Don't forget to include the following costs when you are budgeting the total cost of buying your home!
Ontario Residential Land Transfer Tax Rate is based on the following formula:
0.5% on the first $55,000 of the purchase price ($275) plus
1% on the amount between $55,001 to $250,000 plus
1.5% on the amount between $250,001 to $400,000 plus
2% of the amount in excess of $400,001.
Example: LTT on $200,000 property is $1,725, LTT on $500,000 is $6,475.
Other costs the Buyer may be expected to pay on closing include:
Mortgage Appraisal and Application Fees - May be waived by the financial institution.
Property Inspection (if applicable) - cost dependent on size and value of home
Status Certificate - outlines condominium corporation's financial and legal state. Cost is about $100
Legal Fees - (usually ranges from $500 - $2,500+ depending on complexity of the deal)
Adjustments to property taxes, condo maintenance fees and /or utilities.
Registration fees for transfer of Title transfer and Mortgage registration.
Connection charges for utilities such as gas, water electricity, usually added to first billing.
Moving expenses - Professional movers charge from $60 -$100 per hour) End of month and summer is peak time and you may pay a premium