big ron

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.

iaink

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

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

HGerchikov

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

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

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

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

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.