Buying a Home in Ontario?

You know that excitement you get when you’re closing on a big deal? Now imagine all that getting crumbled by finding out there were more terms or charges. This is what most new homeowners go through when they’re handed papers to sign on closing day. The actual cost of buying a house goes beyond the stated purchase price. The good thing is, if you familiarize yourself with the extra costs that come with your new home, you won’t be caught unawares. You’ll even have some leverage to negotiate with your realtor, lender or broker to get some waiver or discount on some fee.

Let’s have a look at all the costs to expect when purchasing a new home.

Let's Get Started


    Credetials Metter

    HOME INSPECTION FEE

    Average Cost: $200 – $600

    One of the most overlooked fee by most buyers. Their intention? To save on the overall cost.

    Getting a home inspected is one of the things you should do once you set your eyes on it even before making any offers. No matter how perfect it looks, a trained professional can point out structural flaws and end up saving you thousands of dollars.

    The cost of hiring a certified home inspector is minimal compared to the damage you may end up suffering later if you decide to ignore the inspection. Keep in mind that the fee varies as per the size of the home being inspected.

    APPRAISAL

    Real Estate

    Average Cost: $250 – $350

    This is a fee charged by the lender to determine the home’s lending value as it may not be the same as the purchase value. It’s for mortgage purposes.

    image
    image

    MORTGAGE INSURANCE

    Real Estate

    Average Cost: 0.6% to 4.5% of the mortgage

    If you make a down payment of between 5% (Canada’s minimum down payment) to 19.99%, you will have to take mandatory mortgage insurance. This is issued by insurers such as CMHC and Genworth Canada. It’s meant to protect the lender if you’re no longer able to make your mortgage payments, or you default the issued mortgage. To check all information about how much are typical closing costs on a mortgage check this article.

    In these high-ratio mortgages, the lender pays the insurance premium and adds it to your mortgage.

    LAND SURVEY

    Real Estate

    Average Cost: $1,000 – $2,000

    A land survey outlines in detail the properties boundaries. This may be required by most lenders when applying for a mortgage to avoid any mix-up with the immediate properties later on.

    Quicker Timelines – Fast Closing

    Don't pay until it's done! Contact us today

    NO Legal Fee Until Completion

    Time is money. Let us help you close faster.

    Our Real Estate lawyer will be happy to assist you with respect to any of our legal services
    image

    REAL ESTATE LAWYER FEE /LEGAL FEE

    Average Cost: $600 – $2000

    Having a real estate lawyer by your side comes in handy as they verify all the paperwork involved in the home purchase process for all legal technicalities. The real estate lawyer also drafts your mortgage contracts and checks the property’s history to ensure that there are no claims or mortgages on it.

    Here are a few things that your real estate lawyer fee includes:

    Some real estate lawyers offer you a fixed rate fee on all their services to cut on your spending.

    Average Cost: 0.5% to 2.5% of property value

    A land transfer tax (LTT) is a fee that you pay to the provincial government after purchasing a home or property. The LTT is usually a percentage of the property value. In Ontario, the LTT varies, as shown in the table below:

    Property Value (In $)Land Transfer Tax(percentage of property value)
    Up to 55,0000.5
    More than 55,000 to 2500,001
    More than 250,000 to 400,0001.5
    More than 400,0002
    More than 2,000,000 (one or two single residences in the same property)2.5

    TITLE INSURANCE

    Although it’s not a requirement to obtain title insurance, it is the best way to protect your investment against any liabilities that may arise regarding the property. This is called ownership title insurance. It protects you from:

    To read more about types of real estate ownership check this article.

    Your lender will most certainly require you to take title insurance that protects them against any losses associated with that property. This is called lenders title insurance.

    Title insurance is essential, especially the homeowner title insurance, and you should acquire one for peace of mind.

    MOVING COSTS

    Moving costs vary depending on the distance from your previous residence to your new home. It also varies depending on whether you’ll move by yourself or use a moving company. If you decide to move by yourself, factor all the things you’ll require to move successfully and efficiently. Choose the best option (moving company or do it yourself) depending on convenience, preference, and costs.

    HOME INSURANCE

    Average Costs: $1000 – $2000 per year

    Finally! You have a home. But accidents happen and you need to ensure that everything is insured to stay on the safer side. To do so, you ought to take home insurance.

    Home insurance is vital and necessary. It protects your home and all the assets in it in case of any damages. No matter how safe your neighbourhood or home is, unexpected things can transpire.

    The cost varies depending on the size of your property and its overall value.

