Down Payment

  • 5% or more.

  • In some cases a 10% down payment is required depending on the Buyer’s employment, income and credit history.

Types of Mortgages

  • Conventional and High Ratio.

Conventional Mortgage

  • Down payment of 30% or more. No insurance premium.

High Ratio

  • Down payment between 5% and 30%.

  • Must have insurance through CMHC or Genworth Financial for the Lender.

  • 0.5% to 3.75% of Mortgage amount (check for the most recent percentages with CMHC).

  • $100,000 x 3.75% = $3,750.

  • Premium added to Mortgage. (Note HST of 13% added to premium and must be paid upfront).

Required Documentation for Mortgages

  • Accepted Agreement of Purchase & Sale.

  • Feature Sheet/Listing Information with Exterior Photo.

  • Letter from Employer confirming annual income and length of employment.

  • T4 Slips/Income Tax returns.

  • Notice of Assessment from previous year.

  • Verification of Down Payment– copy of bonds, investment certificates, bank books.


Processing A Mortgage • Life Insurance • Pre-Approval • Buyer Incentives

  • Appraisal & Application Fee: $250.00-$350.00 (approx).

  • For lender purposes & CMHC & Genworth Financial insurance.

  • Optional.

  • Get approved by a Mortgage Broker, Lender (Bank) or Trust Company.

  • OHOSP: Ontario Home Ownership Savings Plan. If opened before December 31st 1993, you receive Tax Rebate for Land Transfer Tax.

  • Down Payment: 5% down for Buyers.

  • RRSP Monies: Can be used for down payment, up to $25,000 for each individual involved in the purchase.

450—$500 (approx). Building Inspections. Highly recommended for both resale and new construction.



Legal Fees & Disbursements

  • May vary ($200—$800 approx.)

  • Title Search

  • Sub-Search of Title

  • Tax Certificate

  • Water & Sewage Certificate

  • Hydro Certificate

  • Status Certificate

  • Register the Mortgage

  • Register the Deed

  • Title Insurance


Statement of Adjustments– Given to the Buyer upon Closing

This is a summary of all costs and expenses paid by the Buyer(s) and will be provided to the Buyer(s) upon closing.

Land Transfer Tax

  • Paid on the final date of closing to the Treasurer of Ontario

  • Calculated using final Purchase Price of home.

  • 1.5% of Price, minus $1,525 (i.e.: $275,000 x 1.5% = $4125 – $1525 = $2600)

  • Payment of $2600 in Land Transfer Tax.


These rates are for single family residences

$0-$55,000 >> 0.5%

$55,001-$250,000 >> 1% less $275

$250,001-$400,000 >> 1.5% less $1525

$400,001– and up >> 2.0% less $3525


Rebate on payment of Land Transfer Tax up to $2000 is available to First Time Buyers.


  • $1000-$2000

  • Many homes already have one.

Note: A Survey is not transferable and belongs to the individual who paid for the Survey. You cannot rely on the accuracy of the information unless you ordered and paid for the Survey. Copies of Survey’s received from Sellers, can only be used for re-finance purposes.


Title Insurance

  • $300 (approx)

  • If there is no Survey, Title Insurance will satisfy the Lender and you will not have to incur the cost of a new survey.

Note: Title Insurance is a must on all Real Property Purchases.


All fees, costs & disbursements quoted are approximate. Actual fees, costs & disbursements could be more or less and should be obtained directly from the Lawyer.