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Closing Costs: Are You Prepared to Pay?
When buying a home there are a lot of hidden expenses that can take you by surprise. Knowing about these costs can make the process of buying your home much smoother. These costs can come out of [what seems like] nowhere. The hidden price tags lay hidden within insurance, mortgage approval, moving fees and more. Here are the most popular hidden costs when buying a new home. Home Specific costs: Land Transfer Tax To transfer the land your home is sitting on into your name can cost between 0.5% to 2% of the home value. First time home buyers are eligible to qualify for rebates. Newly Constructed Homes If you had your house built from the ground up additional costs can emerge if you want to add any upgrades, landscaping or change materials (ex. flooring). The new built is also subject to 5% GST or 13% HST, but this is normally included in the cost of the house. Home Inspections In order to be made aware of any issues with the structure or systems (ex. Pluming or electrical) of your new home, it will need the appropriate inspections. Most of these inspections cost between $350 to $450. Finalizing Your Mortgage: Appraisal Fee Normally an appraiser is supplied by the lender, but they will evaluate and confirm the market value for the home. This normally costs $400 out of pocket for you. Legal Fees When settling a mortgage, you will need a notary or lawyer to help protect you and your interests. Fees normally start around $500 to $800, plus disbursements and added services. Insurance: Home/Fire Insurance Cost depends on the amount of coverage that is needed, but it will cost at lease $500/year. Tax on Mortgage Insurance If you have a down payment of less than 20% then you must have default mortgage insurance. The insurance can be included with your mortgage payments, but PST is due at closing. For example, if the insurance costs $5000, and PST is 8% then you owe $400 up front at closing. Title Insurance This insurance safeguards you against problems with proof of ownership and also fraud. Fees are normally around $150 to $350. Overlooked Costs: Prepaid Costs If the seller of your home has paid any bills that extend past the closing date you will need to reimburse them those expenses. This can include property tax, electric and hydro bills. This can add hundreds of dollars to the upfront costs as they will need to be paid back within a few months. Moving In Moving trucks, Movers, Changing locks and more. The small things no one thinks about until the last minute. Renting a moving truck can cost $100 or more. Movers are normally a few hundred dollars. It can cost $50 to $60 to change all the locks on the property. Any additional costs will come from buying moving boxes, cleaning supplies to clean the house, any new furniture and/or appliances, these costs add up and can increase the cost of moving by more than you were prepared to pay.
Canada: Residential sales reached a new record in September
Seasonally adjusted home sales rose 0.9% in September to a monthly record of 56,422 units. Sales in Ontario missed Augusts record by a hair due to a 5.3% monthly decline in Toronto. Records were nonetheless registered in Ottawa and Hamilton. In the Province of Quebec, sales were at a record level in the Quebec CMA and in Gatineau, and close to August records in Montreal. In B.C., transactions reached a record outside the three main markets of Vancouver, Fraser Valley and Victoria. There were also sales records in Nova Scotia and New Brunswick. The active-listings-to-sales ratio indicates that the Canadian home resale market was favorable to sellers in Ontario Quebec, the Maritimes Provinces and marginally so in B.C. The market was balanced in the four other provinces.
PROMISES, PROMISES AND MORE PROMISES
Canadas Parliament re-convened today with a ceremonial Speech from the Throne delivered by the Governor General. Canadas continued response to the COVID-19 pandemic took centre-stage, while providing a lens for a plethora of broader promises: an extension of the wage subsidy, expanded employment insurance, investments in childcare, reaffirmed commitments to universal pharmacare, and green infrastructure investments among many others. Given the exhaustive list of priorities, this Speech is unlikely to bring the minority government down as it provides plenty of hooks for negotiations in the lead-up to a Fall update where details will be laid out. It clearly signals more fiscal spending ahead for Canada leaving the question not if but how much. But this was largely channeled ahead, so the market reaction has been mutedor more likely, it is eclipsed by broader US and global developments. There is little beyond lip service by way of fiscal restraint. This will be left to the Finance Minister to make inevitable trade-offs in her first budget this Fall, particularly as she may need to reserve some firepower for second waves. Source: Scotiabank https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-throne-speech--september-23--2020-.html