Deposit
The deposit when buying a home is usually 5% of the purchase price of the home. However in some cases, it may be higher.
Home Inspections
A typical home inspection of a 1500 to 1800 square foot home usually costs between $275 and $400. The total cost depends on the size of the property and the amount of time needed to complete the inspection.
Legal Fees
Legal fees vary from lawyer to lawyer but generally these fees range from $450 to $650, plus disbursements. Your total legal bill will likely be between $1100 and $1300.
Home Insurance
You must obtain home insurance in order to close on your property. The cost of home insurance starts at about $450 and can rise depending on the type of insurance you choose and the size of the home.
Moving Costs
The costs to move your belongings to your new home will vary depending on whether you hire movers or do it yourself.
Realty Taxes
There are adjustments made on the day of closing for property taxes, if the previous owner has paid for the year’s taxes in their entirety. You will then owe taxes from the time of purchase until the end of the year.
This cost will be shown on the adjustment report prepared by your lawyer.
GST
The 6% GST applies to new housing only.
Whether you’re looking for a condo, a loft, a townhouse, or a semi or detached home, I know you value hard work, knowledge of the market, accountability, and professionalism. These are the qualities I will offer you as your agent.
Make the choice so many other Torontonians have made and call Mark for your free consultation.
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