It was reported yesterday that home sales in the Greater Toronto Area have rebounded in a big way after a brutal slump, increasing nearly 30 per cent since last June and heralding the return of a seller’s market. What does that mean to you if you’re someone facing divorce today? Should you consider selling quickly to take advantage of the market now? Some people believe they should sell now and split the money and each buy something on their own before prices climb even further.
Many people are carrying large debt loads and are shocked to see how much they in fact have left over after paying off all their debts. In calculating the cost of a new home, you must take into account such things as legal fees, moving costs, utility set up fees.
The big expense for buyers,however, is land transfer tax. And if you considering buying in the GTA, there is an additional land transfer tax assessed. Most realtors and mortgage brokers websites have a land transfer tax calculator. If you can’t locate one easily, let me know and I’ll do the calculation for you.