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Office: 905 858 3434 | Direct: : 416 662 7566

Andrew@ProfessionalRealEstate.ca

Buying A Home

FIT TO BUY

Re/Max has released a great series known as "FIT TO BUY". I hope you enjoy the videos and I am sure you will pick up a few tips along the way. Not to worry, I am always available to answer your questions about the process every step of the way.


What will this all cost?

I take the time to review all of these costs with you so that there are no surprises when you are handed the keys to your new home. Let’s get started on the journey to finding you a great place to call home.

Steps:

•Review the videos

•Calculate your mortgage payments

•Calculate closing costs ie: Land Transfer Tax

•Budget for the total monthly costs such as utilities

Here are the Fit to Buy videos designed to help you with buying a home.

Monthly costs to consider:

Property taxes, Home owners insurance, Cable or Satellite T.V., Gas bill, Condo fees, Telephone, Water bill ,Internet and Hydro bill

 

 

Ontario Land Transfer Tax Calculator

Asking Price

Go
 STEP 1
Enter the price of the home you're interested in and press GO.
Land Transfer Tax: $-
 
STEP 4
If necessary, update your profile to calculate land transfer tax.
Profile
Provincial:        Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus
Municipal:        Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus
Rebate:        Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus

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Mortgage calculator by ratehub.ca

 

Mortgage Affordability Calculator

Annual Income

Monthly Living Costs

Estimate for me

Before Tax
       Applicant Income Your gross income before-tax, including any bonuses and supplementary income.        Property Tax An annual tax levied by the municipality in which your home is located. We have used an estimate based on the average in your province.

Before Tax
       Co-Applicant Income Your co-applicant's before-tax gross income. Your combined income will be used to calculate the mortgage you can afford.        Condo Fees Condo fees cover common building expenses and maintenance in multi-unit properties. We have used a default estimate of $300.
       Heating Costs The total costs associated with heating your home and water. We have used a default estimate based on provincial averages.

Monthly debt payments

       Credit Card The average monthly interest owed on outstanding credit card balances. This does not include the balances themselves, only the interest portion. How much can I afford?
       Car Payment Your monthly leasing or financing outlay on any household vehicles.
       Loan Expenses Any other monthly loan expenses, such as lines of credit, student loans, alimony or child support.

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Custom rate Select

Mortgage Calculator by ratehub.ca

How to manually calculate the Land Transfer Tax (LTT)

0.5% of the amount of the purchase price up to and including $55,000, plus (275)

1% of the amount of the purchase price between $55,000 and $250,000, plus (1950)

1.5% of the amount of the purchase price between $250,000 and $400,000, plus (2250)

2% of the amount of the purchase price above $400,000

Purchase Amount Ontario Land Transfer Tax Toronto Land Transfer Tax
$150,000 $1225 $1225
$200,000 $1725 $1725
$250,000 $2225 $2225
$300,000 $2975 $2725
$350,000 $3725 $3225
$400,000 $4475 $3725
$450,000 $5475 $4725
$500,000 $6475 $5725
$600,000 $8475 $7725
$700,000 $10,475 $9725
$800,000 $12,475 $11,725
$900,000 $14,475 $13,725
$1,000,000 $16,475 $15,725