Ontario Home Closing Cost Calculator Instantly Calculate Land Transfer Tax, Legal Fees, and More.
Many homebuyers in Ontario focus solely on their down payment, only to be shocked by the significant one-time closing costs required to seal the deal.
Our 2025 Closing Cost Calculator is designed to prevent this exact scenario by providing a detailed and transparent breakdown of every fee. Instantly see your estimated Ontario Land Transfer Tax, and crucially, the additional Toronto Municipal Land Transfer Tax if you're buying within the city.
Our tool also provides accurate estimates for essential expenses like legal fees and title insurance, giving you a complete financial picture. Budget with confidence and ensure your path to homeownership is smooth and free of last-minute financial surprises.
Frequently Asked Questions (FAQ)
1. What is Land Transfer Tax (LTT) and why is it so high in Toronto?
Land Transfer Tax (LTT) is a provincial tax paid by the buyer upon closing. Its calculation is based on a series of increasing percentages of the home's purchase price.
If you are buying a property within the City of Toronto, you are subject to an additional Municipal Land Transfer Tax, effectively doubling the amount you pay. Our calculator automatically computes both provincial and municipal LTT to give you an accurate total.
2. Are there any rebates for closing costs for First-Time Home Buyers?
Yes! This is one of the biggest advantages for first-time buyers in Ontario. The provincial government offers a First-Time Home Buyer Rebate of up to $4,000 to offset the Land Transfer Tax.
If you're buying in Toronto, you are also eligible for an additional municipal rebate of up to $4,475. Our calculator automatically applies these potential rebates when you indicate you're a first-time buyer.
3. What do legal fees for buying a house typically include?
Your real estate lawyer is essential for closing the deal. Their fee covers their professional services plus a number of required third-party costs called "disbursements."
These typically include title searches, property registration fees, and courier services. A standard real estate transaction in the GTA usually has legal fees ranging from $1,500 to $2,500.
4. What is title insurance and do I really need it?
Title insurance is a one-time insurance policy that protects you and your lender from issues related to the property's title or ownership. This can include things like existing liens, fraudulent transfers, or survey errors.
While it's not legally mandatory, virtually every lender will require you to have it. It's a crucial protection that costs a few hundred dollars.
5. Are closing costs different for a new construction home or a condo?
Yes, they can be. With a new construction home, you may be responsible for paying HST (though often included in the price), as well as builder adjustment fees and enrollment in the Tarion warranty program.
For a resale condo, your lawyer will need to order and review a Status Certificate to ensure the condo corporation is financially healthy, which adds an extra cost.
6. As a rule of thumb, how much should I budget for closing costs?
A safe estimate is to budget 1.5% to 4% of the home's purchase price for closing costs. For example, on a $800,000 home, this would be between $12,000 and $32,000.
7. Who pays for the property appraisal?
The property appraisal is an independent report required by the lender to confirm the value of the home you are buying. In most cases, the buyer is responsible for the cost of the appraisal, which typically runs from $400 to $600. This is often paid upfront before your mortgage is fully approved.