Buyers' Costs

Because of the double land transfer tax in Toronto, buying is nearly always more expensive than selling.  Here are some of the costs you can expect with any purchase:

  • Deposit. Generally 5% to 20% of the purchase price. Cheques nearly always need to be certified.

  • Mortgage Costs including bank fees, monthly payments, and mortgage insurance.

  • Land Transfer Taxes - two of them! Home buyers in Toronto have to pay two land transfer taxes, one provincial and one municipal. Enter a property price in the calculator above and see what your LTT’s would be.

  • Lawyers’ Fees.  Legal fees attached to the purchase of a residential house or condo usually range between $1,000 to $1,500 which often includes some level of title insurance as well as disbursements. These include out of pocket expenses such as couriers, Sheriff’s certificates, title searches and registration of deeds and mortgages.

  • Title Insurance. Most lawyers include this automatically, but it is important to ensure that the level of title insurance included is enough to cover the full value of the property you have purchased.  

  • Prorated Taxes and Utility Bills. If a seller has prepaid his taxes and utilities, his lawyer will prorate the costs and charge the difference back to you.