Before you start looking for a property, I would highly advise you to speak to a mortgage specialist. They will inform you of exactly how much you can borrow to purchase your new property.

Buying Expenses

When you purchase a newly constructed property, you must pay the 12% HST but you can apply for the partial rebate for new homes under $525,000 and a maximum rebate of $26,250 for properties over $525,000.

When you purchase a property, you must pay for the Property Transfer Tax which is  1% on the first $200,000 and 2% on the remainder. The First-Time Home Buyer's Program offers an exemption to the Property Transfer Tax if the property is $425,000 or less.

You will have to reimburse the sellers for any prepaid property taxes or utilities.

Home Inspections: Costs between $250 - $500 depending on the size of the property.

Lawyers/Notaries: Costs between $600 - $1500.

Disbursements to Land Title Office: Costs approximately $300.

Did you know:

It doesn't cost the buyer anything to use a realtor when searching for a home.

 
A waitress making tips can qualify for a mortgage with 20% down?

A business owner can buy a home with 10% down if they have good credit but show little or no income?

A client with good credit can qualify for a mortgage with no down payment AND the bank will give them 5% equity for a slightly higher monthly payment?

Call a mortgage specialist today! (Please see Service Providers)