Prior to purchasing a pre-construction Condo, it’s best to understand the closing costs associated with the purchase.
Use this Pre-Construction Condo Closing Costs Calculator to get an idea of your upcoming closing costs.
Purchase Price
ESTIMATE Monthly INTERIM/OCCUPANCY Fees.
1st month Common Expenses/Maintenance Fees/Condo Fees
Reserve Fund contributions
Prepaid Property Taxes
Development Charges
Education Levies
Parks Levies
Section 37 Levies
Utility Hook-up charges
Tarion new home Warranty
Status Certificate (around $100)
Builder's lawyer fee for preparing/registering Title/Deed/Transfer on Closing
Builder's banking fees - wire fees etc.
Electronic Registration Fee
Deposit Administration / Cheque handling fee
Mortgage discharge fees
OTHER
Legal Fees - your lawyer fees
Toronto Land Transfer Tax (if property is in City of Toronto)
Ontario Land Transfer Tax (for all properties in Ontario)
TOTAL Due on FINAL closing for principle residence user IN ADDITION to BALANCE DUE ON FINAL CLOSING
HST due - if this is an investment/rental property:
More on FINAL CLOSING if you do NOT live there (HST Residential Rebate)
More on FINAL CLOSING if you do NOT live there (HST Residential Rebate)
Due on FINAL closing for Investors IN ADDITION TO BALANCE DUE ON FINAL CLOSING
Get back in 4 months with 1 year lease with Tenant (HST Rental Housing Rebate)*