·· Real Estate · Ontario
Ontario Closing Costs: The Full Breakdown
Most buyers budget for the down payment but get blindsided by closing costs. Here's every line item — and the rebates that can reduce them.
Updated June 2026 · 8 min read · Source: Ontario Ministry of Finance
Quick Estimate: $700,000 Home in Ontario
Provincial Land Transfer Tax
~$8,475 (after FTB rebate)
Toronto Municipal LTT (Toronto only)
~$6,175 (after FTB rebate)
Legal Fees + Disbursements
$1,800 – $2,500
Title Insurance
$300 – $500
Home Inspection
$400 – $700
Prepaid Property Tax Adjustment
$500 – $2,000
Utility / Condo Adjustment
$200 – $800
CMHC Premium PST (if <20% down)
~$800 – $2,000
Moving Costs
$1,000 – $5,000
Total estimate (Ontario outside Toronto)
$13,000 – $22,000
Ontario Land Transfer Tax: The Largest Cost
Ontario Land Transfer Tax (LTT) is calculated on brackets — not a flat percentage. You pay a percentage on each bracket, similar to income tax.
| Purchase Price Portion |
Rate |
| Up to $55,000 |
0.5% |
| $55,001 – $250,000 |
1.0% |
| $250,001 – $400,000 |
1.5% |
| $400,001 – $2,000,000 |
2.0% |
| Over $2,000,000 (residential) |
2.5% |
First-Time Buyer Rebate: Up to $4,000 on the provincial LTT. This covers 100% of the tax on homes up to $368,333. Toronto first-time buyers get an additional municipal LTT rebate of up to $4,475.
Costs First-Time Buyers Most Often Miss
Property Tax Adjustment
The seller has typically prepaid property tax. You reimburse them for the days they've paid for that you'll own the home. On a $700K home with ~$7,000/year property tax, this could be $1,000–$3,000 at closing.
CMHC Premium PST (Ontario only)
Ontario charges 8% PST on your CMHC mortgage insurance premium. This PST cannot be rolled into your mortgage — it must be paid as a lump sum at closing. On a $700K home with 5% down, this is roughly $1,600.
Home Insurance (Day 1 required)
Your lender requires proof of home insurance before closing. Budget $1,200–$2,500/year for a detached home in Ontario. You'll likely need to prepay the first year's premium before getting your keys.
Land Survey
If your lawyer can't locate an existing survey, you may need a new one ($1,500–$3,000). Often required by the lender or title insurer.
Frequently Asked Questions
How much are closing costs in Ontario?Typically 1.5%–4% of purchase price. On a $700,000 home, budget $13,000–$28,000 depending on whether you're in Toronto and whether CMHC insurance applies.
What is the first-time buyer land transfer tax rebate?Up to $4,000 provincial rebate on Ontario LTT (homes up to $368,333 fully rebated). Toronto adds up to $4,475 for a combined $8,475 saving.
Do I pay HST on a resale home?No — resale homes are HST-exempt. HST applies only to new construction. However, new homes under $500,000 qualify for a partial HST rebate.