By Wand Agency
Your real estate closing costs for both the buying side and selling side can be extensive. If you are purchasing a home and are extending yourself financially then you want to be particularily clear about what your closing costs will be.
On the selling side, your biggest real estate closing cost will be the commission you pay. The Seller pays the commission for both the listing agent and the agent that represents the buyer. The commission usually gets split on a 53/47 ratio.
On the buying side, your biggest real estate closing cost will be the Property Transfer Tax (PTT). This is a provincial tax that is applied on all real estate transactions. (There is an exemption for first time home buyers up to $450K, but you must make sure you qualify.)
The PPT is 1% on the first $200K of your purchase price and 2% on the balance. So, on a million dollar home your PPT is approx. $18K.
...more at http://www.lisagibson.ca/closing-costs.ubr