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Average Home Buying Expenses
HOME INSPECTION
Cost: $500-$1,500
Inspection involves a physical examination of the house or condo by a qualified home inspector of your choice. The cost is approximately $500 for a city home, or $1,500 for a rural property (which usually requires septic inspection and well inspection/water inspection).
DEPOSIT
Cost: usually 5%+ of purchase price
Often, once you have an accepted offer to purchase, you will have to come up with a deposit, payable by certified cheque, within 24 hours, so be sure to have the funds at the bank. The amount is typically 5% or more of the agreed-on price.
APPRAISAL FEE
Cost: $300-$350, or possibly more depending on the location or size of the property
In addition to your property inspection, the home will be looked at by a professional appraiser to determine its lending value, which is distinct from purchase price. Although the appraiser is commissioned by your bank or other mortgage lender, usually you, as the buyer, pays the cost. However, sometimes a lender will waive your appraisal fee, in an effort to secure a long term mortgage with you.
MORTGAGE INSURANCE
Cost: based on purchase price and down payment size.
If you are not able to put down 20% or more, you will need to take out mortgage default insurance. The insurance premium is typically rolled into your mortgage, which will affect your monthly payment amount. Cost is calculated based on the property purchase price and the size of your down payment; see the CMHC Mortgage Loan Insurance chart online to calculate your premium.
LEGAL FEES/DISBURSEMENTS
Cost: $2,000 for you as the purchaser (seller pays $900)
You’ll need a real estate attorney to perform the necessary legal work associated with your purchase.
The fee includes:
Title Insurance
Search Cost
Registration Cost
LAND TRANSFER TAX
The Land Transfer Tax is graduated, based on the amount of the purchase price. The rates are:
Up to $55,000: .5%
$55,000 – $250,00: 1%
$250,000 – $400,000: 1.5%
$400,000 – $2,000,000: 2%
Above $2,000,000: 2.5%
Qualified first-time home buyers get a break on the transfer tax in Ontario, with a refund of up to $4,000.
Doubled for Toronto Land Transfer Tax
MOVING COSTS
Cost: $1,000 and up
The amount you’ll pay to move varies widely. Two important factors are the amount of furniture and other possessions you have to move and whether you hire a company that’s insured or not (we definitely recommend insured!).