For a house, you typically need a down payment of 5-20%. The more you pay upfront, the less your mortgage loan will be.

Land transfer tax varies, but in Ontario, it ranges from 0.5% to 2.5%. It depends on the house price. $0-$55,000 = $ x .5% $55,000 -$250,000= $ x 1% -$275 $250,000 -$400,000= $ x 1.5% -$1,525 $400,000 –2 million= $ x 2% -$3,525 Over 2 million If residential home or duplex = $ x 2.5% -$13,525 Everything Else = $ x 2% -$3,525 If in Toronto = double the amount Rebates: Provincial Rebate -$4,000 Toronto Rebate $4,475

Extra costs when buying a home include utilities, property taxes, and insurance. Ensure to budget for these.

Generally, HST does not apply to resale residential properties but is applicable for new construction homes or substantially renovated properties.

When you sell, or if it is believed that you sold, a capital property for more money than what it originally cost you, including the costs of selling it, that is called a capital gain.

A home inspection helps identify potential issues in a house. It’s a crucial step to avoid costly surprises later.

Title insurance protects against issues with the house title, such as fraud or undiscovered liens. It can be a smart purchase.

A deposit is money put down when making an offer on a house. Typically 5% of purchase price. It shows you’re serious and is typically part of your down payment.

An appraisal determines a home’s market value. It’s conducted by a professional and often required for a mortgage.

Realtor fees are typically 5% - 6% of the house selling price. This fee is usually split between the Buyer’s and Seller’s agents. Decide based on services provided.

Getting a mortgage involves proving to the lender that you can afford to repay the loan. This process includes credit checks and income verification to confirm affordability.

Closing on a house means completing the sale process, when ownership officially transfers to the buyer.

A conditional offer means the buyer will purchase the house if certain conditions, like a successful inspection, are met.

A home warranty covers the repair or replacement of home systems and appliances. It provides peace of mind to homeowners.

A real estate lawyer ensures all paperwork is correctly completed, protecting your interests in a transaction.

Staging a house means decorating it to attract buyers. It can help your home sell faster and for a better price.

Market value is the highest price, expressed in terms of money, that a property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other.

A buyer’s market means there are more homes for sale than buyers. A seller’s market is the opposite.

Closing costs are the fees and taxes due at the end of the home buying process. They usually make up 1.5% - 4% of the home’s price.

Selling your house involves setting a price, listing it, staging, showing to buyers, and negotiating offers.

Selling a house can take weeks to months. In Toronto, it usually takes around 27 days, but it varies by market conditions.

Realtors help price your home competitively, market it effectively, handle negotiations, and manage paperwork, helping to ensure a successful sale.

A listing agreement is a contract between you and your Realtor that outlines their responsibilities and commission.

A house is “under contract” when a buyer has made an offer that the seller has accepted, but the sale has not yet closed.

Escrow is a neutral third party that holds funds during a transaction to ensure both buyer and seller meet their agreements.

Pre-approved for a mortgage means a lender has checked your credit and decided the amount they’ll lend you for a house.

A home equity loan allows you to borrow money against the value of your home. It’s a type of secured loan that uses your home as collateral.

Refinancing a house means replacing your current mortgage with a new one, often to pull equity out, or consolidate debt to lower your monthly payment.

Yes.

A realtor looks after your best interest, negotiates more than price and terms, ensures you work with qualified buyers, markets your home to potential buyers, and manages the paperwork to close the sale.