What closing costs should I budget for when buying a new condo in Ontario?

New condo closing costs in Ontario extend well beyond the purchase price. Planning for them in advance avoids a funding crisis on closing day.

Land transfer tax is calculated as a percentage of the purchase price using a sliding provincial scale. Buyers in Toronto pay a second, municipal land transfer tax at the same rates. First-time buyers may qualify for a provincial rebate of up to $4,000 and a Toronto rebate of up to $4,475 — amounts to confirm with your lawyer as they may be updated.

HST: unless the builder has factored the rebate into the purchase price and is assigning the rebate to themselves, you will owe HST on a new home and then claim the rebate. Ensure you understand which scenario applies.

Tarion enrolment fee: passed through by the builder as a closing adjustment.

Development charges and other adjustments: these can be significant and should be estimated before signing.

Legal fees: your lawyer's fee plus disbursements for searches, title insurance, and registration.

Title insurance: typically $200–$400 for a condo but required by most lenders.

Moving costs, storage, and any occupancy fees accumulated during the interim period should also be factored in.

Ask your lawyer for a total closing cost estimate before your closing date so you can arrange the right amount of funds in advance.