Vendor’s Costs
- Legal fees: range from $600 to $2000. A real estate lawyer will provide you with details.
- Real estate commission + 13% HST.
- Discharge of Mortgage: may be a penalty of 3 months’ interest, the interest differential between an old and new mortgage, or a combination of the above. Check with your lending institution.
- Home Staging (if required).
- The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.
Purchaser’s Costs
- Legal Fees: range from ½% to 1% of the sale price of the property plus disbursements. A real estate lawyer will provide you with the details.
- Survey: if no recent survey is available, a new one will cost approximately $700-$1,000. Fees for larger and recreational properties vary: individual quotes are required.
- Adjustments: money owed, prepayment of taxes, hydro gas, etc.
- Home Inspection: will cost approximately $250 to $500.
- Arranging the Mortgage: usually an appraisal fee of about $200 plus and administration fee of $200-$300. An up-to-date survey may also be necessary.
- The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.
Provincial Land Transfer Tax*:
| On the first $55,000 |
0.5% |
| On $55,001 to $250,000 |
1% |
| On $250,001 to $400,000 |
1.5% |
| On $400,001 to $2,000,000 |
2% |
| On over $2,000,001 |
2.5% (property must be one or two single residences) |
*Special taxes apply to non-residents.
First time buyers will be eligible for a rebate of the provincial land transfer tax of up to $2000.
Toronto Land Transfer Tax:
For property containing at least one, and not more than two, single family residences with a consideration value of:
| On the first $55,000 |
0.5% |
| On $55,000.01 to $250,000 |
1% |
| On $250,000.01 to $400,000.00 |
1.5% |
| On $400,000.01 to $2,000,000.00 |
2% |
| On over $2,000,000.00 |
2.5% |
A rebate of up to $4475 will apply to first-time purchasers of both new and existing homes. This means a full rebate for first-time buyers of homes valued at $298,330 or less.
Click here to use the land transfer tax calculator
