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Costs of Buying

In addition to the purchase price of your new home, there are a number of other costs. Understanding these costs will help you budget your home’s purchase and ensure a secure real estate transaction.

  • Appraisal. An appraisal is an estimate of the value of your home that your mortgage lender may require you to pay before securing financing.
    Cost: $250 - $350.
  • Land Transfer Tax. The Land Transfer Tax is a one-time tax payable to the Government. It is calculated based on the purchase price of your home. First-time homebuyers can receive a tax credit on this expense.
    Cost: Use the Land Transfer Tax Calculator.
  • Home Inspection. A Home Inspection is a report on the condition of the home and will identify any significant structural, electrical or plumbing problems.
    Cost: Approximately $500
  • Adjustment Costs. Adjustment costs refer to costs paid for by the owner in advance that the buyer must rebate at closing. These include the proportionate share of taxes, utility charges, and condo maintenance fees, if applicable.
    Cost: Varies.
  • Property Insurance. Property Insurance covers the cost of replacing your home and its contents.
    Cost: Varies.
  • Survey or Certificate of Location. A Survey of Certificate of Location is a document specifying the exact location of the building on the property and describing the type and size of the building including additions, if any. The cost only applies if the seller does not already have a Survey, or if your mortgage lender asks for an up-to-date copy.
    Cost: $1,000 - $2,000.
  • Legal Fees and Disbursements. A lawyer will charge for drawing up and registering the mortgage, preparing the Land Transfer Tax Affidavit, and various searches. The disbursements are out-of-pocket expenses the lawyer had to pay on your behalf, such as registration fees and photocopies.
    Cost: Minimum of $500.
  • Status Certificate. Applicable to condominium properties only, the Status Certificate provides details of the condo’s by-laws, rules and regulations, and finances. It should outline the in-suite and common element restrictions and information on the condo’s budget and reserve fund.
    Cost: Usually paid for by the Seller. Approximately $100.

All “Costs of Buying” outlined here are approximate and are intended for informational purposes only and can change without notice. They are in no way 

the definitive costs of purchasing a home. All Home Buyers should speak to a Realtor® and lawyer regarding the costs associated with purchasing a home.


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Royal LePage Terrequity Realty
211 Consumers Rd., Suite 105
Toronto, ON, M2J 4G8
(416) 496-9220
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