CMT Team·General·June 27, 2007Toronto Home Ownership Costs 65% of Torontonians say Toronto’s proposed land transfer tax is unacceptable according to a Decima poll cited by Inside Toronto. If Toronto’s new land transfer tax passes, the costs of home ownership in the city will get even uglier. Home buyers in Toronto can look forward to paying: Land Transfer Tax Cost: Up to 4% total Includes Ontario’s current tax and Toronto’s proposed tax A first-time home buyers refund may apply Mortgage Default Insurance Cost: Up to 3.7% Applies when your down payment is less than 20% Depends on amortization and down payment GST Cost: 6% Applies to newly constructed homes A GST New Housing Rebate may apply Lender Fees Cost: Varies. Roughly similar to mortgage default insurance For high risk or self-insured mortgages Typically replaces mortgage default insurance Realtor Fees Cost: Roughly 4-5% Plus GST Appraisal Fees Cost: Roughly $200-$250 Sometimes paid by the lender Title Insurance Cost: Roughly $250-$275 Home Inspection Cost: Roughly $250-$500 Survey Costs Cost: Roughly $500-$650 Often provided by the vendor Legal Fees Cost: Roughly $600-$1000 Plus disbursements Utility Service Charges Cost: Roughly $150-$250 For the connection of electricity, gas, cable/satellite and telephone service Moving Costs Cost: Varies Don’t forget your down payment either–assuming you have one. Adding salt to the wound is that many of these costs cannot be rolled into a mortgage. That means we may very well see cash-back mortgages become quite popular in a year or two. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.