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Closing costs on a $650,000 home run from about 0.8% of the price in Calgary to about 3.7% in Toronto, once you add land transfer tax, legal fees, title insurance and the rest. With 10% down, that is roughly $5,085 in Calgary and $24,251 in Toronto, on top of the $65,000 down payment. Almost all of the gap is land transfer tax.
How much cash do you need beyond the down payment?
Plan for anywhere from under 1% to nearly 4% of the price, and use your own province’s number instead of a national rule of thumb. The table prices a $650,000 home with 10% down ($65,000) and a 25-year amortization, using the site’s closing-costs engine. The $3,850 of other costs is a planning figure made up of legal fees $2,000, title insurance $350, inspection $500 and adjustments $1,000. Your lawyer’s quote will differ.
| City | Land transfer tax or registration | Sales tax on CMHC premium | Other costs | Total closing costs | Share of price |
|---|---|---|---|---|---|
| Toronto, ON | $18,950 | $1,451 | $3,850 | $24,251 | 3.73% |
| Vancouver, BC | $11,000 | None | $3,850 | $14,850 | 2.28% |
| Calgary, AB | $1,235 | None | $3,850 | $5,085 | 0.78% |
| Montreal, QC | $8,349 | $1,632 | $3,850 | $13,831 | 2.13% |
| Halifax, NS | $9,750 | None | $3,850 | $13,600 | 2.09% |
The table applies no first-time buyer relief. The closing costs calculator lets you add it, change the price and pick your own city.
Add the $65,000 down payment and the cash a buyer has to show comes to $89,251 in Toronto, $79,850 in Vancouver, $70,085 in Calgary, $78,831 in Montreal and $78,600 in Halifax. Lenders ask for proof of both the down payment and the closing funds, so a savings balance that covers only the first won’t do.
Why does land transfer tax differ so much between provinces?
Each province, and in a few places each city, writes its own rules. Ontario charges $9,475 on this price and Toronto adds a matching $9,475 on top. British Columbia’s property transfer tax comes to $11,000. Montreal’s transfer duties are $8,349 under its own brackets. In Halifax the municipality sets the deed transfer tax, and at 1.5% it’s $9,750. Alberta has no land transfer tax and charges registration fees instead, which is why Calgary comes in so low.
The Ontario Ministry of Finance: land transfer tax page covers the provincial side, and each city publishes its own schedule. First-time buyer relief exists in Ontario (up to $4,000 provincially, plus $4,475 in Toronto), in British Columbia, and in Quebec as a credit claimed afterwards. Our land transfer tax calculator covers every province.
What do the legal bill and title insurance cover?
A real estate lawyer (a notary in Quebec) searches the title, registers the transfer, handles the money and files the mortgage. The fee comes with separate disbursements for registration, searches and similar items. Title insurance is a one-time premium against certain title defects and fraud, and many lenders ask for it or for a survey.
Adjustments are the smallest line and the most confusing. If the seller prepaid property tax or condo fees past the closing date, you reimburse them for the days you own the home, and it works the other way if they owe. The lawyer’s statement of adjustments shows the net. You pay for a home inspection when it happens, not at closing. An appraisal is paid by the lender in some cases and billed to the buyer in others.
Does mortgage insurance carry sales tax?
In Ontario, Quebec and Saskatchewan it does, and you pay that tax in cash at closing because it can’t be added to the mortgage. The premium itself goes onto the loan. On this home, CMHC’s premium at 10% down is $18,135 (3.1% of the $585,000 loan). Ontario’s 8% tax comes to $1,451, Quebec’s 9% to $1,632 and Saskatchewan’s 6% to $1,088.
Quebec taxes premiums at 9%. The 9.975% QST that applies to ordinary sales doesn’t apply here, a mix-up that shows up in several online calculators. Revenu Quebec: tax on insurance premiums sets out the rule. Put down 20% and both the premium and its tax disappear.
What changes if you buy a new build?
A new home carries GST at 5%, or HST in the provinces that use it, and the contract either states the price with tax included or adds it on top. Read that clause before comparing a new build with a resale. A partial new housing rebate may return some of the tax on lower-priced homes, and the GST/HST new housing rebate calculator shows the amounts.
A first-time buyers’ GST/HST rebate was proposed in 2025. When I checked, the Canada Revenue Agency: first-time home buyers’ GST/HST rebate page described it as based on proposed legislation, so confirm its status before you count on it.
What is the timeline from offer to keys?
Most purchases close 30 to 90 days after the offer is accepted, though the contract sets the actual date. The steps below show the usual order, which isn’t a rule.
- Offer accepted. The deposit is due within a day or two, by bank draft or wire.
- Conditions period, often a few days to two weeks. You arrange the mortgage, book the inspection and review the condo documents or status certificate.
- Conditions waived. The deal is firm and the lawyer starts the title search.
- About a week before closing, you sign the mortgage and transfer documents and send the closing funds to the lawyer.
- Closing day. The lawyer registers the transfer, you get the keys and the movers can start.
Moving, utility hookups, new locks and home insurance (the lender will want proof of it before closing) all take cash too, so leave room. The buying a home checklist and the mortgage terms article cover the other pieces.
Where does this information come from?
Transfer taxes, the CMHC premium and its provincial tax come from provincial and federal sources as built into the site’s closing-costs engine, run in October 2026; legal, title, inspection and adjustment amounts are planning figures. Checked in October 2026. This is an independent information site: we provide no services, we do not represent the CRA or any organization, and we do not guarantee that anything here is accurate or current. We accept no liability for decisions based on it. Check the official source before you rely on it. See the full disclaimer.
Frequently asked questions
Can I roll closing costs into my mortgage?
No. Closing costs are paid in cash, and lenders want to see the money in your account before they fund the loan. Only the CMHC premium itself can be added to the mortgage. The provincial sales tax on it, where charged, still comes out of cash at closing.
Do first-time buyers pay less in closing costs?
Often yes, on land transfer tax. Ontario refunds up to $4,000, plus up to $4,475 more in Toronto, and BC and Quebec offer their own relief. Legal fees, title insurance and the other items cost first-time buyers the same as anyone else.
How much should I set aside for a home inspection?
A planning figure is $500, though the price depends on the size and age of the home. Many offers are conditional on a satisfactory inspection, so you pay the inspector directly during the conditions period, before closing day.
Why is Calgary so cheap to close compared with Toronto?
Alberta has no land transfer tax. It charges registration fees on the title and the mortgage, about $1,235 on this home with a $585,000 mortgage. Toronto charges $18,950, because Ontario and the City of Toronto each tax the purchase.
What happens if I can't come up with the closing funds?
Once conditions are waived the contract is firm, so missing the closing date can put your deposit at risk and expose you to a claim from the seller. Talk to your lawyer and lender as soon as you see a gap.