Skip to content
Ashgrove Realty Inc., BrokerageRichmond Road, Westboro, Ottawa(613) 555-0126
Get your home's value
Get your home's value Call (613) 555-0126

Ashgrove Realty Inc., Brokerage

Sheet 14 / Condos and first homes

Condos and first homes.

Help for first-time buyers, from the first mortgage call to reading the condo status certificate.

Status certificate
Read with you
Closing budget
Line by line
Land transfer tax
Worked out
Fees
In writing before you sign

What you get

Condos and first homes, step by step.

Buying your first home comes with new costs and new paperwork. We explain the Ontario land transfer tax and the first-time buyer refund, help you budget for closing costs, and read condo status certificates with you so you know the reserve fund balance and any planned fee increases before you commit.

  1. 01A first-meeting checklist of costs and timelines
  2. 02Status certificate review with your lawyer
  3. 03Condo fee and reserve fund comparisons
  4. 04Pre-construction and resale options
  5. 05Referrals to lenders who work with first-time buyers
A six-storey brick condo building with black-framed windows and glass balconies.

Closing costs

Land transfer tax, worked out.

Ottawa has no municipal land transfer tax, so you pay the Ontario tax only. If you are a first-time buyer, tick the box to see the refund.

Also budget for

  • Your lawyer's fees and title insurance
  • A home inspection before you firm up
  • Adjustments for property tax or condo fees the seller already paid
  • Moving, and utilities set-up

Type a price or drag the slider. From $200,000 to $2.5 million on the slider.

Ontario land transfer tax you pay

$6,975

Tax before any refund
$6,975
First-time buyer refund
$0
Ottawa municipal land transfer tax
None

How the tax builds up, bracket by bracket

  1. Up to $55,0000.5%$275
  2. $55,000 to $250,0001.0%$1,950
  3. $250,000 to $400,0001.5%$2,250
  4. $400,000 to $2 million2.0%$2,500
  5. Over $2 million2.5%$0

This calculator gives an estimate only, for a home with one or two single family residences, including a condo unit. Your lawyer confirms the final amount before closing. Rates and the refund of up to $4,000 are from the Government of Ontario pages on calculating land transfer tax and refunds for first-time homebuyers.

Condos

Reading a status certificate.

A status certificate tells you how the condo corporation is doing before you commit. We read it with you and your lawyer, and we start with these six parts.

  1. 1
    Budget

    The budget for the current year, and the last audited financial statements.

  2. 2
    Reserve fund

    The state of the reserve fund and the most recent reserve fund study.

  3. 3
    Your fees

    The common expenses for the unit, and whether the unit is behind on payments.

  4. 4
    Increases

    Any increase in common expenses, and the reason for it.

  5. 5
    Special assessments

    Any special assessment charged to the unit since the budget, and why.

  6. 6
    Rules

    The declaration, by-laws and rules. We read them for pets, rentals and renovations.

The condo corporation must provide the certificate within 10 days and can charge up to $100, including taxes. The Condominium Authority of Ontario explains what it must contain.

Questions

About condos and first homes.

How long does a status certificate take?

The condo corporation has 10 days to provide it and can charge up to $100, including taxes. We usually make the offer conditional on your lawyer reviewing it.

Does Ottawa charge a municipal land transfer tax?

No. In Ottawa you pay the Ontario land transfer tax only. First-time buyers may get up to $4,000 of it refunded.

How much is your commission?

Commission is set by agreement between you and the brokerage, and we put it in writing before you sign a listing agreement. At the first meeting, we go through what it covers.