3 Major Costs Involved in Purchasing a Home:
Land Transfer Tax
Lawyer Fees
Moving Fees

Today we're gonna talk about the cost of purchasing a property.There are three major costs.

The first one, land transfer tax. This is the equivalent of HST when purchasing a property. There is no HST when you purchase a resale home, however, you pay land transfer tax. As you can see over here, it's calculated on a tiered basis.

Your second cost, number two, the next biggest thing is lawyer fees. A lawyer will typically charge anywhere from $1,500 to $2,000. Now this will include your title insurance which is very important that you obtain as well.

And your last cost will be moving fees. Typically you're hiring a mover or you are moving it yourself and this can range anywhere from free if you're doing everything yourself, all the way up to $5,000. These are the costs involved in purchasing a home in Ontario.

The 3 Major Costs You Need to Be Aware Of:

So, you're thinking of purchasing property in Ontario? Congratulations! Ontario is a great place to buy a home. But before you start searching for your dream home, it's important to be aware of the costs involved in purchasing a property. In Ontario, there are three major costs you need to budget for: land transfer tax, lawyer fees, and moving fees.

Land Transfer Tax: Land transfer tax is a tax that is levied by the provincial government on the purchase of property. The amount of tax you will pay depends on the value of the property you are buying. For example, if you are buying a $300,000 home, the land transfer tax will be $3,000.

Lawyer Fees: You will need to hire a lawyer to handle the legal aspects of your property purchase. Your lawyer's fees will depend on the complexity of the transaction and the amount of work involved. However, you can expect to pay around $1,500 in lawyer fees for a typical home purchase.

Moving Fees: If you are moving to Ontario from another province, you will need to budget for moving costs. These costs can vary depending on the size of your home and the distance you are moving. However, you can expect to pay around $2,000 for a typical long-distance move.

When budgeting for your Ontario property purchase, be sure to factor in these three major costs: land transfer tax, lawyer fees, and moving fees. By understanding the costs involved, you can be better prepared for the financial aspects of your purchase. Ontario Property purchase Land Transfer Tax lawyer fees moving costs budgeting Ontario from another province long-distance move typical home purchase

You will also need to factor in the cost of land transfer tax. This tax is levied by the Ontario government on all property purchases. The amount of tax you will need to pay depends on the value of your property. For example, if you are purchasing a home with a value of $500,000, you can expect to pay around $4,475 in land transfer tax.

Lawyers Fees: You wi Ontario from another province long-distance move typical home purchase You will also need to factor in the cost of land transfer tax. This tax is levied by the Ontario government on all property purchases. The amount of tax you will need to pay depends on the value of your property. For example, if you are purchasing a home with a value of $500,000, you can expect to pay around $4,475 in land transfer tax.

Lawyers Fees: You will need to hire a lawyer to handle the legal aspects of your purchase. Expect to pay around $1,500 - $2,500 in lawyer's fees.

Moving Costs: If you are moving to Ontario from another province or country, you will need to factor in the cost of moving. The cost of hiring a professional moving company can range from $500 - $5,000 depending on the size of your home and the distance you are moving.

Purchasing a home is a big financial undertaking. Be sure to factor in all of the costs involved before making your final decision.