Questions about buying a home

78 questions, answered with the number where there is a number and the statute where there is a statute. Every answer says how confident it is and when it was last reviewed, because an answer about a tax threshold can go wrong without anybody editing it.

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First-time buyersDefinitiveEssentialCalculator

Do I count as a first-time buyer for the land transfer tax rebate?

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

LegalDefinitiveEssential

Do I need a real estate lawyer in Ontario?

Yes. Only a lawyer can register a transfer of land in Ontario. Notaries and title companies cannot close a residential purchase here.

Ontario

Closing costsVariesEssentialCalculator

How much cash do I actually need on closing day?

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

TaxesDefinitiveEssentialCalculator

What is land transfer tax and how much will I pay?

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