Every cost you'll pay on closing day — and how to budget for all of them
The down payment is the big number — but closing costs are the shock that catches buyers off guard. Budget 1.5%–4% of the purchase price on top of your down payment. Here is every line item explained.
Ontario: 0.5% on the first $55,000 of purchase price; 1.0% up to $250,000; 1.5% up to $400,000; 2.0% above $400,000; plus 2.5% above $2M on non-residential portions. Toronto buyers pay a second identical municipal LTT on top of provincial. First-time buyers receive a provincial rebate of up to $4,000 and a Toronto rebate of up to $4,475. BC, Alberta, Manitoba, and other provinces each have different rates — calculate before you make an offer.
Budget $1,200–$2,500 for a real estate lawyer or notary. Your lawyer reviews the Agreement of Purchase and Sale, performs a title search, handles the transfer of funds, registers the mortgage and new title, and provides a statement of adjustments showing every credit and debit on closing day. Never attempt to close a real estate purchase without a lawyer — they catch problems you don't know to look for.
A one-time premium of $200–$400 for an owner's title insurance policy. This covers undisclosed title defects, zoning violations, survey issues, and title fraud. Your lender requires a lender's policy; purchase your own separate owner's policy for personal protection — the added cost is minimal. Title fraud (where someone sells your home without your knowledge) is rare but devastating; title insurance is protection against it.
Home inspection: $400–$600. Property tax adjustment: you reimburse the seller for any property tax they've prepaid past your closing date. Utility hookup or transfer fees. Moving costs: $1,000–$5,000+ depending on volume and distance. For condos: status certificate review costs your lawyer extra time ($100–$200). For new builds: HST new housing rebate and Tarion enrollment fee. Ask your lawyer for a full estimated statement of adjustments before closing so nothing surprises you.
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Read All ReviewsThese guides are written for Canadian buyers, sellers, renters, and landlords and are kept current for 2026. They are for informational purposes only — not legal, tax, or financial advice. Rules vary by province; confirm details with your lawyer, accountant, or licensed real estate professional before making decisions.