● Client Resource
Buyer & Renter Guide
Everything you need to know before closing on a purchase or signing a lease in the GTA.
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Closing Costs — Buying a Home
Budget an additional 1.5% – 4% of the purchase price on top of your down payment.
Land Transfer Tax
Provincial + Municipal
Ontario buyers pay a provincial LTT. Toronto buyers also pay a second municipal LTT — effectively doubling the tax. First-time buyers can claim up to $4,000 (provincial) and $4,475 (Toronto) in rebates.
Required
Legal Fees & Disbursements
$1,500 – $2,500+
A real estate lawyer handles the title transfer, reviews the Agreement of Purchase and Sale, registers the mortgage, and holds funds in trust. Disbursements (searches, registration) add $300–$600 on top of the flat fee.
Required
Home Inspection
$450 – $700
A licensed inspector examines the structure, roof, electrical, plumbing, HVAC, and insulation. Though waived in hot markets, an inspection can save tens of thousands by uncovering defects before you're legally bound.
Recommended
Title Insurance
$200 – $400 (one-time)
Protects against title fraud, encroachments, zoning violations, and survey defects discovered after closing. Your lender will require lender's title insurance; owner's title insurance is separate and covers you personally.
Recommended
CMHC Mortgage Insurance
2.8% – 4% of mortgage
Required when your down payment is less than 20%. The premium is added to your mortgage balance and amortized over the life of the loan. On a $700k purchase with 5% down, the premium is roughly $26,600.
If < 20% down
HST on New Builds
Up to 13% of purchase price
New construction homes are subject to HST. Most builders include this in their advertised price with a rebate applied, but assignment sales and some pre-con units may expose you to full HST — confirm with your lawyer.
New builds only
Property Tax Adjustment
Varies by closing date
If the seller has prepaid property taxes beyond closing day, you'll reimburse them the difference. If taxes are in arrears, the seller pays you. Your lawyer calculates this on the Statement of Adjustments.
Required
Moving & Setup Costs
$800 – $3,000+
Professional movers, truck rental, utility deposits, and immediate repairs or upgrades add up quickly. Budget at least $1,500 and have a reserve for surprises in the first 30 days.
Practical
Home Insurance
$100 – $250 / month
Your lender requires proof of home insurance before releasing funds on closing day. Premiums depend on the home's value, construction type, location, and your claims history. Shop at least 3 providers.
Required
Land Transfer Tax Estimator
Estimates only — based on 2024 Ontario/Toronto LTT brackets and first-time buyer rebate amounts. Confirm with your lawyer. Ontario LTT info →
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What to Check Before Signing a Lease
Protect yourself — issues discovered after you move in are much harder to resolve.
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Lease & Legal Terms
- Use the standard Ontario Lease — landlords must use the provincial Standard Lease Form for most residential rentals. Refuse any lease that omits it.
- Confirm the lease term — 1-year fixed, month-to-month, or other. Know what happens at the end of the term.
- Rent increase rules — in Ontario, landlords may only raise rent once per 12 months, and only up to the provincial guideline (typically 2–3% per year). Ask what the rent history has been.
- Early termination clause — the Ontario RTA does not allow you to break a lease without cause. Understand your exit options (sublet, assignment, N9 form).
- Last month's deposit — a landlord may collect first and last month's rent upfront, but nothing more. No damage deposits are allowed in Ontario.
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Utilities & Costs
- What's included in rent? — clarify water, heat, hydro, internet, and parking individually. A "utilities included" unit can be worth $200–$400/month more.
- Hydro billing method — some condos use Bulk Metering (included), others sub-meter individually. Ask for 12 months of past hydro bills.
- Parking & locker — confirm if parking is included, assigned, owned, or leased separately. Surface vs. underground matters for insurance.
- Internet provider options — some buildings are exclusively wired for one provider. Check if your preferred carrier can service the unit.
- Condo fees (for condo rentals) — the landlord pays the condo fee; you shouldn't be charged for it. Confirm nothing in the lease passes it to you.
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Unit Condition Inspection
- Walk through on a weekday — test all lights, outlets, faucets, and appliances. Run hot water and check water pressure.
- Check for mould and moisture — inspect bathroom caulking, under sinks, around windows, and in closets near exterior walls.
- Window seals & drafts — foggy double-pane glass means a failed seal. Drafty windows raise heating costs significantly in winter.
- Noise levels — visit at different times of day. Listen for hallway noise, neighbors, traffic, HVAC units, and elevator mechanical rooms.
- Document everything — photograph every scratch, stain, and defect before move-in and email the photos to the landlord. This protects your last month's deposit.
- Cell signal & WiFi — thick concrete condo walls often kill cellular reception. Test your phone signal throughout the unit.
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Building & Landlord Due Diligence
- Verify ownership — ask the landlord to show ID and a property tax bill or ownership document. Rental scams involve people posing as owners of units they don't own.
- Look up the condo corporation — search the condo's name in the Condo Authority of Ontario (CAO) registry. Check for ongoing disputes or tribunal decisions.
- Building amenities & rules — get the condo rules in writing. Some buildings prohibit short-term rentals, have guest suite limits, or restrict move-in times.
- Pest history — ask directly. Landlords in Ontario must disclose pest infestations. Check online reviews for the building address.
- Superintendent response time — speak to a current tenant if possible. A slow super means maintenance requests go unresolved for months.
- Rental market history — how long was this unit listed? A unit sitting 60+ days may signal a pricing or condition problem.
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Questions to Ask Before Renting
Ask these in person — vague or evasive answers are a red flag.
01
Why is the current tenant leaving, and how long did they live here?
02
Has there ever been a pest infestation in this unit or building?
03
What appliances are included, and how old are they?
04
Who is responsible for snow removal and lawn care (for houses)?
05
Is the unit currently occupied or vacant? When is it available?
06
Are there any planned renovations to the building or unit?
07
What is the typical monthly hydro bill for this unit?
08
Is the building pet-friendly, and are there breed or size restrictions?
09
Can I sublet or assign the lease if I need to leave early?
10
How do I submit maintenance requests, and what is the typical response time?