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: |
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). |
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: http://britishexpats.com/wiki/House_...g_Costs-Canada :thumbsup: |
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). 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. |
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.
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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.
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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?
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. |
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. |
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