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Closing Costs for Calgary Real Estate

Closing costs to sell home

What can you expect to pay when you buy or sell a home in Calgary?

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 Calgary 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 or prorated to the Buyer or 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 down 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 $1500+
Moving and/or Storage Expenses $1000+

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 $1500+
Moving and/or Storage Expenses $1000+

Looking For More Info About Calgary Homes?

Kirby Cox & Associates specialize in the Calgary Real Estate Market and we're here to help. Try our fully customizable search feature to browse homes that fit your needs or contact us online today for a free consultation. 403.247.5555