Costs Involved

In order for you to get an idea of the money you will need to put aside for the buying process, here is an overview of all the costs associated with buying a house;


I strongly recommend hiring a home inspector for any home you wish to purchase. Cost Range: $400-$650. I can recommend different inspectors depending on the property.


Depending on the lawyer and purchase price of the property, legal fees could be anywhere between $1400-2200.


5% on new purchase
In Ontario you will need to add the Harmonized Sales Tax (HST) on new properties only. HST does not apply to resale properties.


These are any costs including hydro, gas, property taxes that are paid by the seller that are to be reimbursed when the buyer takes possession of the home. The lawyer calculates these on closing.


Your insurance premiums will be dependent on the style of home, the age, location, upgrades and the value of the contents you wish to insure.


Though not mandatory, this may be recommended by your real estate lawyer to protect you against any title issues.


All home buyers in Ontario are required to pay a Land Transfer Tax (LTT) when they purchase a property (condo or home). The amount you have to pay depends on the price of your property as well as if you are a first time home buyer or not.


If you purchase within the Toronto boundaries, there is also a Toronto Land Transfer Tax (TLTT) (in addition to the Ontario LTT). There is a chart at the bottom of this page as a reference.  Your real estate lawyer will provide the exact final number to you before closing.


This link offers a quick calculation of your land transfer tax, however a real estate lawyer will provide the final number to you.


These costs are dependent on your personal situation and the extent of your move. It’s best to contact a few moving companies to get a quote.


If you have chosen a property that needs a little love, you will need to factor in the amount of renovations or repairs. This could be anything from a fresh coat of paint to a whole kitchen renovation, I find it’s often best to budget a bit extra to make sure you are over prepared rather than under.

To go to my recommendations on how to make a clear budget click here.



Some companies (Rogers, Bell, Hydro) charge a fee to move, cancel or change their service. Be sure to ask in advance. This could also be a good time to renegotiate your services as plans may have changed. In the end you might save some money!


Toronto Land Transfer Tax