Closing Costs Calculator
Estimate all costs associated with buying a home in Canada. Calculate legal fees, land transfer tax, title insurance, inspections, and more.
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Total Closing Costs
$13,750
2.75% of purchase price
Understanding Closing Costs in Canada
When buying a home in Canada, you'll pay more than just the down payment. Closing costs are all the fees and expenses required to finalize your purchase. These typically range from 1.5% to 4% of the purchase price.
Common Closing Costs
- Land Transfer Tax: Provincial tax on property ownership transfer (0.5% to 2% of purchase price). Toronto has an additional municipal land transfer tax.
- Legal Fees: Lawyer/notary fees for title search, preparing documents, and registering the property ($1,000 to $2,500).
- Title Insurance: One-time fee protecting against title defects and fraud ($250 to $400).
- Home Inspection: Professional inspection of property condition ($400 to $600).
- Appraisal Fee: Required by lender to confirm property value ($300 to $500).
- Property Survey: May be required to confirm property boundaries ($1,000+).
- GST/HST: For new construction (5% to 15% depending on province).
First-Time Buyer Rebates
Many provinces offer land transfer tax rebates for first-time buyers. In Ontario, you can receive up to $4,000 rebate. Toronto offers an additional $4,475 municipal rebate. Check your province's programs for eligibility.
Important Disclaimer
This calculator provides estimates only. Actual closing costs vary based on property location, price, lender requirements, and service provider fees. Always budget extra for unexpected costs. Consult with your lawyer, realtor, and lender for accurate closing cost estimates.
Frequently Asked Questions
What are closing costs in Canada?
Closing costs are fees and expenses you pay when finalizing a home purchase. They typically include land transfer tax, legal fees, title insurance, home inspection, appraisal, and various administrative costs. In Canada, expect 1.5% to 4% of the purchase price.
How much are closing costs in Ontario?
Ontario has some of Canada's highest closing costs due to land transfer tax. Expect to pay 3-4% of the purchase price. Toronto buyers pay double land transfer tax (municipal and provincial).
Can closing costs be included in the mortgage?
Generally no. Most lenders require closing costs to be paid separately from your down payment. You need cash on hand to cover these expenses at closing.
Are closing costs tax deductible?
For your primary residence, most closing costs are not tax deductible. However, some costs like mortgage interest and property taxes may be deductible for investment properties. Consult a tax professional.
What is title insurance?
Title insurance protects you from title defects, fraud, liens, or encumbrances on your property. It's a one-time fee (usually $250-$400) that provides coverage as long as you own the property.