1. How Do I Calculate My Land Transfer Tax?

A: When you purchase a property in Ontario you are required to pay Provincial Land Transfer Tax at the time of closing. If you have purchased a property in Toronto, you are required to pay the Municipal Land Transfer Tax in addition to the the Provincial Land Transfer Tax. Click here to calculate your taxes.

If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax.

Municipal Land Transfer Tax : Maximum $3725
Provincial Land Transfer Tax : Maximum $2000


2. How Do I Find Out What I can Afford?

A: To help you estimate the maximum mortgage you can afford, here's the easy-to-use mortgage tool you can use. How Much Can I Afford?


3. What Are Other Closing Costs?

A: These are mandatory closing costs covered by the home buyers.

1. Legal Fees and Disbursements. You can expect to incur a minimum of $500 to $1000 (plus HST) on legal fees, which account for the preparation and recording of official documents.

2. Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.

3. HST on CMHC insurance. Though CMHC insurance itself is financed through the mortgage, HST on the insurance must be paid in cash at the time of close(only applies if you have less than 20% down payment).


4. Do I Have to Pay Capital Gain For The Sale of My House?

A:  When a principal residence is sold, the gain is not taxable if it has been the person's principal residence for the whole time it has been owned.  This is because the principal residence exemption eliminates the capital gain.  In this case, there is no need to report the sale on your tax return.


5. How Do Real Estate Commissions Work?

A: If you hire a real estate agent to sell or lease your property – referred to as a seller’s agent or listing agent, you’ll be paying a commission, not a fee, for the successful sale or purchase of a house. If you hire a real estate agent to buy or lease a property, the commission of your agent will come from the seller. However, the fee doesn't go straight to the real estate agents - it goes to their brokers. Licensed real estate agents must work for a broker, many of which take a cut of the real estate fees to cover the cost of things such as advertising, signage rental and office space.


6. What is a Home Inspection? Should I have it done when buying a house?

A: A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection should be provided to the purchaser in written form, in detail, generally within 24 hours of the inspection. A pre-purchase home inspection can add peace of mind and make a difficult decision much easier. It may indicate that the home needs major structural repairs which can be factored into your buying decision. A home inspection helps remove a number of unknowns and increases the likelihood of a successful purchase.


7. What happens to my deposit after I submit the offer?

A: Your deposit is held in the listing brokerage's trust account until closing, when it is applied towards the purchase or lease price of the property and related costs. If an interest bearing clause was part of your original offer, you may be entitled to the interest accrued on the deposit once the property has closed.


8. How much deposit do I have to put down on a property when making an offer?

A: Offer deposits are generally 5% of the offer price, rounded up. Getting a certified cheque or bank draft for this amount can make a great difference to sellers, especially in a multiple offer situation - you will be seen to be prepared, confident and serious about buying the property.


9. Do you recommend staging my home before putting it on the market?

A:  I'll recommend certain repairs, fixes and renovations that would make your home more sellable, as well as common-sense prep such as de-cluttering and cleaning. However, we rarely recommend professional staging - it just doesn't seem necessary in most cases, with the possible exception of some estate or income property sales. We do have a list of recommended stagers that we can provide if you are interested in hiring a stager for your home!


10. When's a good time to sell my home?

Currently we're in a sellers' market, which means that the number of qualified buyers exceeds the available inventory of homes for sale...so now's a great time to sell your home! There are many other factors such as seasonality, availability comparable homes for sale, new by-laws and even weather, that can come into play. We'll evaluate the best time to sell your home and present you with all your options so you can make an informed decision on when to sell.