Your down payment is only part of the cheque. Land transfer tax, lawyer fees, inspections, and a few costs nobody warns you about. See the full number before you offer.
Typical range $1,500 to $2,500
Typical range $400 to $600
One-time, usually arranged by your lawyer
Sometimes covered by your lender
Prepaid property taxes and utilities
With less than 20% down, the mortgage insurance premium itself is added to your mortgage, but the PST on it is due in cash on closing. Most buyers do not see this one coming.
Estimates for planning purposes only. Fees vary by lawyer, lender, and property. Your lawyer confirms exact figures before closing.
Plan for roughly 1.5% to 4% of the purchase price on top of your down payment. The single biggest piece is usually land transfer tax, followed by legal fees, title insurance, and inspection costs. On a $900,000 home, closing costs commonly land in the $17,000 to $21,000 range.
Generally no. Land transfer tax, legal fees, and adjustments are due in cash on closing day. One notable trap: if you put less than 20% down, the mortgage insurance premium is added to your mortgage, but the Ontario PST on that premium must be paid in cash at closing.
In many transactions the buyer's agent is paid through the commission the seller offers when listing the home, so it is often not a direct closing cost for the buyer. How it works in your specific deal is spelled out in your buyer representation agreement before you start shopping.
Most lenders require a lender's title insurance policy, and an owner's policy is strongly recommended at the same time. It is a one-time premium, typically a few hundred dollars, usually arranged by your lawyer as part of closing.
Let's talk. No pressure, no pitch, just straight answers built on real local data.