ONTARIO HOME INTEL • CALCULATORS
Ontario Closing Cost Calculator
Estimate the cash you may need for an Ontario home purchase, including down payment, land transfer tax, legal costs, inspections, adjustments, mortgage insurance tax and other common purchase expenses.
Purchase Details
Professional & Transaction Costs
Mortgage Default Insurance
Adjustments & Moving
Estimated Cash Required
Land Transfer Tax
Other Estimated Costs
What Are Closing Costs?
Closing costs are expenses associated with completing a property purchase in addition to the purchase price and down payment. The exact costs depend on the property, financing, location, transaction terms, and professional services required.
Some expenses occur before the legal closing date, such as a home inspection or appraisal, while others are paid or adjusted through the buyer’s lawyer at closing.
Common Ontario Buyer Closing Costs
Land Transfer Tax
Ontario generally charges land transfer tax when land or an interest in land is acquired. Qualifying first-time purchasers of an eligible home may receive a refund of up to $4,000.
Legal Costs
A real estate lawyer handles the legal closing, title registration, mortgage registration where applicable, adjustments, and other transaction requirements.
Title Insurance
Title insurance may protect against certain title-related risks. Your lawyer can explain the coverage and actual premium applicable to the transaction.
Mortgage Insurance Tax
If mortgage default insurance applies, an insurance premium may be added to the mortgage. Ontario generally applies 8% Retail Sales Tax to taxable insurance premiums. This calculator lets you enter the premium and adds the estimated tax to the cash required.
Inspection & Appraisal
A home inspection may be part of a buyer’s due diligence. A lender may also require an appraisal for financing, and the borrower may sometimes be responsible for the cost.
Adjustments
Property taxes, utilities, fuel, condominium fees, and other prepaid expenses can sometimes be adjusted between buyer and seller on closing.
How Much Cash Should You Have Available?
Your down payment is only one part of the money required to complete a purchase. Buyers should also maintain enough liquidity for closing costs, adjustments, moving expenses, and unexpected expenses after taking possession.
Avoid committing every available dollar to the down payment without considering the other costs associated with completing and moving into the property.
First-Time Homebuyers
Qualifying first-time purchasers of an eligible home may be eligible for an Ontario land transfer tax refund of up to $4,000. Eligibility includes rules concerning previous home ownership, age, occupancy, citizenship or permanent-resident status, spouses, and purchaser ownership interests.
Purchasers of an eligible home in Toronto may also qualify for a separate Toronto Municipal Land Transfer Tax rebate of up to $4,475. This calculator assumes maximum eligibility when the first-time buyer option is selected and does not determine legal eligibility.
Ontario Closing Cost FAQ
How much should I budget for closing costs in Ontario?
There is no single percentage that accurately applies to every transaction. Costs depend on land transfer tax, legal fees, title insurance, adjustments, inspections, financing requirements, property type, purchase location, and other factors. This calculator provides an itemized planning estimate.
Is the down payment considered a closing cost?
The down payment is generally separate from closing expenses, but buyers need sufficient funds for both. This calculator shows them together to estimate total cash required.
What happens if I need mortgage default insurance?
If mortgage default insurance applies, the insurance premium may generally be added to the mortgage rather than paid entirely in cash. Ontario tax applicable to the insurance premium may still form part of the buyer’s cash requirements. Enter the premium supplied by your lender or mortgage professional to estimate the tax.
Do Toronto buyers have an additional transaction fee?
Toronto charges an administration fee for processing an MLTT transaction. The calculator includes the current administration fee plus HST when City of Toronto is selected. Municipal fees can change.
Is the property tax adjustment always $1,000?
No. It depends on the actual property taxes, closing date, and adjustments between buyer and seller. The $1,000 default is only an editable planning assumption.
Planning to Buy in Ontario?
Use the calculator as a planning tool, then verify financing, legal costs, property-specific adjustments, and other transaction expenses before committing to a purchase.
Calculator Disclaimer: This calculator provides general estimates for educational and planning purposes only. It is not legal, financial, tax, lending, accounting, appraisal, insurance, or real estate advice. Default amounts are illustrative and may differ materially from actual costs. Mortgage insurance requirements and premiums are not determined by this calculator. Land transfer tax, refunds, rebates, exemptions, Toronto fees, insurance taxes, transaction charges, and eligibility requirements can change or depend on the transaction. Confirm actual cash-to-close requirements with your lawyer, lender, insurer, and other appropriate professionals.