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Budget for key buyer costsThere are several items that need to be attended to prior to closing for a real estate transaction. Your lawyer will provide a complete overview of these charges, but as a guideline budget about 2 to 2.5% of the purchase price to cover charges for a purchase. Making up a large part of the budget for closing costs is the land transfer tax outlined below, but for first time home buyers a break in the transfer tax is possible. For more information contact me.
Land transfer tax
Use the Ratehub calculator to automatically calculate the Land Transfer Tax for your purchase price.
In Ontario the formula to calculate the Land Transfer Tax is as follows:
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value