance, see your insurance provider), landscaping/snow removal, repair and maintenance, management and janitorial fees, and your contribution to the reserve fund.Please see area manager for community specific condo fees.
PROPERTY TAX: Annual property taxes are estimated at approximately 1% of the property value.
LAND TRANSFER TAX: Depending on the Province you live in, Land Transfer Tax may apply (N/A to SK). Based on the fair market value of the property: 0% for the first $30,000; 0.5% of the next $60,000; 1.0% on the next $60,000; 1.5% on the next $50,000; 2.0% on anything over $200,000.