    HOME MAINTENANCE COSTS

    Home maintenance cost varies depending on the repairs and renovations that you may require to make after moving into your new home. When you least expect it, one of the systems may malfunction, or your roof might start leaking.

    These expenses also include the acquisition of repair and maintenance equipment (if you don’t have any) to keep your home in good condition. For example, a lawnmower, ladder, and other power tools and hand tools are necessary for home upkeep.

    CHOOSE THE BEST REAL ESTATE LAWYER IN ONTARIO

    The processes and decisions of acquiring a home are many, and they determine your future in it. Having the right real estate lawyers in Mississauga by your side to review and handle all your documents and transactions prevents any surprises about the property or other costs you didn’t anticipate.

    GK Law offers you experienced real estate lawyers to protect your legal rights regarding the home you acquire and all the transactions you perform. GK law has been providing real estate services for over a decade and has closed over 10,000 real estate transactions. With this experience and thousands of satisfied clients (both buyers and sellers), we can help you carry out real estate transactions without being blindsided.

    Contact us at 416-665-9000 now to receive a complimentary consultation and a free quote on any real estate transaction.

    OUR SERVICES

    Our Practice Areas

    Services
    Subtitle Icon
    Business-icon

    Residential Real Estate Lawyer

    Get hassle-free real estate transactions in Toronto. Contact GK Law for expert guidance, accurate tax adjustments, and thorough property searches. Trust our experienced lawyers for inspection reports and mortgage review. Secure your dream home today with GK Law.

    Read More
    Subtitle Icon
    Business-icon

    Commercial Real Estate Lawyer

    Contact us today to ensure your next real estate transaction is a success. Let our experienced Toronto commercial real estate lawyer guide you through every facet of the process, from negotiation and dispute resolution to property acquisition and business purchases. Don't wait, reach out to GK Law now.
    Read More
    Subtitle Icon
    Business-icon

    Closing Costs in Toronto (Ontario)

    Don't let closing costs catch you off guard! Get a free quote today and discover how much you'll need to budget for expenses like home inspection, property appraisal, legal fees, title insurance, land transfer tax, and more. Our expert team can help you navigate the complexities of buying or selling a property, so you can close faster and with confidence. Contact us now to learn more about our services and how we can assist you.
    Read More
    Subtitle Icon
    Business-icon

    Mortgage refinance fees and costs in Toronto (Ontario)

    Unlock your financial freedom with GK Law. Don't let mortgage refinancing overwhelm you. Let us guide you through the process, assist in assessing the costs, and help make the best decision for your lifestyle. Start your journey towards financial stability now. Connect with GK Law today - we're here to help you every step of the way.
    Read More
    Subtitle Icon
    Business-icon

    Corporate Lawyer in Toronto (Ontario)

    Secure your business's future with tailored legal expertise from GK Law. Ensure full compliance, protect your assets, and safeguard your intellectual property. Don't navigate the complexities of Toronto's legal landscape alone. Act now, and let us be your guide to success. Contact us today - your business deserves nothing less.

    Read More
    Subtitle Icon
    Business-icon

    Litigation Lawyer in Toronto

    Contact us today to find an expedient resolution to your civil or commercial dispute in Toronto. Our experienced litigation lawyers can advise you on the best course of action to achieve a favorable outcome. Don't let your dispute escalate to court - let us help you explore mediation and negotiation options.

     
    Read More
    Subtitle Icon
    Business-icon

    Civil Litigation Lawyer

    Don't leave your civil litigation claim to chance. Contact GK Law today for effective representation and guidance in Toronto. From out-of-court mediation to courtroom litigation, we've got you covered.

     
    Read More
    Subtitle Icon
    Business-icon

    Corporate Litigation Lawyer

    Don't let corporate litigation hurt your business. Contact us today to get fast and effective remediation for any commercial dispute. Our tailored approach will help you save while pursuing your best interests. Don't wait, rely on our expertise and contact us now.
     
    Read More
    Subtitle Icon
    Business-icon

    Tax Lawyer in Toronto

    Don't risk falling foul of tax issues. Consult with our expert Toronto business tax lawyers to structure your company, minimize your tax liabilities, and get support with tax debt and voluntary disclosures. Contact GK Law today for professional assistance.
     
    Read More
    Subtitle Icon
    Business-icon

    Income Tax Lawyer in Toronto

    Protect your rights and fight back against unfair CRA audits with the help of our experienced income tax lawyers in Toronto. Contact GK Law Lawyer today to minimize your tax liabilities and resolve any tax debt issues.
     
