Ontario closing costs: the full checklist buyers should budget for

Plan for closing costs separately from your down payment. The main items are land transfer tax, provincially and municipally in Toronto, legal fees and disbursements, title insurance, and adjustments for property tax or utilities the seller has prepaid.

Then add the items buyers often forget: a home inspection, a status certificate for a condo, the provincial sales tax on mortgage insurance if your mortgage is insured, a lender appraisal if it is not covered, home insurance for closing day, moving costs, and utility account setup.

A useful working figure is 1.5 to 4 per cent of the purchase price depending on price, city and property type. Ask your lawyer for a written estimate once you have an accepted offer.