{"id":175,"date":"2021-06-25T17:19:14","date_gmt":"2021-06-25T21:19:14","guid":{"rendered":"http:\/\/wendywolfe.ca\/?p=175"},"modified":"2021-06-27T20:25:12","modified_gmt":"2021-06-28T00:25:12","slug":"know-your-costs-when-buying-a-property","status":"publish","type":"post","link":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/2021\/06\/25\/know-your-costs-when-buying-a-property","title":{"rendered":"Know The Costs Associated With Buying A Property"},"content":{"rendered":"

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Purchasing a home involves one-time costs and monthly expenses (such as mortgage, maintenance, insurance, property taxes, condo fees and utilities). The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
EXPENSE<\/th>\nEXPLANATION OF EXPENSE<\/th>\nCOSTS INVOLVED<\/th>\nWHEN PAID<\/th>\n<\/tr>\n
Deposit<\/td>\nDue at time of offer. Consider a short term loan or line of credit if necessary.<\/td>\nUsually 5% of purchase
\nprice (Bank draft at offer)<\/td>\n		Offer<\/td>\n<\/tr>\n
Survey<\/td>\nThis is usually provided by seller. If not provided, that it is preferable for obtaining a mortgage & a good idea. Title insurance is a cheaper route, but has fewer options.<\/td>\nApproximately $700 + GST<\/td>\nClosing<\/td>\n<\/tr>\n
\u00a0Legal Fees<\/td>\nShop around – varies – be sure to clarify all that the fee includes<\/td>\nApproximately $800 – $1000<\/td>\nClosing<\/td>\n<\/tr>\n
Disbursements<\/td>\nPaid to Your Lawyer for fees that they have paid on your behalf, including registering mortgages, searching title, zoning, work orders, couriers, etc.<\/td>\nApproximately $700 – $1000<\/td>\nClosing<\/td>\n<\/tr>\n
Property Tax Adjustment<\/td>\nIf the Seller has paid taxes for the full year, you would be responsible for your portion from time of closing to the end of the year.<\/td>\nIf applicable<\/td>\nClosing<\/td>\n<\/tr>\n
Heating Cost Adjustment<\/td>\nIf the property is heated by oil, then the tank will be filled by the Vendor on closing, and you will be charged on the adjustments for a full tank.<\/td>\nIf applicable – approximately $360<\/td>\nClosing<\/td>\n<\/tr>\n
Mortgage Processing Fee<\/td>\nTo some banks this is negotiable or waived, as you are committing a mortgage to them<\/td>\nApproximately $150. + CMHC $235<\/td>\nAt time of application<\/td>\n<\/tr>\n
CMHC Fees<\/td>\nCanada Mortgage & Housing Corp. is required to insure all mortgages that are less than 20% down payment (high ratio mortgage). Can be added to principal mortgage amount or paid at closing.<\/td>\nRate is 0.5% – 3.75% of loan depending on down payment (ask your banker)<\/td>\nWith mortgage payment or on closing<\/td>\n<\/tr>\n
Home Insurance<\/td>\nCannot close your property without this – mortgagee must be notified of the policy.<\/td>\n$500.00 and up<\/td>\nClosing & Ongoing<\/td>\n<\/tr>\n
Land Transfer Tax<\/td>\nFor Residential Resale – payable on closing – The simple calculation is as follows:
\nRebates are available to 1st time home buyers.
\n1. Property under $55,000. Multiply $5\/thousand
\n2. From $55,000. – $250,000. Multiply $10\/thousand less $275.
\n3. Property $250,000. – $400,000. Multiply $15\/thousand less $1525.
\n4. Property over $400,000. Multiply $20\/thousand less $3525<\/td>\n		<\/td>\nClosing<\/td>\n<\/tr>\n
Municipal Land Transfer Tax<\/td>\nRebates are available to 1st time home buyers up to $400K. The simple calculation is as follows:
\n1. 0.5% tax on first $55,000
\n2. 1% on next $345,000
\n3. 2% on portion over $400,000<\/td>\n		<\/td>\nClosing<\/td>\n<\/tr>\n
Home Inspection
\n(optional)<\/td>\n		<\/td>\n$400<\/td>\nAt inspection<\/td>\n<\/tr>\n
Miscellaneous<\/td>\n1. Gas Connection Charges
\n2. Telephone Connection Charges
\n3. Electricity Connection Charges
\n4. Moving Expenses<\/td>\n		<\/td>\nVaries depending
\non supplier<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Ontario Land Transfer Tax<\/h3>\n\n\n\n\n\n\n\n
VALUE OF CONSIDERATION<\/th>\nOLTT RATE<\/th>\n<\/tr>\n
Up to and including $55,000<\/td>\n0.5% plus<\/td>\n<\/tr>\n
Over $55,001 to $250,000.00<\/td>\n1.0% plus<\/td>\n<\/tr>\n
Over $250,001 to $400,000<\/td>\n1.5% plus<\/td>\n<\/tr>\n
Over $400,001<\/td>\n2.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Toronto Municipal Land Transfer Tax<\/h3>\n

