Real Estate

What are Closing Costs of pre-construction condo?

  • Last Updated:
  • Aug 24th, 2021 9:17 pm
[OP]
Newbie
Jan 13, 2017
68 posts
11 upvotes

What are Closing Costs of pre-construction condo?

Hi everyone,

So i booked a pre-construction condo in Concord back in 2019. I received an email that it will be ready for interim occupancy July next year

Could someone provide a breakdown of how much extra costs I’m looking at. Im planning to keep it for 2 years.

So let’s say price is $500k and land transfer tax is about $7k what other costs will be there?

I understand i need 1 year lease to get HST back but will HST be on top of 500k cost? And will it be added to that price?
2 replies
Deal Expert
User avatar
Feb 11, 2009
19367 posts
8008 upvotes
Toronto
ilostmyid wrote: Hi everyone,

So i booked a pre-construction condo in Concord back in 2019. I received an email that it will be ready for interim occupancy July next year

Could someone provide a breakdown of how much extra costs I’m looking at. Im planning to keep it for 2 years.

So let’s say price is $500k and land transfer tax is about $7k what other costs will be there?

I understand i need 1 year lease to get HST back but will HST be on top of 500k cost? And will it be added to that price?
Did you not get a lawyer review done within your cooling off period? They should have provided you estimated costs.

Without knowing the specifics of your contract, no one can tell you your closing costs, as each contract varies from builder to builder

There are a lot of non-standard closing costs when it comes to preconstruction.

The standard as you pointed out would be your land transfer tax, and usual disbursement fees with your lawyer like title insurance , registration, etc.
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