Costs

Purchasing a home involves one-time costs and monthly expenses. The most significant expense when purchasing is the land transfer tax. The following link will take you to the online calculator or use the following formulas to calculate the total land transfer tax.

TORONTO LAND TRANSFER TAX CALCULATOR

Purchase Price Calculation of Ontario Land Transfer Tax
$ 0 – 55,000 .005 x Purchase Price
$ 55,001 – 250,000 .01 x Purchase Price minus $275
$ 250,001 – 400,000 .015 x Purchase Price minus $1,525
$ 400,000 + .02 x Purchase Price minus $3,525

In addition to Ontario Land Transfer Tax, the buyer is also responsible for Municipal Land Transfer Tax in Toronto. The formula follows:

Purchase Price Calculation of Toronto Land Transfer Tax
$ 0 – 55,000 .005 x Purchase Price
$ 55,001 - 400,000 .01 x Purchase Price
400,000 + .02 x Purchase Price
* Please note there are exemptions for first time buyers.
COST PAID
Mortgage Application and Appraisal Fee Application
Appraisal Fee Inspection
Property Inspection (optional) Inspection
Legal Fees Closing
Legal Disbursements Closing
Deed and/or mortgage registration Closing
Property Survey (sometimes provided by seller) Completed
Land Transfer Tax Closing
Mortgage Interest Adjustment and Take Over Fee (if applicable) Closing
Adjustments for Fuel, Taxes, etc. Closing
Mortgage Insurance (and application fee if applicable) Closing
Home and Property Insurance Closing
Connection charges for utilities such as gas, water and electricity Date of move
Moving Expenses Date of move

In addition to the purchase price of the property, there are a number of other expenses that you might be expected to pay for. These are listed below:

Some other costs to consider are:

  • landscaping improvements
  • redecorating
  • furnishings
  • appliance repairs

Typical monthly costs incurred with home ownership are mortgage payments, home maintenance, insurance, condo fees, property taxes and utilities.