Closing Cost Calculator

1. Land Transfer Tax (LTT)

Ontario LTT:
- 0.5% on the first $55,000
- 1.0% on $55,000 to $250,000
- 1.5% on $250,000 to $400,000
- 2.0% on $400,000 to $2,000,000
- 2.5% on amounts over $2,000,000
Toronto Municipal LTT:
- Toronto buyers pay a second municipal LTT at the same rates as the provincial tax, effectively doubling this cost for properties in Toronto6.
First-Time Buyer Rebates:
- Both Ontario and Toronto offer rebates for eligible first-time buyers, which can significantly reduce or eliminate the LTT26.

If your mortgage is insured (less than 20% down payment), you pay 8% PST in Ontario on the CMHC insurance premium. This tax must be paid at closing, even though the premium itself is added to your mortgage2.

To calculate closing costs when buying a home in Toronto or elsewhere in Ontario, you should budget for a range of mandatory and optional fees that typically total 1.5% to 4% of the purchase price1 2 34. Here’s how to estimate and break down these costs:

Key Components of Closing Costs

1. Land Transfer Tax (LTT)

Ontario LTT:
- 0.5% on the first $55,000
- 1.0% on $55,000 to $250,000
- 1.5% on $250,000 to $400,000
- 2.0% on $400,000 to $2,000,000
- 2.5% on amounts over $2,000,000
Toronto Municipal LTT:
- Toronto buyers pay a second municipal LTT at the same rates as the provincial tax, effectively doubling this cost for properties in Toronto6.
First-Time Buyer Rebates:
- Both Ontario and Toronto offer rebates for eligible first-time buyers, which can significantly reduce or eliminate the LTT26.

2. Legal Fees

Legal fees for a real estate lawyer typically range from $500 to $1,500 (plus HST), depending on the complexity of the transaction2 45.

3. Title Insurance

Most lenders require title insurance, which generally costs $100 to $30024.

4. Home Inspection

Optional but recommended; typically $400 to $70046.

5. Appraisal Fee

Sometimes required by the lender; usually $300 to $60045.

6. Provincial Sales Tax (PST) on Mortgage Insurance

If your mortgage is insured (less than 20% down payment), you pay 8% PST in Ontario on the CMHC insurance premium. This tax must be paid at closing, even though the premium itself is added to your mortgage2.

7. Adjustments

Covers prepaid property taxes, utilities, or condo fees. These vary but can range from a few hundred to a few thousand dollars depending on the timing of your purchase46.

8. Other Possible Costs

Moving costs, property insurance, utility hookups, and status certificate fees (for condos).

How to Calculate Your Closing Costs

Estimate the purchase price of your home.
Apply the LTT rates (double for Toronto, minus any first-time buyer rebates).
Add legal fees, title insurance, inspection, and appraisal.
Include PST on mortgage insurance if applicable.
Add adjustments and any other anticipated expenses.

Example for a $800,000 Toronto Home (First-Time Buyer, Not Including Rebates):

Cost Item	Estimated Amount
Ontario LTT	$12,475
Toronto LTT	$12,475
Legal Fees	$1,200
Title Insurance	$250
Home Inspection	$500
Appraisal Fee	$400
PST on CMHC Insurance	Varies (if applies)
Adjustments/Other	$1,000
Total	~$28,300+

Actual costs will vary—use an online [closing cost calculator]1 2 3 4 5 6 7 8 for a tailored estimate.

CMHC Mortgage Insurance Calculator with Minimum Down Payment Enforcement

CMHC Mortgage Insurance Calculator

Instructions:

Enter your property's purchase price.
Enter your down payment amount.
The calculator will enforce the minimum down payment rules:

5% on the first $500,000
10% on the portion between $500,000.01 and $1,500,000
20% minimum down payment for properties over $1,500,000 (no CMHC insurance available)

CMHC premium and PST (Ontario only) will be calculated automatically.
If your down payment is below minimum, it will be adjusted and you will be notified.

Purchase Price ($): Down Payment ($): Province:

Ontario & Toronto Land Transfer Tax Calculator (with NRST)

Ontario & Toronto Land Transfer Tax Calculator

Enter your property's purchase price.
Select if the property is in Toronto (city limits).
Select if you are a Canadian citizen or permanent resident.
Select if you are a first-time homebuyer (rebates will be applied if eligible).
Select if you are a non-resident of Canada (NRST will be applied if yes).
Click "Calculate" to see your provincial and, if applicable, Toronto land transfer tax, NRST, and rebates.

All calculations follow the official Ontario and Toronto government brackets, rebate, and NRST rules.

Purchase Price ($): Is the property in Toronto? Are you a Canadian citizen or permanent resident? Are you a first-time homebuyer? Are you a non-resident of Canada?