How much cash do you need to close on a home in Brampton?

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Published April 27, 2023 at 11:47 am

First-time home buyers will need to have over $200,000 in cash to seal the deal on a home in Brampton according to data that shows the city is one of the most expensive in Ontario for closing costs.

That’s according to a new report from Zoocasa that found first-time buyers in Brampton will need to squirrel away over $200,000 in fees, down payments, and taxes to buy their home.

The report looked at how much first-time buyers would need to pay close on closing day in municipalities across Ontario. Brampton came in 9th on the list with a closing day cost of $221,215 behind Whitby in 10th place at $220,095.

The price tag in Brampton was significantly higher than the provincial average of a closing cost of $78,267.

“The closing date when buying a home is a time for celebration for most homebuyers – keys are transferred from the seller to the buyer and many hurdles have already been overcome to achieve this big step,” the report reads. “However, before breaking out the champagne, there are a few expenses that need to be paid for first.”

“The closing date when buying a home is a time for celebration for most homebuyers – keys are transferred from the seller to the buyer and many hurdles have already been overcome to achieve this big step. However, before breaking out the champagne there are a few expenses that need to be paid for first.

Closing day costs must be paid upfront in cash and includes the down payment, PST on the mortgage loan insurance premium, land transfer tax, legal fees, title insurance and other miscellaneous costs.

Closing day costs in Mississauga were slightly higher than in Brampton at $225,517, while Toronto ranked 6th on the list at $239,571. Oakville had the highest closing day costs of all the regions on the list with a price tag of $340,151.

Zoocasa collected data based on the average home price in 24 major markets across Ontario to determine what buyers in those cities would typically pay.

Calculations assume the minimum down payment is made, that all land transfer tax rebates for first-time home buyers have been applied, and that mortgage default insurance costs have been rolled into the mortgage.

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