    Read More
    Subtitle Icon
    Business-icon

    Property Tax lawyer in Toronto

    Don't let an erroneous property tax bill affect your future rates. Contact GK Law Real Estate Lawyer in Toronto today to challenge your assessment and potentially qualify for assessment reductions and rebates. Assert your right for a reassessment and discuss your case with our experts.

     
    Read More
    Subtitle Icon
    Business-icon

    Wills & Estates Lawyer

    Secure the future of your loved ones. Consult with GKLaw, the top estate services in Toronto, to draw up your will, power of attorney, and tax-efficient estate plan today. Don't wait until it's too late. Contact us now!

     
    Read More
    Subtitle Icon
    Business-icon

    Lawyer Consultation in Toronto

    Get a head start on your legal case today with a free consultation from GK Law. Click for your quote and connect with a lawyer to assess your case quickly and effectively.

    Read More
    Our Testimonial

    Our Client Reviews

    06

    AlexAlex ★★★★★ GK Law went way beyond our expectations. We worked on a sales deal and had an amazing customer service experience. Highly recommended.Oxana C.Oxana C. ★★★★★ I have worked with Gabriel K. on a very challenging case for the sale of my cottage. Although the situation was quite complex, Gabriel was able to find a timely and best suitable solution that helped me with moving the sale of my cottage. His professionalism and dedication to meeting his clients’ needs is excellent. I would highly recommend him to anyone.Yuval B.Yuval B. ★★★★★ Always very helpful and fastEradj K.Eradj K. ★★★★★ GK Law team is awesome! They always pay attention to the minor details, I always feel my interests are put first. Communication channel is very open, and I have always felt my concerns were being heard and addressed. Always easy to reach, I didn’t have to chase for answers.Olga K.Olga K. ★★★★★ Have been using this firm for the past 12 years. Have done many transactions so far. Keep coming back, like the straightforward approach to communication, the intensity and creative solutions to some of the complicated situations we have experienced so far. Will continue to work with Gabriel in the future! Highly recommend this firm to other clients!!!Biljana SBiljana S ★★★★★ Extremely satisfied with the services provided on purchasing the real estate property last month. Now, you should know that I am one of those clients who want to do some research first, ask ton of questions before making decision. Gabriel was very responsive, answering all of my concerns regarding the process. First impressions that came across are top-notch professional services; very knowledgeable!! His team is equally impressive.On top of it, loved the clear fee structure, no hidden fees so I could plan my closing cost without any surprises. One great helper for buyer was access to movesnap, online tool that provides you with all necessary info to setup utilities accounts and take care of the actual move. You get to appreciate it so much, having one thing less to track.Highly recommend GK Law services, I am sure you will be pleased and equally impressed as I was.Armina L.Armina L. ★★★★★ Very knowledgeable Real Estate lawyer. Very trusted and professional!Gabriel K. will close any problematic deal with no headache to you.Jay F.Jay F. ★★★★★ Gabriel and his staff are dedicated to their clients. Gabriel has the ability to take a difficult situation and turn it into a walk in park .I have always said Gabriel is the lawyer you want on your side when something doesn’t go to plan.Thanks so much for taking care of my family and me in our Real Estate endeavours.Ronen B.Ronen B. ★★★★★ If you need a reliable and knowledgeable real estate lawyer, look no further!!! My wife and I completed 3 transactions with Gabriel and all of our transactions were met with care and precision. We are happy to work with Gabriel and his team. We highly recommend his services. Price is competitive, service is excellent and most of all you can breathe easy knowing you are in the best of hands.Sophia K.Sophia K. ★★★★★ I have been using Gabriel’s services for over 10 years. He’s done both real estate closings and corporate deals for me and my clients. He is very professional and knowledgeable. His staff is fantastic, always very helpful and professional. I’m very happy with his services!!Roberto V.Roberto V. ★★★★★ Excellent turn around time and all around responsive staff. Always a please working with GK law. They provide an excellent consistent closing service for all of my clients.Diana G.Diana G. ★★★★★ I’ve used Gabriel for several real estate closings over the last 8 years. He is very knowledgeable and I fully trust his expertise; which is why I continue to use his services and am comfortable referring him to others.Villia D.Villia D. ★★★★★ My family used Gabriel and his firm for few real estate transactions and I also referring my clients to KG law for several years and always have good fit backs from these who are using services of Gabriel and his team. Gabriel is very knowledgeable, professional and his team as well. They always trying things happened as easy as possible and for the benefit of the client. For sure I would continue referring clients to Gabriel and his team!js_loader

    GET IN TOUCH

    Needs Help? Let’s Get in Touch

    Contact Us