Closing Costs for Calgary Real Estate

 

One of the areas where Calgary home buyers most frequently run into problems is with closing costs. Buyers often do not accurately anticipate the costs associated with closing a real estate transaction, and the resulting cash crunch can add stress at a time when you need it least. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable, dictated by local custom or prorated between the buyer and the seller.

Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline, but your lawyer can provide a fairly close estimate, and is the best resource.

Buyer’s Fees

Costs can range from 1.5 to 5% of total purchase price, excluding sown payment.
For example, a purchase price of $250,000 would yield:

Inspection Fees - General/Structural	$400 - $500
Additional Inspection Fees - Detailed (roof, mould, asbestos, water damage, etc)	Varies
Mortgage Application and Appraisal (may be waived by bank)	$200 - $400
Mortgage Insurance	$2000
Legal Fees & Disbursements (due at time of closing)	$900 +
GST (for new homes only)	Varies
Home and Content Insurance	$450
Moving and/or Storage Expenses	$500

 

Seller’s Fees

Costs can range from 1.5 to 5% of total sale price.
For example, a sale price of $250,000 would yield:

Real Estate Commissions	Negotiated
Tax Proration	Varies
Unpaid Homeowners Fees	Varies
Legal Fees & Disbursements (due at time of closing)	$700 - $1000
Real Property Report - New	$500 - $700
Real Property Report - Updated	$250 - $400
Mortgage Interest Adjustments - if applicable (due at time of closing)	$350
Home and Content Insurance	$450
Moving and/or Storage Expenses	$500