Costs Involved When Buying


When you acquire land, you pay a Land Transfer Tax to the province when the transaction closes. It is normally based on the amount paid for the land, in addition to any mortgage or debt assumed as part of the agreement to buy the land.

Land Transfer Tax is generally calculated using the following formulas based on your purchase price:

     on the first $55,000                0.5%
     from $55,000 to $250,000     1.0%
     from $250,000 to $400,000   1.5%
     over $400,000                       2.0%

If you are a first-time homebuyer, you are eligible to receive an exemption of up to $4,000
(this equates to approximately a purchase price of $370,000 on a property).


You’ll need to hire a lawyer to review your Purchase Agreement, as well as any documents like Status Certificates or requisitions. The lawyer will make arrangements for Title Insurance, mortgage statements, any adjustments, ownership changes, payment of fees, keys, etc.
Lawyers’ rates vary from practice to practice depending on many factors such as disbursement fees, mortgage type, etc.

All mortgage companies require you to carry home insurance. The costs vary depending on your coverage and the company you use (just as with car insurance).


You may wish to have the home inspected as part of the buying process. It is best to research local home inspectors for pricing.


Once you have purchased a home, you can begin setting up your utilities at the new property. This should be done before the closing date, so don’t wait until the last