Completion Costs (Condo Purchases)
1) Property Transfer Tax: This Tax applies to all condo purchases (new or pre-owned) unless you are a first time home buyer. This tax is 1% on the first $200,000 of the sale price, and 2% on the remaining balance.
2) Legal Fees: Depending on whether you use a lawyer or a notary, the price for legal fees can vary. On average you are looking between $700-$900
3) Home Inspection Fee: Always recommended to get a professional inspection done by an inspector, usually between $300-$400
4) Property Taxes/Utility Bills: Any prepaid taxes and/or utility bills will be re-imbursed back to the seller as of the possession date
5) GST: Only subject to new construction. GST is 7%, however if the purchase price is less than $450,000 you may be eligable for a rebate
6) Survey Fee: Depending on your lender, you MAY be required to have an up-to-date survery of the home. This is roughly between $150-$300
**Always take into consideration the possible costs for new appliances (if needed), updates, and any other home purchases