Buyers

Understanding Your Needs

Alexandra is here to listen to your Muskoka dream, and help you prioritize your needs and wants. Whether itís the perfect lake and location, exposure, topography, or privacy. Alexandra will help navigate you with advice on how each factor will fit into and affect budget.

Understanding the Muskoka market

Alexandra will inform and educate you on the current market conditions and anticipated trends and review past and recent sales in order to help you understand the market values.

Expenses Paid
Mortgage Application and Appraisal Fee At time of application
Appraisal Fee
At inspection
Property Inspection (optional)
At inspection
Legal Fees Closing
Legal Disbursements
Closing
Deed and/or Mortgage Registration
Closing
Property Survey (sometimes provided by seller)
When completed
Land Transfer, Deed Tax or Property Purchase Tax
(in Quebec within 3 months following signing)
Closing
Mortgage Interest Adjustment and Take Over Fee (if applicable) Closing
Adjustments for Fuel, Taxes, etc.
Closing
Mortgage Insurance (and application fee, if applicable)
Closing
Home and Property Insurance
Closing and On-going
Connection Charges for Utilities such as Gas, Water and Electricity Date of move
Moving Expenses Date of move

Important aspects to consider when purchasing a cottage :

  • What is the water frontage?
  • What is the age of the septic system and is in good working order?
  • Water source? Is there a well? Is it lake water? Is there a water purification system?
  • Type of heating?
  • Is there a dock/boathouse? Are they in good condition?
  • Is the ShoreRoad allowance owned?.
  • What is the shoreline like? Natural sand, shallow, hard packed, deep etc?
  • Is the land steep/flat?
  • What building potential is there for the lot?
  • What are you looking for in water sports? The size of the lake will have a direct bearing on what you can do.
  • Is there a hospital/fire department in close proximity?
  • Is there a marina near by?
  • How are the services for Internet/Cell reception

Working with a realtor who is familiar with the challenges of buying in cottage country will make the overall process easier. We know what to look for so there are no unexpected surprises once the deal has closed.


Land Transfer Tax

Land transfer tax is payable on every conveyance of land tendered for registration and every unregistered disposition of a beneficial interest in land, unless specifically exempt under the Act or regulations. The definition of land as defined in subsection 1(1) of the Act is broad and includes lands, buildings, structures, structures to be constructed, fixtures and any interest in these. The purchaser's solicitor pays the Land Transfer Tax on behalf of the purchaser on the closing date. The purchaser will then be required to provide their solicitor closing funds (certified) that will cover the closing expenses.


Calculating Land Transfer Tax

Effective January 1, 2017, the tax rates for land transfer tax will depend on the date of the agreement of purchase and sale.

Amounts up to and including $55,000 : 0.5 % plus, Amounts exceeding $55,000 to $250,000 : 1.0 % plus, Amounts exceeding $250,000 to $400,000 : 1.5 % plus, Amounts exceeding $400,000 : 2.0 %

Amounts exceeding $2,000,000, where the land has one or two single family residences : 2.5 %

(Non-residential properties, such as industrial or commercial real estate, do not have the 2%. The tax rate is 1.5% for any amount of purchase price over $250,000)


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