Every real cost of closing on your Ontario home — land transfer tax, legal fees, title insurance, home inspection, appraisal, and CMHC insurance — in one clear breakdown.
Adds Toronto's Municipal Land Transfer Tax (MLTT) on top of the provincial tax
Reduces your land transfer tax by up to $4,000 (Ontario) and $4,475 (Toronto)
Editable — includes lawyer fee, HST, and standard disbursements (title search, registration, etc.)
Set to $0 to exclude. Typical range $400–$650.
Often waived on insured mortgages — set if your lender requires one.
If the seller prepaid property tax for the year, you reimburse their share for the days you'll own the home
Down payment + total closing costs above
Closing costs are the fees and taxes due on top of your down payment when you take ownership — most buyers should budget 1.5%–4% of the purchase price.
Land Transfer Tax — a provincial tax (plus an additional municipal tax in Toronto) charged on every property purchase, calculated on marginal brackets of the purchase price. First-time buyers get a rebate that can wipe out the tax entirely on lower-priced homes.
Legal Fees & Disbursements — your real estate lawyer's fee plus HST and disbursements: title search, execution search, registration fees, and courier/admin charges. Complexity (new construction, title issues) raises the cost.
Title Insurance — a one-time premium protecting you and your lender against title defects, fraud, and survey issues. Priced in tiers based on purchase price.
Home Inspection & Appraisal — usually paid before closing, during your conditional period, but budgeted as part of your total purchase costs.
CMHC Premium & PST — if you put down less than 20%, your mortgage is insured and the premium is added to your mortgage. Ontario charges 8% PST on that premium, and this portion must be paid in cash — it cannot be financed.
Property Tax Adjustment — if the seller already paid property tax for the full year, you reimburse them for the days you'll own the home after closing, calculated by your lawyer on the Statement of Adjustments.
| Loan-to-Value | Premium |
|---|---|
| Up to 65% | 0.60% |
| 65.01% – 75% | 0.60% |
| 75.01% – 80% | 1.00% |
| 80.01% – 85% | 2.80% |
| 85.01% – 90% | 3.10% |
| 90.01% – 95% | 4.00% |
Minimum down payment is 5% on the first $500,000 and 10% on the portion up to $1.5M. Homes priced $1.5M and over require at least 20% down and are not eligible for mortgage default insurance.
How much cash should I set aside? A common rule of thumb is 1.5%–4% of the purchase price, on top of your down payment — higher if you're not a first-time buyer or your property is in Toronto.
Can closing costs be financed? No — with the exception of the CMHC premium itself (added to your mortgage), closing costs must be paid in cash on closing day.
Is this exact? It's a close estimate using typical GTA rates and current land transfer tax and CMHC rules. Your lawyer's final Statement of Adjustments will have the exact figures.
