Closing Costs

Besides the basic legal fees when buying a home, lawyers will charge for disbursements (out of pocket expenses like couriers, travel time, postage), plus GST.

The adjustments include things like property and school taxes, condominium fees, utilities and rental income. You may also have charges for arranging a new mortgage and appraisal fees.

Land transfer tax will also be charged and is based on the sale price of your home. For example, the land transfer tax for a $200,000 home would be an extra $1,725. Try our convenient land transfer tax calculator.

For a resale home, set aside an extra 1 ½ % to 2% of the purchase price to cover these additional costs. For a new home, the costs will be slightly more, closer to 2 ½ % to 3 % of the purchase price.