After buying and selling three houses in the last 7 years, it’s safe to say I pretty much enjoy all aspects of the real estate industry. Except for one (and it’s a big one) — figuring out closing costs! Even when working with a mortgage broker there can still be surprises (such as the dreaded double land transfer tax in Toronto). Now there is a site that will help you figure it all out in advance so you don’t have to worry about coming up short in end.
ClosingCosts.ca is a very clean and well designed site that allows you to enter the details of the property you’re buying or selling to get an overview of what you’ll need to fork over upon the closing of the sale. The site also takes into account home inspectors and lawyers and even has quotes from partner providers based on the info you enter. And it’s all Canadian!
Besides the calculator tools, ClosingCosts.ca has sections for buyers and sellers that is packed with lots of great information (they even a section on refinancing). You can of course find the best mortgage rates available and get even more tips via their blog (their post on renovations that won’t increase the value of your home is worth reading).
Since the site is fairly new it does have a few minor bugs, but nothing major. I am surprised by the lack of an app to support it, which I’m sure we’ll see released as the site gains more users. Either way, it’s becoming a vital tool for me and will only be more relevant down the road when I’m ready to buy/sell again.