Lack of land transfer tax makes homes more affordable in two provinces RealEstate Homes FirstTimeHomebuyers
Additional closing costs like the land title registry and mortgage registration — about a few hundred dollars each — and legal fees — about $1,500 to $2,000 — are relatively similar across the nation and do not have much impact on buyers, Mitchell says.Article content
“When people move into new homes, they spend an average of about $40,000 more” on renovations and furniture, Mitchell says. With buyers paying thousands of dollars in taxes on a home purchase, they inevitably have less to spend on these items.“It’s billions of dollars in revenue in British Columbia or Ontario,” he says.
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