Any prepaid costs paid ahead by the seller that need to be reimbursed when the buyer takes possession. This could include things like property tax or hydro bills.
Budget for approximately $500.00. This cost will be higher if a septic or well inspection is required.
Bank fees vary consult with your local mortgage broker
Legal fees can vary but budget for approximately $1,500
The Province of Ontario requires all home buyers to pay Land Transfer Tax which is a calculated based on the purchase price as follows:
First $55,000 0.5%
from $55,000 to $250,000 1%
from $250,000 to $400,000 1.5%
over $400,000 2%
The City of Toronto requires an additional tax
First time home buyers are eligible for a partial exemption.
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