1300 Yonge Street, Suite 100 Toronto, Ontario M4T 1X3 416-925-9191 helenbraithwaite@chestnutpark.com

Moving Costs

A guide to what to expect.

For the Seller

1. Legal Fees. Can be as much as 1⁄2 to 1% of the sale price of the property. Shop around if you do not have a lawyer who specializes in Real Estate.

2. Real Estate Commission. 6% or 5%. Please discuss with your Sales Representative.

3. H.S.T 13% of the Real Estate Commission.

4. Discharge of Mortgage. There may or may not be a penalty. Please check with your lending institution.

5. The Move. Can vary greatly depending on the method you use (i.e. renting your own truck, packing yourself, having professional movers do the whole move, etc).

For The Buyer

1. Legal Fees. Same as for seller, plus disbursements.

2. Disbursements. Includes obtaining City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s Certificate, Registry Office searches, registering deed, registering mortgage, copies, postage, long distance calls, title insurance, etc.

3. Land Transfer Tax.

The formula for calculating ONTARIO is:

0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $250,000
Plus 1.5% of the amount in excess of $250,001 to $400,000
Plus 2% of the amount in excess of $400,000

The formula for calculating TORONTO is:

0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $400,000
Plus 2% of the amount in excess of $400,000

4. Survey. If no recent survey is available, a new one will cost about $700.00 – $1,500. Fees for larger and recreational properties will vary and could exceed average prices. Individual quotes are suggested.

5. Adjustments. This could be monies owing or owed for things such as pre-payment of taxes, hydro, gas, fuel oil, etc.

6. Home Inspection. If you elect to have one, it will cost a minimum of $400.00

7. Arranging the Mortgage. Usually an appraisal fee of about $200.00 plus an administration fee of about $200 – $300. A new survey may also be necessary.

8. The Move. See above

 

Moving Checklist

Click here do download the checklist!