Expenses Due on Acceptance of the Offer


In the GTA, the norm is a minimum of a 5% deposit.

Appraisal Insurance


Typically required for conventional mortgages by the bank.

Home Inspection


Costs vary with type (e.g. cottage), size and age of the property

Expenses Due on Closing

Legal Fees


Costs vary with property purchase price

Closing Adjustments

Items vary by deal. Examples include – but aren’t limited to municipal property taxes, utilities and condo maintenance fees.

CMHC, Genworth or Canada Guaranty Mortgage Loan Insurance (if applicable)

Up to 4.5% of the mortgage loan amount.

Mortgage loan insurance is typically required by lenders when homebuyers make a down payments of less than 20% of the purchase price. The premium is rolled into the mortgage, but not the PST.

Land Transfer Tax

Click HERE to calculate your Land Transfer Tax.

HST For New Construction (if applicable)

13% of the sale price minus any applicable rebates.

Mortgage Adjustment Period

These are fees owing on the portion of the month following the closing to the end of the month. The bank is entitled mortgage interest on closing at the point.

Actual mortgage payments don’t start until one calendar month after closing.

Property Insurance

The house must be insured in order to get a mortgage. Costs vary policy to policy.

Tax Advance

Up to 50% of one year’s annual tax due.

This may be required by lenders.

Utility Hookups


These include Toronto Hydro, Enbridge, Rogers, Bell, etc. Rogers and Bell charges are highly negotiable and often waived.