Your real closing day bill.
Your down payment isn’t the only cheque you’ll write. See every cost due on closing day, including land transfer tax, first-time buyer rebates and the tax most buyers forget, so nothing catches you off guard.
Your closing day bill
Your closing checklist
- Keep your closing costs in a separate account, ready to transfer to your lawyer a few days before closing.
- Book your real estate lawyer early and ask for a written quote including disbursements.
- Arrange home insurance; your lender needs proof before closing.
- Ask your lawyer to apply the first-time buyer land transfer tax refund at registration, if you qualify.
- Don’t open new credit or change jobs before closing; your lender may re-check.
- For a condo, review the status certificate with your lawyer before your conditions expire.
- Set up utilities and book movers for closing day.
Disclaimer: Estimates for general information only, not legal, tax or financial advice. Land transfer tax uses Ontario and City of Toronto rates for residential properties with one or two single-family homes, as published in 2026. Rebate eligibility has conditions, and amounts can change. Legal fees, title insurance, inspection, adjustments and moving costs are typical estimates. New construction may add other costs. Confirm all figures with your lawyer and lender.
What’s included
- Ontario land transfer tax: 0.5% up to $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2 million and 2.5% above that.
- Toronto municipal land transfer tax: the same rates up to $2 million, 2.5% to $3 million, then higher luxury tiers from 4.4% above $3 million (rates updated April 1, 2026).
- First-time buyer rebates: up to $4,000 on Ontario tax and up to $4,475 on Toronto tax, for eligible buyers.
- PST on mortgage default insurance: with less than 20% down, your insurance premium is added to your mortgage, but Ontario’s 8% sales tax on it is due in cash at closing. Many buyers miss this one.
- Other costs: legal fees, title insurance, inspection, appraisal, adjustments and moving, which you can edit.
Closing cost questions
How much are closing costs in Ontario?
Usually about 1.5% to 4% of the purchase price, on top of your down payment. Land transfer tax is the biggest item; Toronto buyers pay two land transfer taxes, so their costs are higher.
Do first-time buyers pay land transfer tax in Ontario?
Eligible first-time buyers get a refund of up to $4,000 on Ontario land transfer tax. In Toronto, they also get up to $4,475 back on the municipal land transfer tax. Eligibility rules apply, including never having owned a home anywhere.
Can closing costs be added to my mortgage?
Generally no. Closing costs are paid in cash on closing day. The mortgage default insurance premium is the exception: it’s added to your mortgage. But in Ontario, the 8% provincial sales tax on that premium must be paid in cash at closing.
Does Ottawa or Brampton have a municipal land transfer tax?
No. In Ontario, only Toronto charges a municipal land transfer tax. Buyers elsewhere in Ontario pay the provincial land transfer tax only.
What are property tax adjustments?
If the seller has already prepaid property taxes or utilities past your closing date, you reimburse them for your share. Your lawyer calculates this on the statement of adjustments.
Disclaimer: General information only, not financial, legal or tax advice. Rules, taxes and rebates change; confirm current details with a qualified professional, your lawyer and your lender. TheCanadianMortgage.ca is not a lender. Rates are for illustration and subject to approval (OAC).