CLOSING COSTS WHEN BUYING A HOME IN ONTARIO You have found a house you love, put in an offer and it has been accepted – congratulations! But did you know the price you offered is not the full price of the home you are purchasing? You need to be aware that there are closing costs when buying a house in Ontario. What Are Closing Costs? Closing costs are generally one-time expenses associated with the purchase of your home. It is very important that when you prepare a budget to buy a home, you also include closing costs in addition to how much you want to pay for a home. Speaking in general, allotting 3% – 4% of the property’s purchase price should be enough to cover the closing costs. If you are purchasing a house for $1,000,000, for example, you will want to have anywhere between $30,000 – $40,000 saved for closing costs. There are many factors that will affect the amount of closing costs when buying a house in Ontario. There is even a difference in closing costs when
