What can you afford?
Check out the RBC Mortgage Calculator to see what you can afford today. And to speak to a mortgage broker that can make it happen for you and provide the best advice in the industry, contact Joan today.
City of Toronto Land Transfer Tax
First-time home buyers get a 100% rebate on the tax up to a purchase of $400,000. You must pay the taxes at closing and the City of Toronto will refund you afterwards.
Legal Costs & Disbursements
Typical fees will range from $650-$750 depending on the complexity.
Adjustments on Closing
Adjustments can include credits for pre-paid utilities and taxes etc. depending on the home.
Home Inspection Fees
A professional home inspection will range from $250 – $500.
If your mortgage exceeds 80% of the purchase price, you must purchase mortgage loan
insurance for the protection of the lender. This is normally purchased through CMHC or
GEMI. The cost may be added to your mortgage amount. The premiums are as follows:
Loan Size Single Advance Premium
Up to and including 65% 0.50%
Up to and including 75% 0.65%
Up to and including 80% 1.00%
Up to and including 85% 1.75%
Up to and including 90% 2.00%
Up to and including 95% 2.75%
Traditional Down Payment 2.90%
Up to and including 100% 3.10%
Title insurance insures against past problems that could affect your ownership in the future. The one-time premium covers you for loss or damage up to the policy amount and all legal costs you would have to pay to defend your title. Noted in the disbursements costs, the fee is $270.00
Most financial mortgage institutions require the buyer to produce a recent survey to show the boundaries of lands and the location of the dwelling. (recent = approx. 10-15 yrs old). It is the responsibility of the buyer to have one prepared should the seller not have one, however, provision of a valid survey can be included as a condition on an offer to purchase. Alternatively, title insurance will take care of any problems that may occur in the absence of a survey.
Real Estate Fees
As a buyer, there are no real estate fees charged to you.
What does buying a home cost? And what can you afford?