The following are examples of costs associated with buying real estate, not including the purchase price or mortgage.
1) Legal fees: Range from $1,300.00 to $1,700.00 for purchases up to $1,000,000 (plus disbursements). *NB This includes a title insurance policy. A Real Estate lawyer will provide you with details
2) Disbursements: Include City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s certificate, Registry Office searches, deed registration, mortgage registration, copies, postage, long distance calls, etc.
Purchase Ontario Land Toronto land TOTAL 1st Time Pay
Price Transfer Tax Transfer Tax Buyer's Rebate
$275,000 $2600 $2475 $5075 -$4475 $600
$350,000 $3725 $3225 $6950 -$5225 $1725
$450,000 $5475 $4725 $10200 -$5725 $4475
$650,000 $9475 $8725 $18,200 -$5725 $12,475
(There is a first time buyer’s Provincial rebate: up to $2,000.
4) Survey: If no recent survey is available, a new one will cost approximately $850.00-$1,000.00 (Usually not necessary nowadays unless you are planning on an addition or fencing as there is now title insurance. Title insurance will cost approximately )
5) Adjustments: i.e. Pre-paid maintenance fees, pre-payment of taxes, hydro, gas, fuel, oil, etc.
6) Home Inspection: Will cost approximately $400.00-$550.00.
7) Status Certificate: $100.00 (May be included in legal fees and disbursements)
8) Arranging the Mortgage: Usually an appraisal fee (about $250) plus an administrative fee of about $200 - $300. *N.B. If downpayment is less than 20% of price, mortgage insurance required.)
9) New Development charges, metre hook-ups, Tarion Warranty, Occupancy fee. (for new construction)
10) Property Tax
11) The Move: May vary depending on your choice of movers (i.e. professional movers or packing yourself).
12) HST (does not apply to all above costs)