What are Mortgage Closing Costs?

Closing costs are the additional fees associated with the purchase of your home that are in addition to the actual purchase price, such as legal fees and disbursements, land transfer taxes and moving expenses.

For CMHC (Canada Mortgage and Housing Corporation) and GENWORTH FINANCIAL CANADA insured mortgages and Home Equity Lines of Credit (HELOC), you must also provide evidence of available cash for closing costs equal to 1.5% of the purchase price. These funds may be borrowed and repaid over a period of 12 months.

Legal fees are generally under $1,000 if purchasing a property and getting a mortgage in British Columbia.  It's a good idea to use a notary or lawyer who specializes in real estate transactions.  They can offer guidance and answer any questions you may have regarding the property purchase or buy transaction.