Buying A Home Closing Costs

Down Payment

The minimum down payment for a primary residence is 5% of the purchase price.  For secondary residences or investment properties, the minimum down payment is 20%.

Land Transfer Tax

  • 0.5% on the first $55,000
  • Plus 1.0% for amounts between $55,000 - $250,000
  • Plus 1.5% for amounts between $250,000 - $400,000
  • Plus 2.0% for amounts between $400,000 - $2,000,000
  • Plus 2.5% for amounts exceeding $2,000,000

Legal Fees

Lawyer fees vary greatly and some may include HST and an allowance for title insurance while others might not.  Assuming no complications or anything out of the ordinary, the cost is $1,500 - $2,000.

Appraisal Fees

Some lenders may require a property appraisal in order to provide financing.  The cost is $250 - $350.


CHMC premiums apply to purchases where the down payment is less than 20%.  These premiums can be rolled into your mortgage payment, however, it’s important to note that the HST on this amount is payable upfront.   

Property Taxes

You will likely need to prepay property taxes in the form of an adjustment made to the Seller on closing.  Your lawyer will inform you what the amount is. The cost is typically up to two months of property taxes.

Moving Costs

Professional moving fees can vary greatly.  The cost is typically $50 - $100/hour.

Door Locks

Between family, friends, neighbours and Realtors, you never know who may have an extra key to your new property.  We suggest having your locks rekeyed on closing day. The cost is $100 - $200 depending on the number of locks and keys you wish to have made.

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