Purchasing a home is one of the biggest investments anyone will make. It can be a stressful time, especially for first-time home buyers. It is something new and there's a lot of information to take in as well as a lot of unknown information that is not spoken of until later in the process, such as closing costs.
Closing costs usually amounts to 2-2.5% of the purchase price of the house. For example: if you purchase a home for $450,000, be sure to have an extra $9000 for closing costs.
Closing Costs consists of:
*Land Transfer Tax (Toronto homes pay double the tax: provincial and city)
*Prepaid utility adjustments
* Title insurance
Hope you are now aware of some of the extra costs that come along with purchasing a house