The average closing is about $1,600.00 – $2,200.00. 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 (LTT) can be both a provincial tax and, if buying a home in the city of Toronto, a city tax. First time home buyers are able to apply for partial rebates of both the provincial and city taxes. For first time buyers the maximum rebate on the city of Toronto LTT is $3,750.00, which represents the tax that would have been paid on the first $400,000.00 of purchase price, while the maximum rebate of the provincial land transfer tax for Toronto buyers is up to a maximum of $4,000.00 for homes purchased over $368,000.00
USE THE LAND TRANSFER TAX CALCULATOR
The average home inspection costs between $400.00 – $550.00. 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.
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 $1,800.00 – $2,5000.00 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.
No house is perfect. Invariably a new owner will want to improve the house in some way or another, even a coat of paint in a few rooms 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.
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 several hundreds of dollars.