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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), Genworth Financial Canada and Canada Guaranty insured mortgages, you must provide evidence of available cash for closing costs equal to 1.5% of the purchase price.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.