Useful Phone Numbers to Help You Out.

Should there be any separate utility meters on the property being purchased, the appropriate departments must be advised to read the meters on closing so that there will be no interruption of services so that the purchaser will only be billed after the closing date with the vendor being billed for the period prior to the closing date. Hydro prefers that purchasers and vendors make direct arrangements for meter readings by contacting Hydro. It is also ADVISABLE that purchasers should also contact any applicable utility department to arrange to have utility accounts set up in the purchaser’s name to avoid any misunderstandings.

 

For your convenience, some telephone numbers are:

City Water Hydro Gas Property Taxes
AJAX (905) 619-0500 (905) 686-2311 (877) 362–7434 (905) 683-4550
Ext. 22
AURORA (905) 727-4612 (905) 727-1375 (877) 362–7434 (905) 727-1375
BRAMPTON (905) 840-6300 (905) 791-9400 (877) 362–7434 (905) 874-2000
MARKHAM (905) 477-3810 (905) 477-3810 (877) 362–7434 (905) 477-7000
MILTON (705) 739-5130 (416) 876-4611 (877) 362–7434 (905) 878-7211
MISSISSAUGA (905) 279-9050 (905) 791-9400 (877) 362–7434 (905) 896-5575
NEWMARKET (905) 895-2309 (905) 895-5193 (877) 362–7434 (905) 895-5193
OAKVILLE (905) 825-9400 (905) 825-9400 (877) 362–7434 (905) 845-6601
OSHAWA (800) 372-1102 (877) 997-2899 (877) 362–7434 (905) 725-7351
PICKERING (905) 427-0791 (800) 465-6611 (877) 362–7434 (905) 420-4614
RICHMOND
HILL
(905) 884-4466 (905) 771-8800 (877) 362–7434 (905) 771-8800
TORONTO (416) 338-4829 (416) 542-8000 (877) 362–7434 (416) 338-4829
VAUGHAN (905) 832-8371
Ext. 8779
(905) 832-8371
Ext. 8779
(877) 362–7434 (905) 832-2281
WHITBY (905) 668-5878 (905) 571-6611 (877) 362–7434 (905) 668-5803

 

Purchasing a Property; some things to note

I know this is a crazy time in your life and so I have summarized below some of the important things you will need to remember about the purchase or sale of your property.

 

Agreement of Purchase and Sale (commonly called Offer to Purchase)

Understanding the Agreement of Purchase and Sale (for use in the Province of Ontario, which is sometimes commonly referred to the Offer to Purchase) is essential once your house hunting expedition is a success! You have finally found the perfect home, one that satisfies your needs, most of your wants and best of all, fits your budget. Now comes one of the most important phases of your home-buying experience: making an offer to purchase the home.

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Calculating Land Transfer Taxes

NEW! City of Toronto Land Transfer Tax

 

On October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008.

 

(a) ½ of 1% (or $5 per $1000) to $55,000, and
(b) 1% (or $10 per $1000) over $55,000 to $400,000 and
(c) 2% (or $20 per $1000) over $400,000

 

Use our on-line tool to help calculate land transfer tax for your purchase.

 

Land Transfer Tax (LTT) is a tax charged by Ontario to buyers of real estate at the time a deed is tendered for registration with the Land Titles Office. It is sometimes called the “Welcome Tax”.

 

LTT is calculated as a percentage of the purchase price of the property as follows:

 

(a) ½ of 1% (or .05% or $5 per $1000) to $55,000, and
(b) 1% (or /1% or $10 per $1000) over $55,000 to $250,000 and
(c) an additional .5% for all values over $150,000 but under $450,000

 

An easy rule of thumb for properties under $250,000 is to take 1% of the value of the property and substract $275 (to account for the .5% reduction in tax for the first $55,000 of value). For example, if the property is worth $100,00 the tax would be calculated as follows:
$100,00 x .01 = $1,000
less (275)
equals LTT of $725

 

Use our on-line tool to help calculate land transfer tax for your purchase.

 

There are some situations that involve different calculations, so be sure to consult with your legal advisor to get the proper calculation.

 

First Time Home Buyers

If you’re a first time home buyer, you’re probably a little nervous about the prospects of buying a new home. You’re not alone. Thousands of people have done it and survived. You can too! The process is actually not that complicated, and if you get organized and make some good decisions at the outset, it should be a positive and happy experience.

 

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