Closing Costs Guide

Understanding all the costs involved in purchasing a property is crucial for proper financial planning. This guide breaks down the typical closing costs you can expect when buying a property in Canada.

Closing Costs Overview
A summary of all potential costs you may encounter when closing on a property.

Legal and Administrative

Essential fees for handling the legal aspects of your property purchase.

  • Legal Fees - Typically $1,500 - $2,500
  • Title Insurance - Typically $300 - $500
  • Property Survey - Typically $1,000 - $2,000

Property Assessment

Costs related to evaluating the property condition and value.

  • Home Inspection - Typically $400 - $600
  • Appraisal Fee - Typically $300 - $500

Government Fees

Mandatory fees and taxes paid to various government bodies.

  • Land Transfer Tax - Typically Varies by purchase price and location
  • Property Tax Adjustment - Typically Varies by property and timing

Insurance and Mortgage

Insurance requirements and mortgage-related costs.

  • Mortgage Insurance (CMHC) - Typically 2.8% - 4% of mortgage amount
  • Home Insurance - Typically $800 - $1,200 annually