Don’t forget to include the closing costs on a home when you go house shopping. Those costs are something you’ll typically have to spend up front, just like your down payment, moving costs, and hookup fees for utilities like a telephone landline. Here are standard closing costs.
Home inspection (on resale homes) $400
Land transfer tax (on resale homes) $4,100 for a $375,000 home
Lawyers fees $1,700 or more
Prepaid property taxes and utilities $500 or more
Total $6,700 or more
There may be other costs such as a mortgage processing fee. Home buyers in Ottawa should count on spending 1-1.5 per cent of the total purchase price for closing costs.
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