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JIMMY KWON & LISA YUN DOMINION LENDING CENTRES
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  • Things To Know
The lawyer or notary you choose will determine the final numbers.   The spreadsheet below will give you an approximate idea of the net proceeds OR shortfall when selling and purchasing.   
  • ​Please enter the numbers in the fields highlighted in "White".
  • This spreadsheet will only calculate property transfer tax on properties up to $2,000,000 and no higher.

Approximate proceeds (Net or Shortfall) when selling and purchasing as per above

  • Please  note the realtor fees are approximate and confirm with the realtor you are using.  I am using 7% on the first $100,000 and .25% on the difference, plus Gst.  
  • If there is a penalty please enter in this amount.
  • Legal fees are approximate and please confirm with the lawyer or notary you use for conveyancing.
  • Discharge fee is approximate and depends on the lender that has your mortgage.
  • Inspection fee is approximate and depends on the inspector you choose.
  • Appraisal fee is approximate and if the down payment is LESS than 20% there is generally no cost.

Down Payment Rules

  • The minimum down payment required if the purchase price is $500,000 OR LESS is 5% of the purchase price.
  • The minimum down payment required if the purchase price is OVER $500,000 and LESS than $1,000,000 is 5%  of the first $500,000 and 10% of the difference on the purchase price.
  • The minimum down payment required if the purchase price is $1,000,000 OR GREATER is 20%.

Property Transfer Tax 

  • 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, and
  • 3% on the portion of the fair market value greater than $2,000,000.
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