Closing costs are the one-time fees and taxes you pay when your home purchase closes. They typically range from 1.5% to 4% of the purchase price, depending on the property location and your situation.
The largest closing cost is usually land transfer tax. In Ontario, you pay provincial LTT, and if buying in Toronto, you also pay Toronto Municipal LTT. First-time buyers may qualify for rebates.
Other common closing costs include legal fees, title insurance, home inspection, and moving expenses. Some costs like property tax and utility adjustments are settled at closing based on the closing date.