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-   -   House purchase (https://britishexpats.com/forum/canada-56/house-purchase-736947/)

big ron Oct 26th 2011 4:11 pm

House purchase
 
Hi
Can anyone enlighten me as to what is the average cost of purchasing a house in Ontario.It will be a cash sale so no mortgage would be involved.Conveyancing/legal fees/searches/surveys etc. Thanks.:confused:

iaink Oct 26th 2011 4:22 pm

Re: House purchase
 
About a grand

Then there is land transfer tax which will depend on the value... you can google for the rates on that I guess.

Also might want to factor in a home inspection prior to buying, and the cost of a new survey if necessary, (We used the preexisting survey, you dont always need a new one).

Zap0ne Oct 27th 2011 12:57 am

Re: House purchase
 

Originally Posted by big ron (Post 9697183)
Hi
Can anyone enlighten me as to what is the average cost of purchasing a house in Ontario.It will be a cash sale so no mortgage would be involved.Conveyancing/legal fees/searches/surveys etc. Thanks.:confused:

Check out the Wiki section for some general information.
http://britishexpats.com/wiki/House_...g_Costs-Canada
:thumbsup:

HGerchikov Oct 30th 2011 3:32 am

Re: House purchase
 

Originally Posted by iaink (Post 9697215)
About a grand

Then there is land transfer tax which will depend on the value... you can google for the rates on that I guess.

Also might want to factor in a home inspection prior to buying, and the cost of a new survey if necessary, (We used the preexisting survey, you dont always need a new one).

Land transfer tax in Ontario is 0.5% of first $55,000, and then 1% on the portion from 55-250,000, 1.5% from 250-400,000 and anything above $400,000 is charged at 2% (for a single family home or duplex).

If you are buying in the city of Toronto there is an additional Municipal Tax too.

If you are a first time buyer (i.e. must not have owned a property anywhere) then there is a rebate of up to $2000.

Buying Title Insurance may eliminate the requirement for a new survey if there is not an existing one and is cheaper, but you need to get advice from a lawyer about your specific property on this.

steff123 Oct 30th 2011 8:41 am

Re: House purchase
 
my personal advice would be not to worry so much about the Land Transfer Tax, but more about what is expected in relation to the anual property tax. They can be rather high in some places.

Zap0ne Oct 30th 2011 2:03 pm

Re: House purchase
 

Originally Posted by steff123 (Post 9704158)
my personal advice would be not to worry so much about the Land Transfer Tax, but more about what is expected in relation to the anual property tax. They can be rather high in some places.

Land transfer on a 600k property in the city will run you $16,200 and you are still paying the property taxes. How is this nothing to worry about?

steff123 Oct 30th 2011 5:17 pm

Re: House purchase
 

Originally Posted by Zap0ne (Post 9704600)
Land transfer on a 600k property in the city will run you $16,200 and you are still paying the property taxes. How is this nothing to worry about?

ok, understood.
But still, I think compared to the "stamp dutiy" in the UK, it's still cheaper in Canada when buying a property, whilst, anual property tax compared to the "Tax table of the council tax" in the UK is more expensive in Canada, - compared to the property tax.

HGerchikov Oct 30th 2011 5:34 pm

Re: House purchase
 

Originally Posted by steff123 (Post 9704857)
ok, understood.
But still, I think compared to the "stamp dutiy" in the UK, it's still cheaper in Canada when buying a property, whilst, anual property tax compared to the "Tax table of the council tax" in the UK is more expensive in Canada, - compared to the property tax.

You are correct as far as land transfer tax vs stamp duty is concerned assuming you are not buying in the city of Toronto - the $16,200 example above includes both provincial and municipal taxes, in this case the land transfer tax and stamp duty are for similar amounts.


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