The down payment is the number you already know. This is everything else, itemized, with the day each amount has to be out of your account and a label saying whether it is fixed by statute or still a quote you have to go and get.
Figures below are for a $900,000 Toronto resale purchase with the statutory minimum down payment of $65,000. Put your own price in above and the numbers change with it.
$14,475 to the province and another $14,475 to the city, on the same purchase, both payable by your lawyer on registration. The identical house in Mississauga attracts only the provincial half.
The CMHC premium itself is added to your mortgage. Ontario’s 8% tax on that premium cannot be, so it has to clear your lawyer’s trust account on closing day. This is the line missing from most budgets, and it disappears entirely once you are at 20% down.
The seller has usually paid the year’s property tax already, so you reimburse the unexpired part on closing. This figure assumes a mid-year closing; a January closing costs close to the full year and a December one barely registers. A condo closing mid-month adds the rest of that month’s common expenses to the same statement.
A real estate lawyer runs $1,500 to $2,500with disbursements, and title insurance on this price runs $368 to $575. Ask for a flat quote in writing that states whether disbursements and title insurance are inside it, then enter it above and the estimate becomes your figure.
Each of these is answered in full, with the statute it comes from, and each one links back here to be run on your own figures.
It turns on how long you will stay, because the cost of buying and the cost of selling are each paid once and neither builds equity. This app prices your entry costs from your own price and municipality; what selling costs you depends on what you agree with a brokerage, and no figure here forecasts what the property does in price.
Canada-wide
Long enough for the price to recover everything you paid to get in and everything it costs to get out, and that is two numbers rather than a year count. This app prices the first from your own purchase price and municipality. It does not hold the second and does not forecast appreciation, so it will not hand you a break-even year.
Ontario
Your down payment plus closing costs, which this app's own estimate puts at roughly one and a half to three percent of the price outside Toronto and above four percent inside it, because Toronto charges a second land transfer tax.
Ontario
A provincial tax on the purchase price, charged at marginal rates that rise with price and paid by your lawyer on registration. Inside the City of Toronto a second municipal tax applies on top, which at ordinary prices is close to the provincial amount and at high prices is more.
Ontario
Only if you have never owned a home anywhere in the world, neither has your spouse while you were spouses, and you are a Canadian citizen or permanent resident. The spousal rule and the status rule each disqualify more people than they expect.
Ontario
Because Ontario taxes the insurance premium, and while the premium itself is added to your mortgage, the tax on it cannot be. It is due in cash on closing and it is the line buyers most often discover late.
Ontario
Yes. Ontario's non-resident speculation tax applies province-wide to foreign nationals, foreign corporations and taxable trustees, at twenty-five percent of the purchase price, on top of land transfer tax and due in cash on closing.
Ontario
Not on a resale home. On new construction from a builder you do, though builders normally quote a price that already assigns the new housing rebate, so the tax is inside the price rather than added at closing.
Ontario
