Closing costs are those charges that your lawyer presents you with on the closing date for your home purchase. They are typically NOT covered by the financing arrangements, and you must have additional funds on hand to cover these costs at closing.

Typical major costs include:

• Land Transfer Tax - Provincial (approximately double if you are in City of Toronto) See our detailed report below for methods of calculating the LTT or  check out this Mortgage and Land Transfer Tax Calculator. (Be sure to select Ontario or Ontario/Toronto as there are major differences in the tax payable) 

• Legal Fees and Disbursements

• Mortgage Registration Charges 

• Title Insurance  (and Survey Costs - seldom required now)

• Appraisal Fees

• Closing Adjustments (Property Taxes, Utilities, Interest etc)

• HST where applicable

Quick Tip: Based on  a home selling for $350,000 a figure of 2.5% of the purchase price can be used as a handy “quick budget” allowance for the above closing costs, although this estimate can vary widely. (3.5% in the City of Toronto) This percentage figure will increase as the home price increases. See our detailed report below for more accurate calculations.

In addition you may have many other costs which arise, including:

• Status Certificate Fee - applies only to Condominiums

• Home Inspection Fees

• Home & Fire Insurance

• Personal and Moving expenses

See a 2 page PDF summary of detailed typical closing costs   (use BACK Browser button to return)

Further helpful information ...                     (please use your browser BACK button to return)

• To learn ALL ABOUT MORTGAGES, see our Menu on the LEFT.
• See>  Typical Home Improvement Costs to download a PDF file which outlines expenses you can expect in making renovations
• Start the process of selecting a lawyer.  One will be needed soon after, if not during the offer negotiations.
• You may also wish to check out these useful websites: 
  • Title Insurance Rates
  • CMHC Mortgage Insurance