Home Buying Closing Costs in Ontario
Your down payment is not your total cash requirement. Build a closing-cost plan early so the final week before possession is not when you discover a major expense.
The main cost categories
Every purchase is different, but buyers commonly need to plan for land transfer tax, legal fees and disbursements, title insurance, property adjustments, moving costs and property-specific due diligence such as inspections. Financing can create additional requirements.
Toronto buyers have an extra layer
A qualifying purchase in Toronto is generally subject to Toronto Municipal Land Transfer Tax in addition to Ontario Land Transfer Tax. First-time buyer rebates may reduce the amount for eligible purchasers.
Costs that are easy to underestimate
- Property tax or utility adjustments credited to the seller.
- Immediate repairs, locks, moving and setup costs after possession.
- Condo document review or status-related professional advice where appropriate.
- Insurance and lender conditions that must be satisfied before funds advance.
- Toronto and Ontario land transfer taxes at the current rates.
This guide is general education, not a closing statement. Your lawyer, lender, insurer and tax professional should confirm transaction-specific amounts.
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