Real Estate Topic: Closing Cost

Real Estate Topic: Closing Cost

Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and Genworth Financial you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (have around 2.5% to be on the safe side). The costs vary among provinces and cities.
Below you will find a brief explanation of these costs. Please note these are some of the closing costs you may encounter depending on your specific situation.

Home Inspection Fee Generally Required with Resale Homes - A professional inspection of the home, top to bottom, is for the benefit of the buyer. A home inspection can cost anywhere from $300 - $400 and is well worth the investment. When hiring a home inspector make sure the inspector has liability insurance just in case they overlook something.

Fire Insurance - Mortgage lenders require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size, amount of coverage, the insurance company and the municipality. The cost can vary anywhere from $250-$600 annually for most properties.

Bayview Villas Townhouse (Bayview & John)

BAYVIEW VILLAS is a magnificent residential community located in Thornhill’s popular Bayview and John Street neighbourhood, comprising of 128 town homes on a private enclave. These exquisite homes will be as comfortable on the inside as they are beautiful on the outside. Our homes are designed to create a comfortable living space for you and your family.

Nexus - Markham Downtown (Warden & Hwy 7)

The first mixed-use building in Remington's Downtown Markham project thus far ... with grade level retail fronting onto Birchmont Road

Builder's Description :

From the great cities of Europe, Remington learned: a city is only as great as its neighbourhoods. And that means keeping them cozy and complex - not sprawling and montonous. Downtown Markham will come to life for your working life, shopping life and private life. Why? Because we're committed to making Nexus a reflection of the finest life you could imagine - anywhere.

Emerald Park - Commercials RETAIL AND OFFICE CONDO (Yonge & Sheppard)

From Bazis International:

Bazis International is the developer behind Crystal Blu and 1 Bloor.

The commercial portion will have three stories:
The main floor [about 32,000SF] is all retail space, composed of Starbucks Coffee, Big Banks and Restaurant, etc. Average price is about $1000 PSF, with 60% Net Rate. Units close to Yonge street will be banks and Stucbuck Coffee.

The Second [about 45,000 SF] -- All sold

The THIRD floor [about 30,000SF] is office condo. It is about $500 PSF.

More info online at: www.TheGalleriaAtEmeraldPark.com

Location : Enjoy a panoramic view of Toronto from your new Yonge St and Sheppard Avenue condominium Emerald Park Condo in beautiful North York! Direct Access to Subway, shopping Centre. Emerald Park Condominiums, the latest project from Bazis International. It will be centrally located around Yonge and Sheppard, the Sheppard Centre; right at the South West corner of Yonge and Bogert.

Contact me for price list, floor plans and available units- kevinyip@realtyagent.com

FIVE Condos (Bloor & Saint Joseph St)

FIVE CONDOS
Exclusive VIP BROKER Sales Event

An opportunity if you missed X2 Condos, or 1Bloor Condos.
Close by to University of Toronto, Ryerson University, Manulife Center, Queens Park and much more.
Especially for the price, it's only $565 /sf compare to over $700/sf in the neighborhood pre-construction pricing.

12 Degrees (Queen & Beverly)

Check out the location of this new-development, This condo is smack in the middle of a cool and interesting area. Want to go to the Art Gallery of Ontario, Roy Thompson Hall, or take in some theatre? It is right outside your home. Interested in a movie? Again, right outside your home. Work in the financial district? 10-minute walk. Taking the subway? 6-minute walk. The best? It is a 4 minute walk to my favourite restaurant Nota Bene. Yum yum. Of course, it is also close to a million other amazing places.Located across from Diamante's award winning condo Phoebe and Soho, this location is hard to beat. Most Queen West condos are WAY west. This is stretch of Queen Street is scarce for new condominiums, making the demand high for this condominium.

12 Degrees is at the epicentre of everything that makes Queen Street West living so vibrant.