We often get asked this question:
How Much are Closing Costs When Buying a Home in Ontario?
A very important (but often overlooked detail) when purchasing a home in Ontario is how much the bank wants to see set aside of your own money for the closing costs. As a general rule of thumb this works out to about 1.5% of the purchase price.
So on a $650,000 purchase this translates into $9,750 of your own money put aside to cover items such as land transfer taxes, legal fees, appraisal costs, title insurance, interest adjustments and other items that come up on the day of closing.
Now there are many variables that are included in this estimate that can increase or decrease the amount needed (land transfer taxes, if the property is a pre-construction with developer fees, etc) so best to reach out to us so we can make sure that you have no hidden last minute expenses pop up.