Your down payment is not the only cash you need. This closing costs calculator adds up the land transfer tax after refunds, the sales tax on mortgage insurance, and the other bills that arrive around closing day. Tax rules checked October 3, 2026.
What is in the estimate
- Land transfer tax: calculated from the official brackets, less the first-time buyer refunds.
- Sales tax on mortgage insurance: with less than 20% down, Ontario charges 8% sales tax on the insurance premium. The premium can go on the mortgage. The tax cannot, so it is paid in cash.
- Legal, title insurance, inspection, appraisal, adjustments and moving: these are example amounts. Type in the quotes you receive.
- The Financial Consumer Agency of Canada suggests planning for 1.5% to 4% of the purchase price.
Each line explained: Ontario closing costs for first-time buyers.
More tools: all calculators. Guides: first-time buyer guide.
Sources (official pages, checked October 3, 2026)
- Ontario – Calculating land transfer tax (rate brackets, updated 2026-04-22)
- Ontario – Land transfer tax refunds for first-time homebuyers (max $4,000)
- City of Toronto – MLTT rebate opportunities (max $4,475)
- Financial Consumer Agency of Canada – Down payment (minimums, mortgage loan insurance)
- Ontario – Retail sales tax (8% on insurance premiums)
- Financial Consumer Agency of Canada – Buying a home (closing costs of 1.5% to 4%)
Programs and limits change, often at budget time. Confirm the current rules on the official page before you rely on them.
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General information only – not financial, legal or mortgage advice. Please consult a licensed professional about your own situation.