08/21/2026
🏡 Buying a home in Ontario? Don’t forget about the costs beyond your down payment!
You’ve saved for your down payment—congratulations! 🎉 But before you get the keys, you’ll also need to budget for closing costs like legal fees, land transfer tax, title insurance, property tax adjustments, and more.
💰 A good rule of thumb is to set aside 1.5%–4% of the purchase price.
For a $700,000 home, that could mean approximately $10,500–$28,000 on top of your down payment.
One major expense is Ontario’s Land Transfer Tax. On a $700,000 purchase, it’s approximately $10,475, though eligible first-time buyers may qualify for a rebate of up to $4,000.
Want to know exactly what you should budget for your purchase? 👇
💬 Comment “COSTS” below and we’ll send you the Ontario Buyer’s Guide!
When you’re ready to make your move, call the Leila Khan Team at 416-300-3453. We’re here to help you buy with confidence. 🔑
