When you acquire land, you pay a Land Transfer Tax to the province when the transaction closes. It is normally based on the amount paid for the land, in addition to any mortgage or debt assumed as part of the agreement to buy the land. Land Transfer Tax is generally calculated using the following formulas based on your purchase price:

– on the first $55,000: 0.5%

– from $55,000 to $250,000: 1%

– from $250,000 to $400,000: 1.5%

– over $400,000: 2%

Please note, if you are a first time homebuyer, you are eligible to receive an exemption of up to $4,000.

Moving costs are something to consider, whether you’re making the move across town or across the country! You may choose to rent a truck and move everything yourself, or you may want to hire a reputable moving company to do the heavy lifting for you. Make sure they are insured and bonded, and that they come with the gleaming recommendation from people you trust. You don’t want to leave all your belongings with people you don’t know!

Once you have purchased a home, you can begin setting up your utilities at the new property. Often this can (and should) be done in advance of closing, so don’t wait until the last moment to get these accounts set up.