Costs to Consider

Costs Associated with Buying a Home:

1. Down Payment: You will need to make a down payment on your home purchase. The minimum required down payment is 5% of the purchase price. It is best to speak with a trusted mortgage advisor to make a plan that is best for your individual needs.

2. Land Transfer Tax: When you buy a home in Ontario, you will need to pay a land transfer tax. The amount of the tax depends on the purchase price of the home. First-time home buyers do have a cost saving of up to $4000.

3. Home Inspection: You may choose to have a home inspection before purchasing the home to ensure it is in good condition. The cost of a home inspection can range from a few hundred to a few thousand dollars, depending on the size, location and complexity of the property.

4. Closing Costs: You will need a lawyer to complete the purchase transaction, and they will charge you legal fees. These fees can range from $1,500 to $2,500 or more.

5. Title Insurance: This insurance protects you against defects in the title of the property you are buying. The cost of title insurance varies depending on the purchase price of the home. Title insurance is highly recommended and very much worth the cost to purchase.

Costs Associated with Selling a Home:

1. Real Estate Agent Commission: If you use a real estate agent to sell your home, you will need to pay them a commission. The commission is typically a percentage of the sale price and can vary from agent to agent.

2. Closing Costs: You will need a lawyer to complete the sale transaction, and they will charge you legal fees. These fees can range from $1,500 to $2,500 or more.

3. Mortgage Discharge Fees: If you have a mortgage on your home, you will need to pay a fee to discharge the mortgage when you sell the property.

4. Home Repairs and Renovations: To prepare your home for sale, you may need to make repairs or renovations. The cost of these repairs and renovations varies depending on the scope of the work.

It's essential to factor in these costs when considering buying or selling a home in Ontario. Consulting with a professional real estate agent or lawyer can also help you better understand the costs and navigate the process smoothly. Feel free to reach out if you'd like to discuss options!