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Legal Fees
The average closing is about $1200.00 - $1600.00. This includes cost of drawing up and registering one mortagage, preparing Land Transfer Tax Affidavit, searching title and disbursments.

Adjustments on Closing
  This amount is dependent on how much of the property tax, heating costs, water bill, and any other property expenses the vendor has prepaid.

Land Transfer Tax
 
Land Transfer Tax is determined by the purchase price of a property as well as the type of property being sold and the residency status of the buyer. If the buyer is a resident of Ontario, then the land transfer tax is based on a sliding scale with the buyer paying a higher percentage of tax on increasing portions of the total value of the property. The following is the Land Transfer Tax scale for the sale of most residential properties.

Purchase Price: $0 - $55,000.00 $275.00
$55,000.01 - $250,000.00 1.0%
$250,000.01 - $400,000.00 1.5%
$400,000.00 + 2.0%

The City of Toronto has instituted its own Land Transfer Tax on properties sold within the City limits, in effect doubling the total tax which would have been previously paid. First time home buyers will be allowed a credit of the City portion of the Land Transfer tax up to $3,750.00, representing the City portion of Land Transfer Tax paid on a property up to $400,000.00.

Home Inspection
  The average home inspection costs between $250.00 - $385.00. This should include a check of all major systems, written report, and some type of "Home Book". Other prices are available for more or less comprehensive inspections.

CMHC Fees
  The actual insurance premium charged is generally added to the principal amount of the mortgage and paid back by the borrower on a monthly basis. There is, however, an administration fee of $175.00 which must be paid for in cash. PST is also charged on insurance premium and must be paid for on closing.

Survey Title Insurance
  If a survey is required and is to be paid for by the Purchaser a cost of $1000.00 - $2000.00 can be anticipated. Relatively new to the Canadian housing market is the concept of Title Insurance which can be purchased for much less (approximately $350.00) and serves the same purpose as a survey.

Miscellaneous
  No house is perfect. Invariably a new owner will want to improve the house in some way or another, even a coat of paint can cost up to a thousand dollars or more. As a rule of thumb one should expect to spend several thousand dollars on minor improvements on a home after one moves in (this figure does not include renovations of any significance.

Moving
  It depends on whether or not you hire professional movers, how far a distance must be travelled and how many possessions you own. But even if you have friends/family to help you move, plus renting a wreck and providing pizza and beer for everybody, it will still be a couple of hundred dollars.

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Need more information?
Call the direct line 416-410-CHAD (2423), or 416-966-0300
Or email me at info@roncesvallesvillage.com

sutton group - associates realty inc. brokerage
Independently Owned and Operated
2017 Chander M. Chaddah. All rights reserved.