Question 1

What are closing costs in Canada?

Accepted Answer

Closing costs are one-time fees due when you take ownership of a home — typically land transfer tax, legal fees, title insurance, inspections, appraisal, and minor adjustments. Budget roughly 1.5–4% of the purchase price depending on province and first-time buyer rebates.

Question 2

What is land transfer tax?

Accepted Answer

Land transfer tax (or property transfer tax) is a provincial — and in Toronto, municipal — tax on the purchase price, calculated with progressive brackets. Some provinces have no LTT; Alberta, Saskatchewan, and the territories use registration fees instead.

Question 3

Do first-time buyers get a rebate?

Accepted Answer

Ontario offers up to $4,000 provincial rebate (and Toronto up to $4,475 municipal). British Columbia offers a full or partial exemption up to a price cap. Rules and definitions of “first-time buyer” vary by province — confirm with your lawyer.

Question 4

Are the legal and inspection fees exact?

Accepted Answer

No — this tool uses typical national estimates (e.g. ~$1,800 legal, ~$500 inspection). Actual quotes vary by city, firm, and property. Use the totals as a planning budget, then replace line items with your real quotes.