The Additional Costs of Buying & Selling

Many people need to realize that there are additional costs and fees above and beyond the purchase and sale price when buying and selling a home. Additional factors to take into consideration may include:

  • Real Estate Commission: Typically 5-6% of the sale price for sellers.
  • Home Staging Costs: Ranging from approximately $750 to $5,000 for sellers.
  • Home Inspection: Approximately $300 to $500.
  • Property Appraisal (Private): About $400 to $700.
  • Property Appraisal (Bank Requested): Around $100 to $300.
  • Status Certificate (for condos): Roughly $100 to $150.
  • Mortgage Termination Penalty: Varies for buyers terminating their mortgage early.
  • Mortgage Insurance: For buyers with a down payment of less than 20%, cost varies.
  • Legal Fees & Title Costs: Approximately $1,000 to $2,500.
  • Title Insurance: About $250 to $500.
  • Land Transfer Tax: Applies to buyers, cost varies.
  • Establishing Services: Including Rentals, Utilities, Transfer of Services, etc.
  • Storage Service / Storage Bin.
  • Moving Service: Typically $1,500 to $5,000.
  • Repairs & Upgrades.
  • New Furniture or New Appliances.
  • New Home Warranty (TARION).
  • Capital Gains or Additional Taxes.
  • Utility, Property Tax, and Closing Adjustments.
  • Property Insurance.
  • Property Taxes.
  • HST on New Construction and Assignments.

*Please note that all values are approximate and are subject to change and that HST is likely applicable to all fees and services above. 

The typical range for closing costs in Ontario is around 1.5% to 4% of the purchase price. For example, if you’re buying a property priced at $500,000, your closing costs could fall between $7,500 and $20,000. It’s important to note that each property and transaction is unique, so the fees mentioned here may differ for your specific situation. It’s best to consult with your Realtor and Lawyer to get a precise estimate of your closing costs.