Closing costs for the home buyer

As a home buyer there are many thing to consider.  Beyond the down payment there are closing costs for the home buyer that must be factored in to your overall budget.  Your mortgage broker and realtor should review these costs for you so you have a summary of all your costs before you start looking at homes or making an offer.

As part of your budget in buying your own home,  you should have the following money set aside or have access to funds via your RRSP account, savings, a gift from a family member or funds from proceeds of sale of another sold property or an inheritance.

closing costs for the home buyer

closing costs for the home buyer

1.  Down payment minimum of 5% (CMHC insurance fees included in mortgage with less than 20% down payment)

2.  Closing costs of 1.5% of the purchase price

The closing costs for the home buyer will include legal fees, a share of the property taxes and strata fees already paid by the seller for the year or month along with property purchase transfer tax.  These costs will be payable at the lawyer in time of completion on the purchase agreement before funding of the mortgage and transfer of title from the seller to the buyer and possession.

Note:  The property purchase transfer tax is payable by any buyer who has owned a home in which they have lived in.  In the case of a first home the closing costs for the home buyer will be exempt from property purchase transfer tax.  For more information visit

There are also programs for home buyers such as tax credits and green home initiatives which home buyers should review as part of the home buying process.

For more information on government programs visit

For more information on closing costs for your specific purchase and qualifying for a mortgage give me a call at 604 813 8402 or email