Costs for a buyer to consider

Here's a checklist of things that will or may come into play during a real estate transaction. In the unlikely event you have not yet figured out what you can afford here's a mortgage payment calculator.
 
Deposit at time of offer
 
5% or more of the purchase price, to the listing brokerage, credited towards the down payment. 
 
Balance of Purchase Price
 
On closing, to your lawyer, a day or so before possession. 
 
Mortgage Most closings include a mortgage for some proportion of the purchase price.
Ontario Land Transfer Tax


 

0.5% up to $55,000,
1.0% above $55,000 to $250,000 less $275,
1.5% above $250,000 to $400,000 less $1,525,
2.0% above $400,000 less $3,525. 
For most properties in Oakville the transfer tax will be:
Purchase price x 0.02% less $3,525.
Here's a land tax calculator if you need it.
HST (new construction)
13%.
 

High Ratio Mortgage 
Insurance

 
Available for mortgages exceeding 80% of property value from CMHC, Genworth and Canada Guarantee.
Legal Fees Usually $1,200-$1,500 + HST.
Property Inspection
Usually $400-$550 + HST.
 
Adjustments
 
Taxes and condo fees prepaid or unpaid by seller to date of closing. 
 
Property Survey Usually $1,100-$2,000 + HST. Detached, semi and freehold towns only.
Toronto Land Transfer Tax


 

Only in the City of Toronto so far, but stay tuned. Our Ontario government has some nasty ideas.
0.5% up to $55,000
1.0% above $55,000 to $400,000
2.0% above $400,000+
A rebate of up to $3,725 is available for first time buyers. Some conditions apply.
Title Insurance
Generally 0.05% of purchase price. Click here for what it covers.
 
House Insurance
 
Roughly 0.06% - 0.08% of purchase price. Look at your current insurance policy cost. Get a quote from your broker.