First Time Condo Buyer: Know Your Closing Costs

Condo Culture

By Condo Culture

Closing costs are all of the costs that are due at the closing of a real estate transaction. If you're buying a condo for the first time be sure that you're familiar with what these costs are and that you have enough funds to cover them. According to Canada's Mortgage and Housing Corporation (CMHC) these costs typically average 1.5%-4% of the purchase price.

In this week's blog, our Condo Culture Realtors break down some of the closing costs you may encounter when buying a condo. These include lawyer and real estate fees, land transfer tax and any adjustments that need to be made.

For more information on buying a condo for the first time, check out our earlier blog posts, Top Tips For Condo Buyers and Condo Culture's First Time Home Buyers Guide. Also, be sure to schedule a consultation with one of our Realtors for a more in depth discussion on how we can help you own your first home.

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