Your down payment isn't the only cash you'll need on closing day. GTA buyers routinely underestimate the true cost of closing, here's what to actually budget for.
The Big-Ticket Items
Land transfer tax (provincial, and municipal if buying in Toronto) is typically the single largest closing cost beyond your down payment, followed by legal fees for your real estate lawyer's work on title search, mortgage registration, and closing.
The Smaller Costs That Add Up
Property tax and utility adjustments, title insurance, home inspection fees, and moving costs all add up quickly and are easy to overlook when budgeting purely around the purchase price.
- Land transfer tax (provincial + municipal if applicable)
- Legal fees and disbursements
- Title insurance
- Home inspection fee
- Property tax and utility adjustments
- Moving costs
A Simple Rule of Thumb
Many GTA buyers budget roughly 1.5-4% of the purchase price for closing costs, though the exact figure depends heavily on your city and purchase price, your lawyer can give you an exact number once you're under contract.
Next step
Numbers can be intimidating, you don't have to run them alone. Contact Hamodi Realty for a personalized affordability breakdown and a referral to trusted local mortgage professionals who know the GTA market inside and out.