Mortgages
What closing costs should I budget when buying a home in Canada?
Common closing costs:
- Land transfer tax — varies by province; Ontario and BC are the heaviest, Alberta and Saskatchewan charge registration fees instead. First-time buyer rebates exist in ON, BC, PEI and Toronto.
- Legal fees and disbursements — roughly $1,200–$2,500.
- Home inspection — $400–$700.
- Appraisal — $300–$500 when the lender requires one.
- Title insurance — $250–$500.
- PST on mortgage insurance — payable at closing in ON, QC, SK and MB when your down payment is under 20%.
- Adjustments — prepaid property tax and utilities owed back to the seller.
Lenders want to see 1.5% of the price available in cash on top of the down payment.
Related Questions
What closing costs should I budget when buying a home in Canada?
Budget 1.5% to 4% of the purchase price. The largest single item in most provinces is land transfer tax, and Toronto buyers pay it twice — provincially and municipally.
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