Buyer Expenses

General Expenses

 AmountTo Whom?When?
Deposit  Approximately 5%  Listing Brokerage At time of Offer
Balance of Purchase Price  Remaining 95%  Seller's lawyer At time of Closing
Legal Fees & Disbursements  Estimate $1,500 plus HST  Own lawyer At time of Closing
Property Inspection  Estimate $400-$600 plus HST  Own inspector At time of inspection
       
Utilities or Property Tax Adjustment
(Buyer to reimburse if seller paid in advance)
 TBD  Seller's lawyer At time of Closing
Title Insurance
(Get advice from your lawyer and lender)
 Estimate $500-$1,000  Insurer At time of Closing
Moving Expenses  TBD  Own mover Prior to and at Closing

 

Ontario Land Transfer Tax

Ontario Land Transfer Tax
(Applies to all Ontario Home Sales)
 Government At time of Closing
0.5% of first 55,000 $275    
1.0% between 55,000 and 250,000 $1,950    
1.5% between 250,000 and 400,000 $2,250    
2% over 400,000 (depends on purchase price)    
Amount on first $400,000 $4,475    

Quick Calculation - if over $400,000; 2.0% minus $3,525
First time homebuyers may be eligible for a rebate of up to $2,000
See: http://www.ratehub.ca/land-transfer-tax

 

Other Possible Items

Property Survey
(If buyer chooses to update)
 $1,500-$2,500 plus HST  Own surveyor After Closing

 

High Ratio Mortgage Insurance

High Ratio Mortgage Insurance
(If down payment is less than 20%)
   Insurer At time of Closing
If:      
Down Payment 5%  3.15% of Loan Value    
Down Payment 10%  2.40% of Loan Value    
Down Payment 15%  1.80% of Loan Value    
Down Payment 20%  1.25% of Loan Value    

Payable either in lump sum or added to mortgage principal
See this CMHC link for further information:
http://www.cmhc-schl.gc.ca/en/co/moloin/index.cfm

 

Toronto Land Transfer Tax

Toronto Land Transfer Tax
(On Toronto Home Sales, additional
to Ontario Land Transfer Tax)
   Government At time of Closing 
       
0.5% of first 55,000 $275    
1.0% between 55,000 and 400,000 $3,450    
2% over 400,000 (amount depends
on purchase price)
   
Amount on first $400,000 $3,725    

Quick Calculation - if over $400,000; 2.0% minus $4,275
First time homebuyers may be eligible for a rebate of up to $3,725
See: http://www.ratehub.ca/land-transfer-tax

 

HST

HST(On new construction only)
Often included in purchase price
 13% of Purchase Price Government  At time of Closing