In Ontario, closing costs often sneak up as the real financial surprise ranging from 1.5% to 4% of your purchase price. Here's your smart-as-a-map breakdown before closing day.
Why You Should Care
You’ve saved your down payment but are you ready for the land transfer tax, lawyer fees, title insurance, inspection costs, adjustments, and more? These hidden expenses can add thousands to your closing tab.
What To Expect:
- Land Transfer Tax: Provincial (tiered rates), plus municipal in Toronto. First-time homebuyers may qualify for rebates.
- Legal & Registration Fees: Usually between $1,100–$1,800 for legal services, plus ~ $200 for land/mortgage registration.
- Inspections & Appraisals: $300–$1,000 for home inspections; $300–$600 for lender-required appraisals.
- Title Insurance: Commonly $250–$500 to protect against fraud or title issues.
- Adjustments: Covering pre-paid property taxes or utilities—buyers reimburse sellers for these.
- Added Extras: CMHC insurance if your down payment is under 20%, condo status certificates, surveys, moving costs, and home insurance.
Expect about 1.5–4% of your home’s price in closing costs, depending on all the variables including location and whether you’re a first-time buyer.
Ready to budget like a pro? Let’s crunch the numbers together, send me an email at lzizian@remaxniagara.ca. Enter your target purchase price, location, and buyer status (first‑time or not), and I’ll help you estimate your closing costs down to the dollar.
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