The buyer pays the closing costs, at the time of closing. This cost is then added to the payable total. Your Toronto real estate lawyer fees and disbursements will be added to it as well. The land transfer taxes will be paid by your real estate lawyers to the Province and the other closing costs will likely be paid to the seller with your real estate lawyer Toronto retaining the money that is payable to him on account of fees, expenditures, and HST.

This cost varies from builder to builder but excludes the Land Transfer Tax. Homebuyers in the City of Toronto pay Municipal Land Transfer Tax (“MLTT”) in addition to the Ontario Land Transfer Tax (conditions apply). The MLTT follows the same rate structure as the provincial tax. First-time homebuyers do get a rebate. It would be reasonable to set aside at least 1.0% of the purchase price on account of closing costs (excluding Land Transfer Taxes).

Mortgage refinance is the process of paying off the current mortgage on your home and replacing it with a new one. It is done when a homeowner wants to change certain details of their mortgage. The new mortgage can provide lower interest rates, a shorter term, higher mortgage balance, adjusted pricing from variable to fixed (or vice versa) or allow you to tap into your home equity.

The time taken to refinance a mortgage in Ontario varies widely. However, on average, it takes between two to four weeks to complete the whole process. The time taken is generally dependent on how prepared the homeowner is and any hurdles experienced in any step of the process. For example, delaying your appraisal can affect the time taken to refinance your mortgage.