Costs to budget before closing
Closing costs are paid in addition to the down payment. Their exact amount depends on the province, municipality, property and transaction.
- Home inspection and appraisal where required
- Legal or notary fees, title search and title insurance
- Land transfer taxes and registration fees
- Property-tax, utility or condo-fee adjustments
- Moving, immediate repairs and service connections
Example planning allowance
For a $600,000 purchase, a broad 1.5% to 4% planning range is $9,000 to $24,000. This is not a quote: local land transfer taxes can materially change the total, especially where both provincial and municipal tax apply. Ask a local lawyer or notary for a transaction-specific estimate.
First-time-buyer items to review
Eligible buyers may want to review the FHSA, the RRSP Home Buyers’ Plan and the federal home buyers’ amount. Each program has eligibility, timing and tax rules. Do not assume a tax credit or withdrawal is available until the current official conditions are checked.
- Keep contribution and withdrawal records
- Confirm whether you meet the program’s first-time-buyer definition
- Coordinate withdrawals with the purchase and closing dates
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