Closing Costs on a New Home in Ontario
Budget for closing costs beyond the purchase price. On new construction they commonly include land transfer tax, legal fees, title insurance and builder adjustments.
Common closing costs
Expect the items below. Your agreement lists which builder adjustments apply and whether any are capped.
- Ontario land transfer tax (first-time buyer refund may apply)
- Real estate lawyer fees and disbursements
- Title insurance
- Utility meter and connection fees
- Tarion enrolment fee
- Development charge increases, if not capped
- Property tax and utility adjustments
Why caps matter
Ask whether development charges and other adjustments are capped in your agreement. Caps give you certainty about the final amount due at closing.