How to estimate cost of selling a house in ontario?
I would be happy to explain the process to you:. There are a few things to consider in the cost of selling a house. The one with most consequence is the Real Estate Agent`s fee. This is negotiable, but the accepted going rate is 5%. I would use that percentage. Be sure to add GST to that figure. Here`s an example: if you sell the house for $500,000 your real estate fee would be $26,250. 00 ( $500,000 x 5%= $25,000. 00 + 5% GST= $26,250. 00). Then there are costs associated with settling your mortgage: If you are buying a house and are able to transfer your mortgage to the new property, you will save some money. If not there might be penalties associated with paying the mortgage prior to the completion of the term. You have to check with your financial institution to determine the amount of the penalty. Generally it amounts to 3 month`s interest or the interest rate differential. Either one of these will amount to several thousands of dollars. Check your mortgage documents, or talk to y