Closing Costs Calculator
Calculate all closing costs for your home purchase — land transfer tax, legal fees, CMHC, and more.
Purchase Details
Total Closing Costs
$20,225
2.9% of purchase price
Total Cash Needed
$160,225
Cost Breakdown
First-time buyer savings: $0
Estimated annual property tax
Understanding This Estimate
• Closing costs vary by lender, lawyer, and specific transaction details.
• This calculator uses average estimates — actual costs may be higher or lower.
• CMHC premiums shown can be added to your mortgage balance (not required in cash).
• Property tax estimates are based on provincial averages and may differ for your specific property.
• Toronto buyers should add the Municipal Land Transfer Tax (not included in this calculation).
Complete Guide to Closing Costs in Canada
When buying a home in Canada, closing costs are the fees and expenses paid on top of your purchase price and down payment. Many first-time buyers focus entirely on saving for a down payment and are caught off guard by closing costs that can add up to thousands of dollars. Understanding these costs before you make an offer is critical.
Closing Costs by Province
British Columbia: BC charges land transfer tax (officially Property Transfer Tax) at 1% on the first $200,000, 2% up to $2,000,000, and 3% above that. The First-Time Home Buyers' Program fully exempts homes priced at $500,000 or less, with partial exemptions up to $525,000. For a $700,000 home, expect about $12,000 in LTT without the exemption.
Alberta: Alberta is the only province without a land transfer tax. Instead, you pay a small title registration fee (approximately $50) and mortgage registration fee. This makes Alberta significantly more affordable for closing costs — often saving buyers $10,000 or more compared to BC or Ontario on equivalent purchases.
Ontario: Ontario has a tiered land transfer tax system starting at 0.5% on the first $55,000 and rising to 2.5% on amounts over $2,000,000. Toronto buyers pay an additional Municipal Land Transfer Tax (MLTT), effectively doubling the cost within city limits. First-time buyers can claim a rebate of up to $4,000.
First-Time Home Buyer Programs
Each province offers programs to reduce closing costs for first-time buyers. BC's First-Time Home Buyers' Program can save up to $13,000 in land transfer tax. Ontario's Land Transfer Tax refund provides up to $4,000. The federal First-Time Home Buyer Incentive (where available) can also reduce your mortgage amount, though the program has evolved over the years. Check current availability with your mortgage broker.
Tips to Prepare for Closing Costs
- Budget 1.5% to 4% of the purchase price for closing costs on top of your down payment.
- Get a lawyer quote early — legal fees typically range from $1,500 to $3,000 but can vary.
- Don't skip the home inspection — the $400-$800 cost can save you from expensive surprises.
- Check your CMHC eligibility — if you can put 20% down, you avoid the premium entirely.
- Apply for first-time buyer exemptions before closing — these savings are significant in BC and Ontario.
- Keep a cash buffer — unexpected adjustments at closing can add $500 to $2,000.