Useful information and references
Home Buyers Plan and RRSPs in Canada
The Home Buyers’ Plan is a program that allows you to withdraw up to $35,000 from your registered retirement savings plans (RRSPs) to buy a qualifying home for yourself.
Click here to find out more from the Government of Canada.
Mortgage Loan Insurance
If you want to buy a home with a down payment of less than 20%, you’ll need mortgage insurance. This protects your lender in case you can’t make your payments.
Click here to learn more from the Canadian Mortgage and Housing Corporation (CMHC).
Compare Schools & Neighbourhoods
Explore neighborhoods and how they rank by housing, schools, green space, transit, and even healthy food stores.
Click here to look up a neighbourhood.
FAQs
What is a Buyers Representation Agreement and do I need one?
The buyers representation agreement (BRA) is a signed document that allows a realtor to represent you during your search, and may be requested to book appointments to view properties. While the terms are negotiable, the agreement is exclusive and binding. Be sure you are only signed and represented by one realtor at a time.
How does real estate sales commission work, who pays it, when?
In Ontario the seller is responsible for paying real estate commission to both the agent representing the seller, as well as the buyer’s agent. It is typically 5% in total, however this may vary. The commission is paid once a sales transaction has been completed and payment is disbursed to agents through their brokerage.
What regular expenses can I expect to pay as a homeowner?
On a monthly basis expect to pay expenses for electricity, gas, and cable/internet if you have these services. Municipal utility billing for water, waste collection and property tax varies by city and is often every 3 months. It is recommended all homeowners secure house insurance to protect the property and its contents.
What type of taxes do I need to be aware of besides property tax?
HST is applicable for new build homes only. HST is payable on certain services associated with the purchase of a home, such as legal fees, real estate commissions, moving fees, appraisals, and home renovation services. These fall under the category of closing costs and should be part of your budget considerations. HST is not applicable for resale homes.
When you buy land or an interest in land in Ontario, you pay Ontario's Land Transfer Tax (LTT). Click here for information on land transfer tax rates. Note If you buy property in the City of Toronto, you may also pay the City of Toronto's own municipal land transfer tax.