You're prequalified by your bank/mortgage broker & you've found you perfect home. Don't get a big surprise upon Completion once you're at your lawyers office. PTT (Property TransferTax) used to be called PPT (Property Purchase Tax) is 1% on the first $200,000 & 2% thereafter. If you're buying a new home there's that nasty GST to think about @ 7% on top of you purchase price.
Resale homes do not generally have GST applied but if the home you are buying has basically been rebuilt from the studs there's a good chance GST will apply. As well, many investors buying new condos in company names have deferred their GST, so make sure you specify whose responsibility it is to pay any applicable GST.
CMHC premiums on high ratio mortgages (less than 25% down) will also increase your monthly mortgage payments. Remember to factor your property taxes and/or monthly maintenance fees (condos) into the equation as well.
You don't need any surprises to spoil the excitement of moving into your new home. Be sure to cover all the details. It's the little things that make the most difference and that's what we're here for. Any questions? Just give us a call.