We serve clients across the province of Ontario. Reach out to Clever to connect with your Partner Agent. 1 . If your location is not listed, please contact our head office. Closing costs when buying a property in Ontario range between 1.5 to 4.5% of the purchase price of the property. Do I need to pay additional costs for my Ontario property purchase? Costs to expect when buying, selling a house. Never fear, knowledge is power! Buying; Closing Costs . There is even a difference in closing costs when you are buying a new construction versus a resale home. Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. Additional closing costs when buying a new builder home/condo: Home buying expenses or new builder closing costs can be almost twice more than resale property. For buyers who purchase property in Toronto, there is an additional land transfer tax that must be paid to the government as well. With the average price of a place to live now sitting around $913,000, it can feel almost impossible to buy property in Ontario's capital — even with a very long term mortgage. *Fees subject to terms and conditions and may change without notice. Seller Commission Rate % Buyer Commission Rate help. These expenses are necessary to complete the purchase, but are outside of the purchase price for the property. And when you work with Clever you’ll find even more cost-saving opportunities as you may be eligible for our Home Buyer Rebate program where you’ll receive $1,000 on homes over $150,000 (or up to 1% back on homes over $500,000) that you can use to cover closing. Closing costs when buying a property in Ontario range between 1.5 to 4.5% of the purchase price of the property. For Buyers » Closing Cost Calculator - For Sellers. The land transfer tax is often the largest closing cost that buyers will incur. Debit to service ratio: between 42 to 44%, Closing costs when selling a house in Ontario are mostly limited to three items. Keys; What Time Does Your Deal Close? Updated May 18, 2020 The average closing cost in Ontario is roughly $20,000 after taxes or approximately 2-5% of the final home sale price. Home insurance It’s highly unlikely a lender will offer you a mortgage without proof of home insurance. Depending on the lawyer you use, you’ll pay between $1,000 and $2,500 in legal fees. Payment of Net Proceeds on Closing; Closing Package And Documentation; Purchaser Deposit; If Seller is a Non-Resident of Canada? Home Inspection Fees $300 to $500 (Optional) Closing costs, ranging from 1.5 to 4% of the purchase price, are the legal and administrative costs you will need to pay when your house closes. But in all your excitement, don't forget that you'll have to dole out a little bit of cash before the deal is sealed in the way of closing costs. * Fees subject to terms and conditions and may change without notice. Province. It is crucially important to budget for closing costs when buying a property because it is an additional expense on top of moving expenses. You would first need to pay for a home inspection ($525 incl. Our Real Estate Lawyer’s legal fees for purchase include law office Disbursements. Ontario land transfer tax (LTT), excluding the rebate for first-time home buyers of up to $4,000, is calculated as: Amounts up to and including $55,000: 0.5% ; Amounts from $55,000.01 to $250,000: 1.0% ; Amounts from $250,000.01 to $400,000: 1.5% This field is for validation purposes and should be left unchanged. What are Closing Costs: Legal Fees Legal fees are another standard closing cost. Calculate the approximate closing costs for seller and buyer in Mississauga. Legal fees. And when you work with Clever you’ll find even more cost-saving opportunities as you may be eligible for our Home Buyer Rebate program where you’ll receive $1,000 on homes over $150,000 (or up to 1% back on homes over $500,000) that you can use to cover closing. Example Property Value $600,000/- Title Insurance could estimate to be $600, Steward Assyst Charge $28.30 (Optional – If Mortgage Instructions are sent electronically). While budgeting for your home purchase, you’ll want to have an accurate picture of the additional costs you’ll need to pay. The total cost of buying a home/condo involves not just the purchase price of the property but also home closing costs. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. Home purchase closing costs calculator. Closing Costs in the GTA and Beyond. 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