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.