Closing costs calculator
Your down payment isn’t the only cheque. Budget for land transfer tax, premium sales tax, legal fees and more, typically 1.5% to 4% of the price.
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What closing costs include
- Land transfer tax: the largest cost in Ontario and B.C. See the land transfer tax calculator.
- Sales tax on the CMHC premium in Ontario, Quebec and Saskatchewan (the premium itself is financed).
- Legal fees and disbursements: usually $1,500 to $2,500 including title insurance and searches.
- Home inspection ($400–$700) and sometimes an appraisal ($300–$500).
- Adjustments: refunding the seller for property tax or utilities they prepaid.
- GST/HST on new construction, if not included in the price.
Lenders want proof that you have at least 1.5% of the price in addition to your down payment to cover closing costs.
Frequently asked questions
How much should I budget for closing costs in Canada?
1.5% to 4% of the price. Toronto buyers are at the top of that range because of the double land transfer tax; Alberta buyers are at the bottom.
Can closing costs be added to my mortgage?
No. Only the CMHC premium can be financed. Land transfer tax, premium sales tax and legal fees are paid in cash.
Can I use my FHSA or RRSP for closing costs?
Yes. FHSA withdrawals and the RRSP Home Buyers’ Plan (up to $60,000) can be used for any part of the purchase, including closing costs.
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