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House purchase

House purchase

Old Oct 26th 2011, 4:11 pm
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Default 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.
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Old Oct 26th 2011, 4:22 pm
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Default 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).
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Old Oct 27th 2011, 12:57 am
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Default Re: House purchase

Originally Posted by big ron View Post
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.
Check out the Wiki section for some general information.
http://britishexpats.com/wiki/House_...g_Costs-Canada
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Old Oct 30th 2011, 3:32 am
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Default Re: House purchase

Originally Posted by iaink View Post
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.
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Old Oct 30th 2011, 8:41 am
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Default 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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Old Oct 30th 2011, 2:03 pm
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Default Re: House purchase

Originally Posted by steff123 View Post
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?
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Old Oct 30th 2011, 5:17 pm
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Default Re: House purchase

Originally Posted by Zap0ne View Post
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.
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Old Oct 30th 2011, 5:34 pm
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Default Re: House purchase

Originally Posted by steff123 View Post
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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