Resources - Closing Costs
Closing costs are an important and necessary part of a home purchase. Closing costs consist of legals fees, land transfer tax, title registration, adjustments etc. A rule of thumb is to estimate closing costs at 1.5% of the purchase price, however it's best to check with you lawyer to get a better estimate. Keep in mind that if you are purchasing a property in Toronto, there is currently a Toronto Land Transfer Tax in addition to the Ontario Land Transfer Tax.