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Closing costs and land transfer tax
The down payment is only part of the cash you need. This estimates land transfer tax (with the Toronto surcharge and first-time buyer rebates), fees, and adjustments so there are no surprises at your lawyer's office.
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Estimated cash needed on closing day
$110,472
$85,000 down payment plus $25,472 in closing costs.
Land transfer tax (net)
$18,475
PST on insurance
$1,897
Fees and adjustments
$5,100
| Ontario land transfer tax | $13,475 |
| Ontario first-time buyer rebate | -$4,000 |
| Toronto municipal land transfer tax | $13,475 |
| Toronto first-time buyer rebate | -$4,475 |
| PST on default insurance premium8% of the $23,715 premium; the premium itself is added to the mortgage | $1,897 |
| Legal fees and disbursements | $2,200 |
| Title insurance | $400 |
| Home inspection | $500 |
| Appraisaloften covered by the lender | $0 |
| Adjustments (prepaid taxes, utilities) | $500 |
| Moving and setup | $1,500 |
| Total closing costs | $25,472 |
Estimates only. Land transfer tax uses the Ontario and City of Toronto brackets for residential property with the first-time buyer rebates capped at $4,000 and $4,475. Non-residents may owe additional speculation tax. Fee estimates are typical ranges; your lawyer will provide exact figures. Rates and rebates change; verify before closing.
Not sure you've budgeted for everything?
Send over your purchase price and situation and Chad will walk through the full picture with you.