What cash do I need at closing for a pre-construction condo?
Enter the figures from your agreement of purchase and sale. This first version covers four items: levies, the reserve fund, legal fees and land transfer tax. Deposits, HST and rebates are not included yet.
Your estimate
What the calculator assumes.
What this covers. Four items only: development levies and the reserve fund as you enter them, your legal estimate, and Ontario plus Toronto land transfer tax on the price after the first-time buyer rebate, when you tick it. Ontario’s rules are on ontario.ca, and Toronto’s municipal rates are on toronto.ca.
HST rebate not included. The new-home rebate depends on when the agreement was signed and on federal and Ontario rules. Use the new home GST/HST rebate calculator for that part.
Ask before you sign. Is there a cap on the levies in the agreement? What is the reserve fund contribution based on? What do the lawyer’s fees and disbursements include?