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What are closing costs?
Closing costs are the fees associated with the purchase of your home that are in addition to the actual purchase price, such as legal fees and disbursements, land transfer taxes and moving expenses.
Please note that for CMHC (Canada Mortgage and Housing Corporation) and Genworth Financial Canada insured mortgages, you must provide evidence of available cash for closing costs equal to 1.5% of the purchase price.
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