I get asked a lot of questions as a realtor…
Here’s an example I recently gave to a first time home buyer looking at just outside the GTA:
If you put a $2000 deposit down on a $200,000 home you would owe;
$1725 for land transfer tax (this is rebated for a first time home buyer when you do 2016 taxes – up to $2000)
Somewhere between $800-$1000 for lawyer fees (dependent on lawyer)
Remainder of money down for property: $8,000
They also adjust property taxes (can be $0-$1400)
So you need approximately $10,000-$11,000 on closing date as a first time home buyer if your deposit is $2000.
Number one thing to remember, you need GOOD CREDIT to buy a house, or failing that- a co-signer! Where there’s a will, there’s a way so don’t hesitate to ask to any and all questions directly to me!