Starting February 1st 2008 a second land transfer tax was approved, on top of the provincial land transfer tax, at the following rates:<\/p>\n\n\n\n\n\n\n
VALUE OF CONSIDERATION<\/th>\nMLTT RATE<\/th>\n<\/tr>\n
Up to and including $55,000<\/td>\n0.5% plus<\/td>\n<\/tr>\n
Over $55,000.00 to $400,000<\/td>\n1.0% plus<\/td>\n<\/tr>\n
Over $400,000<\/td>\n2.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HOME PRICE<\/th>\nONTARIO LTT<\/th>\nTORONTO LTT<\/th>\nTOTAL LTT<\/th>\n<\/tr>\n
$ 300,000<\/td>\n$ 2,975<\/td>\n$ 2,725<\/td>\n$ 5,700<\/td>\n<\/tr>\n
$ 350,000<\/td>\n$ 3,725<\/td>\n$ 3,225<\/td>\n$ 6,950<\/td>\n<\/tr>\n
$ 400,000<\/td>\n$ 4,475<\/td>\n$ 3,725<\/td>\n$ 8,200<\/td>\n<\/tr>\n
$ 450,000<\/td>\n$ 5,475<\/td>\n$ 4,725<\/td>\n$ 10,200<\/td>\n<\/tr>\n
$ 500,000<\/td>\n$ 6,475<\/td>\n$ 5,725<\/td>\n$ 12,200<\/td>\n<\/tr>\n
$ 550,000<\/td>\n$ 7,475<\/td>\n$ 6,725<\/td>\n$ 14,200<\/td>\n<\/tr>\n
$ 600,000<\/td>\n$ 8,475<\/td>\n$ 8,475<\/td>\n$ 16,200<\/td>\n<\/tr>\n
$ 650,000<\/td>\n$ 9,475<\/td>\n$ 8,725<\/td>\n$ 18,200<\/td>\n<\/tr>\n
$ 700,000<\/td>\n$ 10,475<\/td>\n$ 9,725<\/td>\n$ 20,200<\/td>\n<\/tr>\n
$ 750,000<\/td>\n$ 11,475<\/td>\n$ 11,475<\/td>\n$ 22,200<\/td>\n<\/tr>\n
$ 800,000<\/td>\n$ 12,475<\/td>\n$ 11,725<\/td>\n$ 24,200<\/td>\n<\/tr>\n
$ 850,000<\/td>\n$ 13,475<\/td>\n$ 12,725<\/td>\n$ 26,200<\/td>\n<\/tr>\n
$ 900,000<\/td>\n$ 14,475<\/td>\n$ 13,725<\/td>\n$ 28,200<\/td>\n<\/tr>\n
$ 950,000<\/td>\n$ 15,475<\/td>\n$ 14,725<\/td>\n$ 30,200<\/td>\n<\/tr>\n
$ 1,000,000<\/td>\n$ 16,475<\/td>\n$ 15,725<\/td>\n$ 32,200<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

  Purchasing a home involves one-time costs and monthly expenses (such as mortgage, maintenance, insurance, property taxes, condo fees and utilities). The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses […]<\/p>\n","protected":false},"author":28393,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-175","post","type-post","status-publish","format-standard","hentry","category-in-the-know-important-tips-keeping-you-informed"],"_links":{"self":[{"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/users\/28393"}],"replies":[{"embeddable":true,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/comments?post=175"}],"version-history":[{"count":2,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/175\/revisions"}],"predecessor-version":[{"id":251,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/posts\/175\/revisions\/251"}],"wp:attachment":[{"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/media?parent=175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/categories?post=175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wendy-wolfe.c21.ca\/fr-ca\/wp-json\/wp\/v2\/tags?post=175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}