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What province is the property located in?

Ontario Alberta Other

Property type

New Condo New Home Resale Condo Resale Home

What is the purchase price of your home?

Will you have a mortgage?

0 1 2

Where is the property located?

Toronto Outside Toronto

How many people will be on title?

1 2 3

Are you a first time homebuyer?

Yes No

Will this property be a rental?

Yes No

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What type of property is this?

Townhouse / Condo Single Family Home

What is the purchase price of your home?

How many mortgages do you have?

0 1 2

What is the mortgage amount?

Where is the property located?

Calgary Outside Calgary

What is the possession date?

Please enter your email

Breakdown of Closing Costs

×

Legal Fees

$ 1089

Other Closing Costs:

Disbursements

$ 0

Title Insurance

$ 0

Adminstration Fees

$ 305

Land Transfer Tax

$ 0

Estimated Closing Costs

Learn more about closing costs

$ 0

Excludes HST Excludes GST

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Product Type

Province

First Name *

Last Name *

Email *

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Breakdown of Closing Costs

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Product Type

Province

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Last Name *

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Click here to learn more about our real estate legal services

What province is the property located in?

Ontario Alberta Other

Sale Price?

How many mortgages do you have on the property?

0 1 2 3

Please enter your email

Sale Price?

How many mortgages do you have on the property?

1 2 3 4 5 6

What type of property is this?

Townhouse/Condo Single Family Home

Where is the property located?

Calgary Outside Calgary

What is the possession date?

Please enter your email

Breakdown of Closing Costs

×

Legal Fees

$ 969

Other Closing Costs:

Disbursements

$ 0

Estimated Closing Costs

Learn more about closing costs

$ 0

Email me the Quote

Your Name

Email Address

Phone Number

Certain property types, mortgages, and situations can incur unforeseen costs. Additional charges may apply.

Click here to learn more about our real estate legal services

Other Closing Costs

Land Transfer Tax

$ 0

Learn more about closing costs when purchasing a property

What province is the property located in?

Ontario Alberta Other

What is the mortgage amount?

What Type of Mortgage is this?

Private Mortgage Bank Mortgage

How many debts are we paying out?

0 1 2 3 4 5 6

Number of people on title

0 1 2 3 4 5 6

Is there a title transfer?

Yes No

Is the property a rental?

Yes No

Is the property a townhouse or condo?

Yes No

Please enter your email

What is the mortgage amount?

How many debts are we paying out?

0 1 2 3 4 5 6

What type of property is this?

Townhouse/Condo Single Family Home

Where is the property located?

Calgary Outside Calgary

What is the possession date?

Please enter your email

Breakdown of Closing Costs

×

Legal Fees

$ 899

Other Closing Costs:

Disbursements

$ 0

Registration

$ 0

Title Insurance

$ 0

Estimated Closing Costs

Learn more about closing costs

$ 0

Not including HST

Email me the Quote

Your Name

Email Address

Phone Number

Certain property types, mortgages, and situations can incur unforeseen costs. Additional charges may apply.

Click here to learn more about our real estate legal services

Other Closing Costs

Land Transfer Tax

$ 0

Learn more about closing costs when purchasing a property

Sorry, we don’t currently offer real estate legal services outside Alberta and Ontario. If you’d like to provide your contact info, we’d be happy to put you in touch with another law firm.

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Additional Information

Quickly Calculate Your Closing Costs

Confused about just how much you’ll owe in closing costs? Just plug in a few numbers to our Closing Costs Calculator below and stop wondering!

This simple tool helps you budget for your upcoming home purchase by providing a detailed estimate of how much you’re likely to owe in closing costs. We’ve also put together some need to know information to help you understand just what you’re paying for when it comes to closing costs.

What Are Closing Costs?

The term “closing costs” refers to administrative and legal fees which must be paid when a real estate deal closes.

These are costs for services like attorney’s fees and disbursements, , insurance fees and land transfer tax. Additional closing costs, such as commissions for your mortgage broker, or inspections for water and/or septic tanks, may be required for certain properties.

How to calculate the closing costs in Ontario

Your closing cost can be calculated by adding together all of the insurance, taxes, and legal fees due before the deal is closed. Closing cost will vary depending on the property, the financial and legal companies you’re working with, and current insurance and tax rates.

Closing costs are primarily based on:

• The value of the property
• If the property is being financed by a mortgage
• The location of the property
• If you area first time home buyer

The quickest way to get an estimate of your closing costs is to use our calculator below. Just input the values for the property you’re assessing and you’ll get an instant estimate on your closing costs.

How to interpret the results of Closing Cost Calculator?

Our Closing Cost Calculator only provides an estimate based on your figures. For best results, input the most accurate numbers available.

Once you’ve got some results, here are a few things to keep in mind:

• Review Breakdown: Our calculator will give you a total estimated cost, plus a breakdown of fees. Take a close look at the breakdown to see how the cost of your closing fees are divided.
• Refine Estimates: Our calculator uses estimates based on the general market price for services. If you’re far enough along in the process to get exact numbers, substitute those in place of our estimates for a more accurate price of closing costs.
• Look at Mandatory versus Conditional costs: All closing costs have certain mandatory fees, such as the Land Transfer Tax and Title Insurance. However, depending on your property and mortgage company, there may also be some conditional costs which don’t apply to all properties. Factor in these conditional fees to improve your accuracy.

How Much are Closing Costs for Home Buyers in Ontario?

In Ontario, there are three mandatory closing costs for every mortgage-backed real estate deal for which the buyer is responsible for. These are:

• Land Transfer Tax: The Land Transfer Tax is based on the price of the property. It ranges from 0.5-2% of the total price. For properties valued at $55,000 or lower, it is 0.5%. Between $55,000 and $250,000, the rate is 1%. Between $250,000 and $400,000, the rate is 1.5%, and jumps to 2% for anything over $400,000.
• Title Insurance: Your mortgage company will likely require Title Insurance to cover potential losses in the event of a dispute regarding the ownership of the property. This insurance is typically around $100-$300 but increases significantly for properties over $400,000.
• Legal Fees: The cost of legal fees can vary widely, but expect a minimum of $700-$1,000 on average.

You can also expect to pay for a variety of other services, including but not limited to:

• Home inspection (structural, pest, etc.)
• Loan origination fee
• Homeowner’s insurance
• Other taxes and insurance fees, if applicable

What are the best strategies to lower your closing costs in Ontario?

While some of the fees in your closing costs — like taxes — are set in stone, other fees may be negotiable, such as the Loan Origination fee.

To begin, shop around with various mortgage companies to find the best rate. You can even negotiate and pit them against one another to see if they are willing to give you a better deal or match prices with the competition.

In this process, it helps to have an expert in your corner. Seek out some expert advice from Diamond and Diamond Lawyers to help ensure you’re getting the best deal possible. Enlist our extensive experience in real estate law to help you negotiate every detail like a pro!

PRO-TIP: Avoid opting in for ”No Closing Cost Mortgage”

When shopping around at different lends, you might come across a “No Closing Cost Mortgage.”

That might sound great, but it’s best avoided! In real estate — like most things in life — there is no free lunch. 

With a “No Closing Cost Mortgage,” you’re not required to pay the closing costs upfront. Instead, your lender will bundle these costs into your loan, increasing the total cost of your mortgage. 

As a result, you end up paying not only the closing costs, but you also pay interest on them! Ultimately, these “deals” will be more expensive than if you’d simply paid your closing costs upfront.