The Estimated Costs of Buying a Home

Summary:

1. Provincial land transfer tax

.5% on first $55,000                                                      = $275

plus 1% of the amount from $55,001 to $250,000             =$1950

plus 1.5% of the amount from $250,001 to $400,000        =$2250

 Plus 2% of the amount in excess of $400,000                 =calculate

First time home buyers are eligible for a rebate up to $2,000 (equivalent to tax payable on a $227,500 property)

2. Toronto land transfer tax

.5% on first $55,000                                                      = $275

plus 1% of the amount from $55,001 to $400,000             =$3450

plus 2% of the amount in excess of $400,000                  =calculate

First time home buyers are eligible for a rebate up to $3,725 (equivalent to tax payable on a $400,000 property)

3. Legal Fees including disbursements (title search, tax, building and hydro certificates): approx. $1,300 and up + GST

 4. Insurance (Fire)+ PST

 5. Mortgage: approx. $200 and up for Bank Appraisal + GST plus Legal Fees +GST Additional fee: if CMHC mortgage + tax on CMHC mortgage

6. Survey (if required): $800 and up +GST

7. Land Titles Insurance: approx $250 and up

8. Home Inspection: approx.$275 and up +GST

9. Adjustments: for property expenses prorated at the closing date. ie: property taxes, interest adjustments on the mortgage, water, oil, common expense fees