General information only: rules, fees, tax treatment, and processes can change. Confirm current requirements with the applicable regulator or a qualified legal, tax, financial, immigration, or compliance adviser.
Key Takeaways
- The down payment is not the same as the cash needed to close.
- Potential costs include provincial land transfer tax, legal and registration work, title insurance, inspections, lender charges, and adjustments.
- Condo, rural, new-build, and financed purchases can have different review items.
- Ask your lawyer and lender for a transaction-specific statement of expected funds.
Plan the cash, not a rule of thumb
List every cost that may be due before or on closing, then ask your lawyer and lender for current estimates. This is general information, not financial or legal advice.
This article is general information, not legal, tax, financial, immigration, or compliance advice. Confirm current requirements with the relevant official authority and qualified advisers.
The short answer: budget beyond the down payment
Before making an offer, ask for a closing-cost estimate in addition to the down payment. The total depends on the property, financing, closing date, tax status, condominium documents, and your eligibility for any current program. Keep a reserve for moving and early repairs rather than budgeting to the last dollar.
Common line items to ask about
Your lawyer can explain land transfer tax, registration, legal work, title insurance, and adjustments for items such as property taxes or condominium expenses. Your lender can explain appraisal, mortgage, and financing charges. You may also need an inspection, survey-related work, insurance, utility setup, and moving services.
- Ontario land transfer tax and any eligible rebate
- Lawyer, registration, title insurance, and search work
- Inspection, appraisal, lender, and insurance costs
- Property-tax, utility, rent, or condominium adjustments
Get the number in writing
Closing estimates are not a universal fee table. Ask what is included, what is an estimate, and what could change. Tax, legal, mortgage, and insurance questions need the relevant qualified adviser; this article is general information only.