Realtor Hussein Al Sahmi

Boat party with Remax West Family

This is for Fisrt time Home 🏠 Buyers:

To buy a property in GTA priced at $950,000, you need to consider several costs, including the down payment, closing costs, and other associated expenses. Here's a breakdown:

1. **Down Payment:**
- The minimum down payment is tiered based on the purchase price of the home:
- For the first $500,000, you need 5%.
- For any amount over $500,000 up to $1,000,000, you need 10%.
- For a $950,000 property:
- First $500,000: 5% = $25,000
- Remaining $450,000: 10% = $45,000
- Total minimum down payment = $25,000 + $45,000 = $70,000

2. **Mortgage Loan Insurance:**
- If your down payment is less than 20% of the purchase price, you will need to pay for mortgage loan insurance, which protects the lender. The cost depends on the size of your down payment.

3. **Closing Costs:**
- These typically range from 1.5% to 4% of the purchase price. Closing costs can include legal fees, land transfer taxes, and other expenses.
- Estimated closing costs at 3%: $950,000 x 3% = $28,500

4. **Total Initial Costs:**
- Minimum Down Payment: $70,000
- Closing Costs: $28,500
- Total Minimum Money Required: $70,000 + $28,500 = $98,500

You should also consider additional expenses such as moving costs, home inspection fees, and any immediate repairs or renovations. It’s a good idea to have some extra savings for these and other unexpected expenses.

Realtor Hussein Al Sahmi
Your Real Estate Sales Professional
437 333 4369