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Between $7,500 and $20,000
- We recommend you set aside between $7,500 and $20,000 to cover your closing costs in Ontario.
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Find out your closing costs using our interactive closing cost calculator. Get a full breakdown of what you’ll need to pay in Canada, from land transfer taxes to title insurance.
Closing costs in Ontario are the essential yet often underestimated expenses involved in purchasing a home. These costs encompass various fees beyond the property’s purchase price, playing a pivotal role in the home-buying journey.
To be clear, closing cost is the amount you must be ready to keep aside on the date when the sale of the property becomes final, other than the down payment. It is usually 1.5% to 4% of the purchase price.
A guideline on Average Closing Costs in Ontario ranges between 1.5% to 4% of the Purchase Price, for instance, the closing cost for a property purchase price at $500,000/- would vary between $7,500/- to $20,000/-.
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Oct 15, 2024 · Closing costs apply to both home buyers and sellers in Ontario. Typical closing fees range from 1.5% to 4% for buyers and 1% to 3% for sellers. Major buyer costs include land transfer taxes, legal fees, and lender disbursements.
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Sep 28, 2023 · Closing costs can vary widely, making it challenging to pinpoint an exact amount for each homeowner. However, financial experts generally recommend budgeting between 1.5% and 4% of the home’s purchase price. For instance, if you’re buying a home for $500,000, you should set aside a minimum of $7,500 and a maximum of $20,000 for closing costs.
