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What Does It Cost To Buy A Home?


  • Many have asked this question. Some are first time home buyers and others have not bought or sold a home for some time.  Others bought privately and sold privately and have no idea what the costs are.  So, here are some of the things to consider:

  • Home inspections are highly recommended when you buy a home to be sure there are no major problems with the home. And if there are, are they enough that you don’t want to proceed. The cost is around $350.

  • Land transfer tax ranges from .05% to 2%, depending on the price of the home. In Toronto there is an additional 2% for the city.  First time buyers may be exempt from this tax.

  • Mortgage insurance is required if your down payment is less than 20% of the price of the home. You cannot get a mortgage without it.

  • Legal fees vary with each lawyer. It is not wise to try to do it yourself as there are too many issues that could stand in the way of a good purchase.

  • Title insurance now takes the place of a survey if none is available.This is cheaper than a survey and protects you against future infringement or title challenges.

  • Adjustments normally are for taxes. In this case if the taxes are prepaid, you will have to pay your portion and if they are in arrears, they will be paid out of your purchase price.

  • Home insurance is also necessary for you to get a mortgage.


How much does this all add up to? One mortgage broker suggests 1.5% and another 1.6% of the purchase price. So, be sure you have the reserve before you sign on the dotted line.


Submitted by:

Jim McLachlin, Broker


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A recent survey by the Canadian Association of Accredited Mortgage Professionals says homeowners are happy with the decision to buy their home; they consider mortgage debt to be “good debt.” Their attitudes are the same whether living in Toronto, Calgary, Vancouver where prices continue to rise, or in areas where home prices are stabilizing.


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When it comes to the home-buying decision, women make up their minds quicker than men, according to a survey by Coldwell Banker Real Estate. 

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As home buyers age, so do their requirements in a home. They are typically not looking for all the bells and whistles that younger buyers seem to have on their "must have" lists. Rather, middle age and older buyers are looking at how suitable the home will be so that they can remain in it for the rest of their days.


"Aging in place" has not just become a common phrase, but the goal of many adults today.  If you are searching for that lifetime home there are several factors you should consider when viewing property.


I have put together some recommendations that you may want to consider before the house hunt. When calculating your price range for the new home also put some thought into the costs of renovations required down the road. While every obstacle in the home can have a solution the costs to make adaptations can take time and money.


*10 Tips to Consider for Aging in Place*


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What is a Stigmatized Property?


This is a topic that comes up from time-to-time as Realtors work with buyers. What is a “stigma”?

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