Closing Costs vary from deal to deal and client to client. Only your conveyance Lawyer or Notary will be able to provide exact numbers for your closing costs. However, to give you an idea of the typical costs related to Buying or Selling real estate, we have put together this list.

Commission - This will be an amount, expressed in dollars or as a percentage of your sale price. Talk to your TAC Associate for commission rates.

 

Capital Gains Tax - In general, principal residences sold by Canadian residents are not subject to Capital Gains Tax. You will want to speak with a Tax Lawyer or Accountant to confirm the specifics of your transaction.

 

Mortgage Discharge or Penalty - Read the fine print of your Mortgage documents. If your Completion date for your sale isn't the exact day your mortgage term ends, you will likely have some discharge costs and/or penalties. It is a good idea to find out the specifics of such costs when first getting the mortgage, as when you are selling it is now too late. The lender can and will charge you what is laid out in the agreement you signed when opening the mortgage.