If you are buying a property, be aware of the following costs:
- Legal Fees. + GST and disbursements.
- Disbursements. Includes obtaining City Tax Certificate, City Zoning reports, City Engineering report, Sheriff's Certificate, Title Insurance, Registry Office searches, registering deed, registering mortgage, couriers, postage, long distance calls, etc.
- Land Transfer Tax. Calculation of LTT for Buyers:
|Purchase Price |
|Calculation of LTT |
|0-$55,000 ||.005 x Amount |
|$55,001-$250,000 ||(.01 x Amount) - $275 |
|$250,000- ||(.015 x Amount)-$1,525 |
- Survey. If a recent survey is unavailable, a new one will cost you about $800-$1000. Fees for larger properties could exceed average prices.
- Adjustments. This could mean costs of pre-payment of taxes, hydro, gas, fuel, etc.
- Home Inspection. If you choose to have one (recommended), it will cost you approximately $400 + G.S.T.
- Arranging the Mortgage. You will have to pay an appraisal fee of about $220, unless you are transferring a present mortgage to a new property.