Closing Costs

Costs to remember when preparing for your home's closing.

Closing costs, which range from 1.5 to 4% of a property's selling price, include the legal and administrative costs associated with your home purchase. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often-unexpected costs do not sneak up on you.

Cash outlays required before you close with your low mortgage rate:

  • Home inspection fee
  • Deposit

Costs financed in your Canadian mortgage rate:

  • Mortgage default insurance (this protects the lender in the case the borrower, defaults on the loan)
    • Mandatory closing costs

Land Transfer Tax                  

  • Legal fees and disbursements
  • Title insurance
  • Taxes on CMHC insurance

The following is a list of closing costs that are incurred by some homebuyers:

  • Septic tank repairs
  • Water test
  • Estoppel certificate fee

Other costs to consider

  • Property insurance
  • Prepaid utility bills
  • Property taxes

Closing Day

On closing date, the following events will take place:

  • Your lender will provide the mortgage funds to your lawyer/notary.
  • You will be required to give your down payment less the deposit, to your lawyer/notary along with the closing costs.
  • Your lawyer/notary pays the previous owner, registers the home in your name, and gives you the deed and keys to your new home. is near you. is expanding in order to serve you better! At, we are committed to providing you with the knowledge and understanding of financial products that are right for your particular situation. Click on the map markers to learn more about the mortgage brokerage office in your community. has access to best rate mortgages from coast to coast. Why pay more when you can have the lowest mortgage rate out there? So what are you waiting for - how can help you?