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The average closing cost in Regina is roughly $5,500 after taxes or approximately 1.5-2% of the final home sale price.
Remember, these averages are based on sample data. Your closing costs may vary based on your lender, the size of your loan and whether you’re paying in cash.
Buyers in Regina are fortunate to pay no tax on the closing cost except for the nationwide applicable Goods and Services Tax*, which is 5%. In lieu of a property or land transfer tax, buyers in Regina only have to pay a registration fee to take over the rights of the new property and this amounts to 0.3% of the final sale price.
For example, if you purchase a property in Regina for $300,000, you only pay 0.3% for this registration fee, which amounts to $900.
One thing you need to be mindful of when it comes to closing costs in Regina is that GST can be charged but not in all circumstances. In Regina, GST is a 5% federal tax that is only payable on the sale of brand new properties. This can be on a presale high-rise condominium or on a newly built home. The key here is that this tax is only applicable on a brand new residence.
Yes, there is a rebate that is available to homebuyers in Regina. If you purchase a home with a sale price of $350,000 or less, you are eligible for a 36% rebate on the 5% GST you pay. This rebate is reduced on properties ranging from $350,000 to $450,000; anything above $450,000 is not eligible for a GST rebate.
For example, if you purchase a brand-new property in Regina for $300,000, 5% GST on this amounts to $15,000. However, because the sale price is under $350,000, you should be eligible to receive the 36% rebate on this $15,000 GST amount, which is $5,400.
The closing costs for buying a home in Regina are among the lowest in Canada because of the already low-to-average property prices and the absence of any land or property transfer taxes.
Closing costs are inevitable when you’re buying or selling a property. The exact amount will vary depending on what the final sale price is on your property in Regina. With some of the lower average property prices in Canada and the omission of a land or property transfer tax, it is safe to budget at least 1.5-2% of the final home sale price for closing costs. In cases where you buy a brand new property, you will have to pay GST and this can raise your closing costs to as high as 6-7%.
Want to learn more about mortgages? Head to our guide here.
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Find out how much you might pay in closing costs in the city of Montreal.
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See how much closing costs are when you buy a home in this province.
What you might pay in closing costs when you buy a home in this province.
