Don't forget to include the following costs when you are budgeting the total cost of buying your home!

Ontario Residential Land Transfer Tax Rate is based on the following formula:

0.5% on the first $55,000 of the purchase price ($275) plus

1% on the amount between $55,001 to $250,000 plus

1.5% on the amount between $250,001 to $400,000 plus

2% of the amount in excess of $400,001.

Example: LTT on $200,000 property is $1,725, LTT on $500,000 is $6,475.

Other costs the Buyer  may be expected to pay on closing include:

Mortgage Appraisal and Application Fees - May be waived by the financial institution.  

Property Inspection (if applicable) - cost dependent on size and value of home

Status Certificate  - outlines condominium corporation's financial and legal state. Cost is about $100

Legal Fees - (usually ranges from $500 - $2,500+ depending on complexity of the deal)

Legal Disbursements

Adjustments to property taxes, condo maintenance fees and /or utilities.

Registration fees for transfer of Title transfer and Mortgage registration. 

Connection charges for utilities such as gas, water electricity, usually added to first billing.

Moving expenses - Professional movers charge from $60 -$100 per hour) End of month and summer is peak time and you may pay a premium

Property insurance