|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)||
High Ratio Mortgage
|Available for mortgages exceeding 80% of property value from CMHC, Genworth and Canada Guarantee.|
|Legal Fees||Usually $1,200-$1,500 + HST.|
Usually $400-$550 + HST.
||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.
Generally 0.05% of purchase price. Click here for what it covers.
||Roughly 0.06% - 0.08% of purchase price. Look at your current insurance policy cost. Get a quote from your broker.|