Buying
Closing Costs
One-time fees and taxes payable on closing day, typically 1.5–4% of the purchase price.
Closing costs are the lump-sum amounts due at the end of a real-estate transaction. The biggest items are land transfer tax (varies by province; Toronto and Ontario both apply), legal fees (~$1,500–$2,500), title insurance (~$300–$500), home inspection (if not done earlier), property tax adjustments, and Property Survey or Title Search costs.
Lenders typically require proof that you have at least 1.5% of the purchase price in liquid funds beyond your down payment to cover closing costs. First-time buyers in Ontario, BC, PEI, and Toronto may qualify for partial or full land-transfer-tax rebates — your real estate lawyer applies them on closing.
Source: FCAC — Closing costs