Ontario mortgage help

Mortgage and home closing costs in Ontario

There is no single closing-cost percentage that fits every purchase. Build an itemized cash budget and have the lawyer confirm the statement of adjustments before closing.

Reviewed August 31, 2026Published by Ontario Mortgage HelpHow we review

What to do first

  1. Estimate Ontario land transfer tax and add Toronto municipal land transfer tax when the property is in Toronto.

  2. Request estimates for legal fees and disbursements, title insurance, inspection, appraisal, moving, and lender-required costs.

  3. Ask the lawyer or real-estate professional about property-tax, utility, condominium, rent, or fuel adjustments.

  4. Keep the required cash accessible and confirm deposit, down-payment, and closing-fund transfer deadlines.

Important considerations

Land transfer tax can be materialOntario tax applies broadly, and Toronto charges a separate municipal tax. Eligible first-time buyers may receive limited rebates.

Adjustments are property-specificA seller may have prepaid property tax, utilities, condominium charges, or other amounts that are apportioned on closing.

Do not spend the entire cash balance on the down paymentClosing funds, immediate repairs, moving, and an emergency reserve should be planned separately.

Official sources

Calculating land transfer taxGovernment of OntarioLand transfer tax refunds for first-time homebuyersGovernment of OntarioMunicipal land transfer tax rates and feesCity of TorontoBuying a homeFinancial Consumer Agency of Canada

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First-time home buyerPlan the down payment, taxes, closing costs, and financing.Bridge financingPlan for a purchase closing before sale proceeds arrive.Mortgage pre-approvalUnderstand the budget, rate hold, documents, and limits.