starting the process

The excitement of finding a new home can cause us to forget about the key financial aspects of the purchase. Here are some of the key steps that need to be taken prior to and after an offer is made.

 
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Get pre- approved

The majority of buyers require a mortgage to purchase a home. When you're looking to buy, this should be your first step in the process. It will set the parameters for your search. 

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the paper work

Prior to submitting an offer, we will work together with experts, whether it be a lawyer or an accountant, to make sure you understand the implications of submitting an offer and that you are clear on all aspects of the offer.

closing costs

At the time of closing there are a number of upfront costs you'll need to cover including Land Transfer Taxes (Provincial and Municipal), legal fees, title insurance, disbursements, moving costs and adjustments. Ensure you have funds set aside to cover these expenses.

 
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deposits & downpayments

Real estate in Toronto moves at a rapid pace, so being prepared to make an offer quickly is important. With your offer, you'll be required to submit a deposit (typically 5% of the offering price).

Your down payment is determined at the time of the mortgage application / approval process. It is usually around 20% of the sale price but can vary depending on the terms.

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Foreign buyer Tax

Effective April 21, 2017, Ontario put a foreign buyers tax in place for the Greater Golden Horseshoe Region. The NRST is a 15% tax on the purchase or acquisition of property by non citizens or permanent residents of Canada. This also includes foreign corporations or taxable trustees. This fee is in addition to the general land transfer tax in Ontario. For more information on this new tax, click here.