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The cash you need to close
Beyond the down payment, completion day has its own bill: transfer tax, GST on new homes, legal fees and adjustments. Here is the estimate, after relief.
Based on West 45th at Oakridge Town Centre, from $689,900Change
The purchase
$
CLOSING COSTS
$2,950
On top of your down payment, the cash you need on completion day, after any rebates and exemptions.
Transfer tax
$0
GST payable
$0
Government taxes
Property transfer tax1% to $200k, 2% to $2M, 3% to $3M, 5% above$11,798
PTT exemptionFull relief-$11,798
GST at 5%$34,495
First-time-buyer GST rebate-$34,495
Professional fees & adjustments
Legal / notary$1,500
Title insurance$250
Inspection & appraisal$500
Property tax & strata adjustmentsReimbursing the seller for prepaid amounts$700
Total closing costs$2,950
Estimates only. Professional fees and adjustments vary with the deal and the provider; taxes follow your eligibility. This is not tax or legal advice. Confirm the exact figures with your lawyer.
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