Condos for sale pickering . How much does it cost to buy a house in Canada? It seems to come late, but it is not too late, because many taxes have been introduced recently this year. Moreover, the problem should be detailed to every city, saying that the price of a house in Canada is too general.
In Toronto, the apartment costs C $500000 for a room, 650000 for one room, 800000 for two bedrooms and 1.2 million for a detached house. These values will change according to the location, new and old, size, orientation and other factors.
If you do not hold a Canadian passport or are not a permanent resident (PR), you need to prepare a down payment of 15% of the house price.
But brothers, don’t be confused with Vancouver’s overseas buyer tax. In Toronto, overseas buyer’s tax can be refunded.
Depending on the city, you need to prepare a land transfer fee of 1.5%-3% of the house price (there is a very complicated formula for calculating the transfer tax, you just have to remember that the simple one is about 1.5%-3%).
If the buyer is buying a house for the first time and holds a Canadian passport, or permanent resident (PR), can get a tax refund. A maximum of $8 in Toronto is $475, and a maximum of $4000 outside Toronto. The lawyer will help to figure out the specific amount at that time.
Decoration, maintenance costs this is definitely a cost that can not be ignored! Brothers are advised to calculate the fee from the real estate agent before buying the house.
Change the boiler (Furnance), $3000.
Change the roof, $6000.
Change the window, $12000.
Decorate the basement, $20000.
Decorate the kitchen, $20000.
Decoration of a single toilet, $10000.
Land rent = the government values the house x 1%.
The local tax rate varies from city to city, generally between 0.7% and 1%. For ease of estimation, Evan recommends a tax rate of 1 per cent.
For example, a house sold for $1000000.
The local rent is $1000000 gamble 2 x 1% = $5000 / year.
The money is reserved and can be paid monthly, quarterly, or half a year after the room is handed in.
It is recommended that you prepare at least six months of mortgage fees in the bank. Based on $100,000for each loan, the monthly mortgage payment is $450. To make it easy to calculate, for example, a house sold for $1, 000, and a loan of $600000. The monthly mortgage fee is $600000, RMB 100000 x $450 = $2700, so your reservation is $2700 x 6 = $16200.
The former homeowner may have paid the land rent for the whole year in advance, or the management fee has been paid in advance, or the water, electricity and gas bills have been paid in advance.
Of course, it will also occur that the former landlord forgot to pay the fees, which need to be paid more and less according to the Pro-rate way, and be sorted out by a lawyer on the day of handing over the house.
According to each law fee is different, the house price is different, plus the house property right insurance and all kinds of miscellaneous fees that lawyers buy for you, the price will range from $1500 to $3000.
If the buyer does not go to the Tier 1 bank for a loan (RBC,BMO,TD,CIBC, etc.), but to some small bank or credit union loan, there is likely to be a loan fee called Lender’s Fee ().
The lender’s fee is about 1% of the loan amount.
