Costs Borne by the Buyer:
Conveyance of title (typical cost $1000 - $1500).
Standard survey (typical cost $500 - $1500). (Detailed surveys are more expensive.)
Home insurance (premiums vary consult your insurance broker).
All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;
The Property Transfer Tax is charged at a rate of:
- 1% on the first $200,000
- 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000
- 3% on the portion of the fair market value greater than $2,000,00
GST of 5% is payable on new construction.