Helping You Buy Toronto Real Estate
Our services for Toronto Real Estate Buyers
Employing us as your buyer agent comes at NO cost to you
Our commission will be paid by the seller to the seller’s agent and then distributed to us. Meaning taking a buyer’s agent out of the equation won’t actually save you any money, as this commission has already been determined contractually.
Making Your Dream Home A Reality
You’ve made the decision. You’re ready to buy. Now what?
Buying a home can be a bit overwhelming. There’s so much to think about and do. It’s important that you have someone you can trust to make the process as smooth as possible and to offer expert advice.
Navigating today’s continually evolving and complex real estate market on your own can be complicated and frustrating. Thankfully, the ability to employ a buyer agent to represent you and your interests will streamline the process.
Since 1913, Royal LePage has been helping Canadians find their dream homes and guiding them every step of the way – from determining what you can afford and showing you homes that match your wants and needs, to presenting an offer and closing the sale.
It’s all about helping you find the right home in the right neighbourhood at the best possible price.
Costs To Buying A Home
What are the costs in addition to the purchase price when buying a home?
Once your contract has been accepted by a seller, here are some costs you may have to pay between acceptance and closing. Some of these costs must be paid before closing, others at closing, and some may be financed as closing. Overall, it is recommended that you set aside approximately 1.5% of the purchase price to cover closing costs, adjustments, and fees.
In addition to the actual price of the home, some of the other expenses that you will encounter when buying a Toronto home are:
This is paid at the time of application for your mortgage.
Before you buy a property, it is wise and recommended to have it inspected by a qualified professional property inspector. The inspector will provide you with a written report. Costs vary between $250 – $500 paid at the time of the inspection.
Lawyers fees vary, and are payable at the time of closing. Expect to pay anywhere between $1,500 and $2,500.
Although it can be provided by the seller, a new survey starts at approximately $1000 and depends on the size and configuration of the property. These fees are paid at the time you obtain the survey.
This is a sales tax charged by the provincial government. The formula used to assess the tax is as follows:
- 0.55% of the first $55,000 of the purchase price
- 1.00% of the next $195,000 of the purchase price
- 1.50% of the next $150,000 of the purchase price
- 2.00% of the balance of the purchase price
In addition to the provincial tax, there is a new Land Transfer tax for homes in the City of Toronto.
First Time Buyers are exempt up to $400,000.
Land Transfer taxes are paid at the time of closing.
Many mortgage companies charge appraisal and processing fees. These fees can be several hundred dollars. If you are borrowing more than 80% of the property value (high ratio financing), there will be a mortgage insurance premium added to the face amount of the mortgage. These fees are usually paid at the time of closing.
You may wish to consider a closing insurance policy (about $40) and/or home warranty policy ($230 – $350). As well, you will need the property insurance and occupier’s liability insurance. Contact an insurer well in advance of closing in order to ascertain the costs and to have the policies in place at closing.
Taxes, Fuel etc. will be apportioned to the seller and buyer at the time of closing. The buyer’s lawyer arranges for these adjustments with the seller’s lawyer as part of the closing process.
Costs To Buying A Home
What are the costs in addition to the purchase price when buying a home?
- Consider the one time costs associated with a home purchase, including a down payment, legal fees, inspection fees, taxes and moving expenses
- Understand ongoing monthly costs, including mortgage payments, insurance, utilities, property taxes, maintenance, and if applicable condo fees.
- Take into account the equity you may have in your current home and the applicable mortgage options available for your next move.
- Pre-qualifying for a mortgage gives you the comfort of knowing how much and what your monthly payments will be.
- A pre-approval f rom a mortgage lender protects you against interest rate increases for a given period during your home search, and may be the deciding factor between a seller accepting your offer or somebody elses.
Defining Your Needs & Wants
With an appreciation of what you can afford, determine what you need vs. what you want with respect to the price range you can afford.
- Consider your current lifestyle as well as any lifestyle changes you foresee longer term. Select an urban, suburban or rural location that best serves the needs of your evolving lifestyle.
- Choose neighbourhoods in close proximity to the amenities that are most important to you, like schools, shopping, entertainment, recreation, and transportation.
- Consider your commute times to work, school, friends and family.
- Determine the size of the home you require, such as the minimum number of bedrooms, as well as any other space requirements, like room for a home office or theatre.
- Understand which home features are most important to you, such as additional bathrooms, or a large backyard.
- Decide on the property that suits your lifestyle, needs and finances whether it’s a condo, townhouse, single, or multi-family dwelling.
Begin Your Home Search
Once you’ve determined your needs and what you can afford, as your chosen real estate professionals we will:
Provide access to both MLS listed properties, and properties listed exclusive with Royal LePage. We will send you listings of the properties that match your specific criteria, ensure you receive new listings of properties that match your criteria as soon as they become available on the market.
Click here to sign up to receive listing alerts whenever new properties that meet your requirements hit the Toronto real estate market.
We’ll supply supplement neighbourhood information like historical property values for the area, property taxes, schools, and public transportation.
Once we’ve discovered properties that may work we will prescreen them and preview whichever best fit your criteria.
Viewing Homes
When viewing properties you are interested in, it is important to remain objective. We will help you understand the important of looking beyond surface aesthetics at:
- A home’s exterior features from the foundation to the walls, the roof, the eaves, and downspouts, drainage, windows, doors, fencing and landscaping.
- A home’s interior fittings such as walls, floors, outlets and switches, lighting, kitchen and bathroom fixtures, and appliances.
- A home’s heating, cooling, plumbing and electrical systems.
- Visible signs of problems such as water or pest damage.
- The benefits of having all of the above investigated thoroughly by a qualified property inspector
- Noise levels from neighbouring properties, the street, cars and public transportation, and where applicable, highways, railways and airports.
- The ability for you to live comfortable, according to your predetermined needs and wants, with available space for your furnishings and storage requirements.
Submitting An Offer
There are a number of considerations to make before the offer is prepared for your next home. As your real estate agent, we will guide you through the entire process to help you:
- Appreciate what comparable houses are selling for, how current market conditions can impact your offer, and where applicable, whether there is any competition from other interested homebuyers.
- Understand the benefits of investing in a qualified home inspector who can expose any property deficiencies and who may also provide you with an
estimate on their cost of repair. - Determine any offer conditions such as a satisfactory home inspection or arranging financing, and the potential impact of such conditions on the
acceptance of your offer. - Sort through the key elements of your offer including price, deposit, financial terms, inclusions and exclusions, and your closing or possession date.
- Present your offer to the seller or the seller’s representative on your behalf.
- Manage all offers and any counter-offers, negotiating to get you what you want.
Closing
Your home purchase becomes a reality on closing day when ownership is officially transferred to you. Before and on closing day, there are a number of tasks to complete with which we can assist in providing recommendations:
- If you are renting, give notice to your landlord and arrange for the return
of your deposit. - Confirm your home purchase with your mortgage lender and finalize your mortgage details.
- Hire a legal professional to represent your interests and manage closing documentation.
- Obtain home insurance and notify your lawyer and mortgage lender of the selected insurer.
- Arrange for your self-move requirements or obtain estimates from reputable moving companies and book as far in advance as possible.
- Coordinate cancellations, transfers and change-of-address notification for medical, financial and contracted services, utilities, licenses, subscriptions, memberships, and personal mail.
- Organize the connection of services and utilities at your new home.
- Meet with your lawyer on closing day to sign required mortgage and property closing documentation, pay associated balances and fees, and collect the keys to your new home.
