The expenses beyond the purchase price that you pay when buying a property.
Typical closing costs in Ontario include: Land Transfer Tax (varies by price), legal fees ($1,500-$2,500), title insurance ($300-$500), home inspection ($400-$600), appraisal fee ($300-$500, sometimes paid by lender), property tax adjustment, utility adjustments, and moving costs. Budget approximately 1.5% to 4% of the purchase price for closing costs. These costs are paid from your own funds and cannot typically be added to the mortgage.
Related terms: Land Transfer Tax (LTT) | Down Payment