Calculations

Home Buyer Costs & Calculations

Buying a home is a big financial commitment. We want to make sure you’ve planned for everything. Here are a few resources to get you started.

What will my mortgage cost me?

CMHC Mortgage Calculator

How much will land transfer tax be?

Land Transfer Tax Calculator

What are my closing costs?

Here are some common closing costs we recommend preparing for in advance.

  • Legal Fees
    i. Whether you’re buying or selling, you’ll need a lawyer to close the deal. Fees can vary, but on a straight-forward transaction we recommend anticipating $1,800-$2,300 in closing costs for a purchase and $1,200-$1,500 in closing costs for a sale.
  • Title Insurance
    This cost is sometimes included in your legal fees, but can cost another $300-$1,000. It can be much higher depending on the purchase price of the property.
  • Ontario Land Transfer Tax
    This tax is also dependent on the purchase price. Use our Land Transfer Tax Calculator to determine what you will owe. You can also visit the city website for more information.
  • Toronto Land Transfer Tax
    This tax will largely depend on the total cost of your purchase. Use our Land Transfer Tax Calculator to determine what you will owe. You can also visit the government website for more information.
  • Property Tax & Utility Adjustments
    Before closing, buyers must reimburse the sellers for property taxes and utilities they paid for which extend beyond your closing date. This is done by your lawyer on closing.
  • CHMC Insurance Premium
    If you put less than 20% down, you will have to pay an insurance premium. For more information on premiums, visit the CMHC website.
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© 2019 SKT. All Rights Reserved.
All statistics calculated using data available through REality™.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
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