Your closing costs are the cost not included inside the mortgage (except GST). Your solicitor (Notary/Lawyer) will calculate these fees and will do the adjustment at closing date.

1) Property Transfer Tax Only in Province of BC (for the other provinces please contact your lawyer)
Calculated as (2% x Purchase Price – $2000)
First time home buyers exempts if purchase price is less than $425,000

2) GST (calculated as 5% of purchase price and is included in mortgage)

3) Adjustment 1 – or Interest Adjustment
If your mortgage payments calculated not at the end of the month the interest adjustments will be calculated as of the interest of the days till next payments. This is usually less than a full monthly payment just for first payment.

4) Adjustment 2 – This included the following
- Property Tax Adjustment (if property tax is paid by buyer or seller for whole year)
- Maintenance Fee Adjustment (Strata fee, where applicable), if closing is not end of the month
- Water/Swage (if it is paid by buyer or seller for the whole year)
- Due Assessment (please read the assessment and all Strata notes)

5) Legal Fee (approximately $1000)

6) Appraisal Fee (Approximately $250)

7) Inspection Fee (Approximately $400 if you need)