Mortgage · Canada
Closing costs.
Estimate all the upfront fees you'll pay on closing day: legal fees, land transfer tax, title insurance, inspection, and more.
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Total closing costs
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What goes into closing costs?
In Canada you should budget 1.5%–4% of the purchase price for closing costs. The biggest line item is usually land transfer tax. Other common items: legal fees ($1,500–$2,500), title insurance ($250–$400), home inspection ($400–$600), and the lender's appraisal ($300–$500).
TNAADO Inc. · Toronto
The costs the mortgage does not cover
Closing costs are the cash you need on completion day over and above the down payment, and they are generally not financeable. The largest item is almost always land transfer tax, which in Toronto is charged twice, once by Ontario and once by the city. Legal fees, title insurance, the lender’s appraisal, adjustments for property tax the seller has prepaid and, on a new build, GST/HST make up most of the rest.
The mistake people make. Budgeting a flat percentage and stopping there. The familiar 1.5% to 4% rule of thumb is a starting point that swings wildly by province and by city, because land transfer tax is provincial and sometimes municipal on top. Toronto is the extreme case in Canada. Run the land transfer tax separately for the actual jurisdiction rather than trusting a single percentage of the purchase price.
Disclaimer
Estimates for educational purposes only. Provincial rules, municipal fees, and lender requirements vary. Confirm exact costs with your lawyer.