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You have saved for your down payment, found the perfect home, and had your offer accepted. But there is another set of costs that many first-time buyers underestimate: closing costs.
Ontario charges a land transfer tax on all real estate purchases. The rate is tiered.
You will need a real estate lawyer. Legal fees typically range from $1,500 to $2,500.
Your lender will require title insurance. This is a one-time premium typically costing $300-$500.
On a $900,000 Toronto purchase, a first-time buyer should budget approximately $28,000-$35,000 in closing costs.