GTA and Toronto Mortgage Closing Costs in 1-2-3

mortgage closing costs lrg

mortgage closing costs smWhen you buy a house or refinance, the mortgage closing costs can add up quickly. Those costs can be even higher if you’re living in an urban area, like Toronto or the GTA.

Here are some of the closing fees you might encounter and what they could cost:

  1. Land Transfer Taxes – Municipal and Provincial

Land transfer taxes are charged whenever a property changes hands and is based on the purchase price. Most provinces in Canada charge a tax, and most municipalities charge an additional tax on top of that.

According to CIBC, if you were thinking of buying a $300,000 home in Toronto, the provincial land transfer tax would be $2,975 and the municipal land transfer tax would be $2,725. Altogether, the land transfer taxes would cost $5,700. This number would vary by location and by property purchase price.

  1. Legal Fees

Similar to land transfer taxes, these fees vary by province. They are also subject to GST or HST where applicable. These fees could include expenses and disbursements on top of legal fees.

According to CIBC, the cost of legal fees can vary approximately between $,1300 to $2,500. You would likely be subject to legal fees if you were refinancing your current mortgage or moving to a new property. estimates that the minimum you can expect to spend on legal fees and disbursements is $500, plus GST and HST.

  1. Appraisal Fees

Appraisal fees can range widely depending on what is needed. They can also change based on the value of the property and how difficult it is to assess.

According to CIBC, the property valuation fee (used to determine the property lending value for mortgage purposes) can cost between $150 to $200.

Some other related fees that you might be subject to include a home inspection fee and a property survey.

The home inspection fee can cost around $500.

A property survey could range between $750 to $1,000.

Altogether, the mortgage closing costs can add up quickly and take away from any equity you are getting out of the purchase or refinancing.

There is another option — the mortgage that’s not a mortgage.

At Prudent Financial, we offer home equity personal loans. To qualify, you need 50% equity available. This isn’t a secured loan, a mortgage refinancing, or a second mortgage — it’s simply a loan based on your responsible money habits in the past and the fact that you’re a homeowner.

Home equity loans are much faster to arrange than mortgages and there are no costly legal or appraisal fees.

Mortgage closing costs don’t need to eat up your whole budget. Access the equity you want today. Contact Prudent Financial at 1-888-852-7647 or visit

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