If you're thinking of buying or selling real estate in Ontario, you'll want to read this first. As Canada's most populous province, Ontario is a great place to buy or sell a home. But it's also a large and complex real estate market. To help you navigate the ins and outs of buying and selling real estate in Ontario, we've compiled a list of our top 5 tips:
1. Get to know the market. Make sure you're familiar with the median prices in the area where you want to buy or sell. Pay attention to trends over time so you can anticipate how prices might change in the future.
2. Find a good realtor. A good realtor will make all the difference when it comes to buying or selling your home. They will help you understand the market, find properties that meet your needs, and negotiate on your behalf.
3. Be prepared to move quickly. In Ontario's hot real estate market, properties often receive multiple offers and can sell very quickly. It's important to be prepared mentally and financially so that you can move quickly if you find a property you love.
4. Get a home inspection. Before buying a property, it's important to get a professional home inspection to ensure there are no hidden problems that could end up costing you big time down the road.
5. Expect to pay land transfer tax. When buying property in Ontario, you'll be required to pay land transfer tax which is calculated as a percentage of the purchase price (0.5% on the first $55,000, 1% on the portion between $55,000 - $250,000, and 1.5% on any amount above $250,000).
Selling your home? You may also be required to pay capital gains tax if you've made a profit on the sale of your home (this does not apply if it was your primary residence).
Buying or selling real estate in Ontario can be complex but following these simple tips will help ensure a smooth transaction: know the market, find a good realtor, be prepared to move quickly, get a home inspection, and expect to pay land transfer tax. With these guidelines in mind, you're one step closer to successfully buying or selling property in Canada's largest province!
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