Real Estate

Buying/Selling a Home: Cost Estimate for Toronto

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[OP]
Member
Feb 18, 2013
240 posts
45 upvotes
Scarborough

Buying/Selling a Home: Cost Estimate for Toronto

I've just been running some quick estimates about the fees related to buying/selling a home in Toronto. Do these numbers look realistic?

(not first time home buyer, will put 20% down to avoid CMHC insurance)

Price of home being sold: $400,000

Price of home being bought: $750,000



Land transfer tax Ontario: $11,475
Land transfer tax Toronto: $10,725
Legal fees/disbursments: $500
Title Insurance: $300
Realtor Fees (4% of home being sold): $16,000

Total: $38,800

Does this sound reasonable? To be honest it is higher than I expected :(
9 replies
Deal Addict
May 4, 2014
4758 posts
5891 upvotes
Toronto, ON
caddie444 wrote: I've just been running some quick estimates about the fees related to buying/selling a home in Toronto. Do these numbers look realistic?

(not first time home buyer, will put 20% down to avoid CMHC insurance)

Price of home being sold: $400,000

Price of home being bought: $750,000



Land transfer tax Ontario: $11,475
Land transfer tax Toronto: $10,725
Legal fees/disbursments: $500
Title Insurance: $300
Realtor Fees (4% of home being sold): $16,000

Total: $38,800

Does this sound reasonable? To be honest it is higher than I expected :(
Legal fee should be closer to $1000 or more.

Won't comment on your realtor fees because the realtors on RFD are going to come raging in defending themselves. Personally, I used comFree several years ago with great results.
Newbie
Mar 31, 2012
8 posts
1 upvote
BURLINGTON
I think you are grossly underestimating the legal fees and title insurance. Title Insurance has a calculator you can use based on the cost of the house you are buying (https://fct.ca/quote). Legal fees will be both sides, buying/selling, and I would recommend getting a good lawyer as you can't afford either side of the transaction to go south.
[OP]
Member
Feb 18, 2013
240 posts
45 upvotes
Scarborough
er34er34 wrote: Personally, I used comFree several years ago with great results.
So when you use Comfree, do you still have to pay the buyer's realtor half their percentage cost? (say 2.5% since most charge 5%)
BigNate2 wrote: I think you are grossly underestimating the legal fees and title insurance. Title Insurance has a calculator you can use based on the cost of the house you are buying (https://fct.ca/quote).
Thx for the link
Deal Addict
Aug 10, 2013
2257 posts
574 upvotes
Toronto
caddie444 wrote: So when you use Comfree, do you still have to pay the buyer's realtor half their percentage cost? (say 2.5% since most charge 5%)



Thx for the link
Yes u have to pay the buyers realtor 2.5. Keep in mind you won't generate as much traffic as if it were listed and you definitely won't get as much $.
Deal Fanatic
Nov 24, 2013
6214 posts
2965 upvotes
Kingston, ON
Don't forget you pay HST on selling commission (and HST on legal, etc). $16,000 becomes $18,000.
Deal Addict
Nov 29, 2007
1268 posts
343 upvotes
Heavenleigh85 wrote: Yes u have to pay the buyers realtor 2.5. Keep in mind you won't generate as much traffic as if it were listed and you definitely won't get as much $.
Don't necessarily trust this comment. As long as it goes on mls you will get plenty of exposure so some realtors may not send it thier clients in this day and age anyone looking for a home will be on mls everyday seeing what is for sale in the area they are interested in. I sold my town house in Milton last year in 7 days using comfree and at the time it was a record price for that model. Comfree can be done successfully with a little bit of work it's not rocket science
Deal Addict
Nov 29, 2007
1268 posts
343 upvotes
M-_-C wrote: Don't necessarily trust this comment. As long as it goes on mls you will get plenty of exposure so some realtors may not send it thier clients in this day and age anyone looking for a home will be on mls everyday seeing what is for sale in the area they are interested in. I sold my town house in Milton last year in 7 days using comfree and at the time it was a record price for that model. Comfree can be done successfully with a little bit of work it's not rocket science
Edit. You are also not required 100% to pay 2.5% it like anything can be negotiated i.e. A flat fee of say 8000 or 2%.

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