Closing Costs


Don't forget to include the following costs when you are budgeting the total cost of buying your home!

Ontario Residential Land Transfer Tax Rate is based on the following formula:

0.5% on the first $55,000 of the purchase price ($275) plus

1% on the amount between $55,001 to $250,000 plus

1.5% on the amount between $250,001 to $400,000 plus

2% of the amount in excess of $400,001.

Example: LTT on $200,000 property is $1,725, LTT on $500,000 is $6,475.

Other costs the Buyer  may be expected to pay on closing include:

Mortgage Appraisal and Application Fees - May be waived by the financial institution.  

Property Inspection (if applicable) - cost dependent on size and value of home

Status Certificate  - outlines condominium corporation's financial and legal state. Cost is about $100

Legal Fees - (usually ranges from $500 - $2,500+ depending on complexity of the deal)

Legal Disbursements

Adjustments to property taxes, condo maintenance fees and /or utilities.

Registration fees for transfer of Title transfer and Mortgage registration. 

Connection charges for utilities such as gas, water electricity, usually added to first billing.

Moving expenses - Professional movers charge from $60 -$100 per hour) End of month and summer is peak time and you may pay a premium

Property insurance