Land Transfer Tax and Moving Costs
Vendor’s Costs
- Legal fees: range from $600 to $2000. A real estate lawyer will provide you with details.
- Real estate commission + 13% HST.
- Discharge of Mortgage: may be a penalty of 3 months’ interest, the interest differential between an old and new mortgage, or a combination of the above. Check with your lending institution.
- Home Staging (if required).
- The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.
Purchaser’s Costs
- Legal Fees: range from ½% to 1% of the sale price of the property plus disbursements. A real estate lawyer will provide you with the details.
- Survey: if no recent survey is available, a new one will cost approximately $700-$1,000. Fees for larger and recreational properties vary: individual quotes are required.
- Adjustments: money owed, prepayment of taxes, hydro gas, etc.
- Home Inspection: will cost approximately $250 to $500.
- Arranging the Mortgage: usually an appraisal fee of about $200 plus and administration fee of $200-$300. An up-to-date survey may also be necessary.
- The Move: may vary depending on your choice of movers; i.e. professional movers or packing yourself.
Provincial Land Transfer Tax*:
If under $55,000 | 0.005 x purchase price |
From $55,001 to $250,000 | 0.01 x purchase price minus $275 |
From $250,001 to $400,000 | 0.015 x purchase price minus $1525 |
Over $400,001 | 0.02 x purchase price minus $3525 |
*Special taxes apply to non-residents.
First time buyers will be eligible for a rebate of the provincial land transfer tax of up to $2000.
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Geoffrey Cheney
Sales RepresentativeSutton Group - First Choice, Realty Ltd,
Brokerage
151 Downie St
Stratford, ON N5A 1X2
C 519-949-4949 | T 519-271-5515
Brokerage website
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