LAND TRANSFER TAX AND MOVING COSTS

Vendor’s Costs

  • Legal fees: range from $600 to $2000 + HST. A real estate lawyer will provide you with details.
  • Real estate commission + 13% HST.
  • Discharge of Mortgage: may be a penalty of 3 months’ interest, the interest differential between an old and new mortgage, or a combination of the above. Check with your lending institution.
  • Home Staging (if required).
  • The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.

Purchaser’s Costs

  • Legal Fees: range from ½% to 1% of the sale price of the property plus disbursements. A real estate lawyer will provide you with the details.
  • Survey: if no recent survey is available, a new property survey will cost $1500+ (+HST). Fees for larger and recreational properties vary: individual quotes are required.
  • Adjustments: money owed, prepayment of taxes, hydro gas, etc.
  • Home Inspection: will cost approximately $500 to $800.
  • Arranging the Mortgage: usually an appraisal fee of about $200 plus and administration fee of $200-$300. An up-to-date survey may also be necessary. Some providers will not charge a fee.
  • The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.

When it comes time to make an offer, we can provide current market information and will assist you in drafting your offer – a legal document which specifies the terms and conditions of your offer to purchase the home. We will communicate your offer to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. We can guide you through this process. The offer can be firm or conditional.

Provincial Land Transfer Tax

On the first $55,000 0.5%
On $55,001 to $250,000 1%
On $250,001 to $400,000 1.5%
On $400,001 to $2,000,000 2%
On over $2,000,001 2.5% (property must be one or two single residences)

*Special taxes apply to non-residents.
First time buyers will be eligible for a rebate of the provincial land transfer tax of up to $4000.

Toronto Land Transfer Tax

Toronto Land Transfer Tax:

On the first $55,000 0.5%
On $55,001 to $400,000 1%
On over $400,001 2%

A municipal rebate of up to $3725 will apply to first-time purchasers of both new and existing homes. This means a full municipal rebate for first-time buyers of homes valued at $400,000 or less.

With the increased Provincial First Time Buyers Rebate (as of 1/1/2017), First Time Buyers who are permanent Ontario residents (and who meet all other conditions) will not pay any Land Transfer Taxes on the first $368,000 of the cost of their house.

Nathalie Lalonde Goldhar - Sales Representative

Nathalie Lalonde Goldhar

Sales Representative

I have lived in Chaplin Estates for the last 25 years with my husband, our two children, and Ally, our Nova Scotia Duck Toller. Our children attended Toronto French School (TFS) where they completed the International Baccalaureate (IB) Diploma Program. They went on to pursue degrees at Western and at the University of Guelph (Business and International Development) and are now working for start-up companies in Central Toronto.

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Testimonials

Nathalie and Janice bring years of valuable knowledge and experience to the table when buying or selling your home. I have used them for both multiple times. In addition they thoroughly research each situation and very actively engage in and manage your purchase or sale. The value they bring to the table results in as smooth and respectful a process as possible with the fairest possible pricing. They are a very professional team that is worth every penny of their commission and I wouldn’t hesitate to recommend them.

Heather Rider
Seller (Yorkville) and Buyer (Yorkville)

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