Cost update: December 2009

Home ownership, and in particular, purchasing a house can be expensive. Here is a summary of bills we have paid so far after one month of owning the house:

House Inspection - $414.75
Sewer Inspection - $322.41
Change Locks - $70.00
Legal fees to register mortgage, etc - $2005.10
Energy Audit - $149.50 (after $150.00 gov't rebate)

Total - $2961.76

Oh, and don't forget the land transfer tax, which varies based on the price of the home. At the time of writing, the published land transfer tax rates in Ontario were:
- 0.5% of the value of consideration for the transfer up to and including $55,000,
- 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
- 1.5% of the value of the consideration which exceeds $250,000, and
- 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

In addition, the buyer usually has to reimburse the seller for the portion of any property tax they have paid for the remainder of the year.

All in all, be ready to shell out up to $10,000 just to complete the purchase of a house in Ontario.