Lenders require proof that you have at least 1.5% of the purchase price on top of your down payment. In Toronto or Vancouver, the real figure is often 3% to 4%.
The main costs
| Cost | Typical amount |
|---|---|
| Land transfer tax | $0 (Alberta) to $30,000+ (Toronto) |
| Sales tax on CMHC premium (ON, QC, SK) | 6–9% of the premium |
| Legal fees and disbursements | $1,500 – $2,500 |
| Title insurance | $250 – $500 |
| Home inspection | $400 – $700 |
| Appraisal | $300 – $500 (often paid by lender) |
| Property tax / utility adjustments | Varies |
| Moving | $1,000 – $5,000 |
Example: $750,000 in Ontario, 10% down
- Down payment: $75,000
- Ontario land transfer tax: $11,475 (or $7,475 first-time)
- 8% sales tax on the $20,925 CMHC premium: $1,674
- Legal, inspection, other: about $3,600
Total cash needed: about $91,750, of which $16,750 is on top of the down payment.
Same home in Toronto, Vancouver and Calgary
In Toronto, add another $11,475 of municipal tax. In B.C., property transfer tax on $750,000 is $13,000 (or $5,000 for a first-time buyer), and there is no premium sales tax. In Alberta there is no land transfer tax, just registration fees of a few hundred dollars.
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