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Subscribe to this list via RSS Blog posts tagged in home buyers

If you already own a home and you’re looking to move, the biggest dilemma involves timing. Do you buy your new dream home first and hope to sell your old home fast, or do you sell first and hope that a great property comes up on the market quickly?

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According to Seacliff Inspections, aluminum wiring was used throughout North America between the mid 60’s until the late 70’s due to the high cost of copper at the time. (Seems like we are back in that situation).
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Buy vs Rent


This subject comes up quite often, and determining which is a better choice depends a lot on your goals, how ambitious you are when it comes to doing things to make the house feel like a home, and the importance to building a credit rating.


Below are a few facts and comparisons:


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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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