House flip calculator

Disclaimer

This calculator is a planning estimate, not advice and not an offer of financing. The dollar figures start as rules of thumb, several of them scaled to the purchase price you enter, so lawyer fees, title insurance, inspections, property tax, insurance, utilities, renovation costs and after repair value will differ from the real quotes on a real property. Land transfer tax uses current Ontario and City of Toronto rates and ignores the first time buyer rebate and the non resident speculation tax. Minimum down payment follows federal insured mortgage rules; lenders generally require more on a property you will not live in, and default insurance is not available on a property bought to resell. Mortgage payments use the Canadian semi annual compounding convention, and the balance you owe at sale is taken as you enter it rather than amortized month by month. A substantially renovated home can attract HST on resale, and property held for a short period is normally taxed as business income rather than a capital gain. Confirm your own numbers with your mortgage professional, lawyer and accountant before you commit to a purchase. Silver Spear Realty Brokerage accepts no liability for decisions made on these figures.