Condo Completion Cost Guide
Property Transfer Tax: This tax is 1% on the first $200,000 of the sale price and 2% on the remainder. First-time buyers may be exempt from paying this tax. See the next page for details.
Prepaid property taxes or utility bills: You will have to reimburse the sellers for any prepaid property taxes or utilities.
Home Inspection fee: I always recommend that you get a home inspection by a certified home inspector. It will cost you approximately $350.
Legal fees: Lawyers/Notaries fees for closing the sale range according to the complexity of the deal but they will be approximately $800 which will include Disbursements to Land Titles Office ($300).
GST: is only applicable on new condominiums. There is no GST on resale condos unless there have been substantial renovations to the property. If you buy a newly constructed home, you must pay the 7% GST. However, if your house is less than $450,000 you may be eligible for a rebate.
Home purchases - additional costs
Survey fee: Your lender may require an up-to-date survey of the property. If the seller did not provide you with one, you will have to pay to have one done. The fee ranges from $150 to $350.
