What Ended Up Costing More Than You Expected? The Real Closing Cost Breakdown
This is the question that makes every first-time homebuyer nervous.
Because the PRICE of the house is just the beginning.
Here's what catches people off guard:
1. Legal Fees
- Expect $1,500 - $2,500 for a straightforward purchase
- More if there are title issues or complications
2. Land Transfer Tax
- Ontario has provincial land transfer tax
- Toronto has an additional municipal land transfer tax
- First-time buyers get rebates, but they don't cover everything
- On a $700K home in Toronto, you're looking at ~$8,475 after rebates
3. Home Inspection
- $400 - $700 depending on the size and age of the property
- Non-negotiable if you want to know what you're buying
4. Property Tax Adjustments
- Sellers prepay property taxes; you reimburse them at closing for the portion you'll own
- Can be $1,000 - $3,000 depending on timing
5. Appraisal Fees (if required by lender)
- $300 - $500
6. Title Insurance
- $200 - $400
- Protects you from title defects, fraud, survey issues
7. Moving Costs
- Movers, truck rental, packing supplies, time off work
- Easily $1,000 - $2,000+
People budget for the down payment. They forget about the other $15K - $25K that hits at closing.
Because "I didn't know I needed that much cash" shouldn't be the reason a first-time buyer's deal falls apart.
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OFF MARKET DEAL OF THE WEEK
Off-market deal in mature North York pocket near Bathurst and Steeles. The walkout basement already has a kitchen, full bath, bedroom, and separate access through two exterior doors, which gives investors a practical setup for a future in-law suite or income unit. The house is large at 2,310 sq ft, sits on a 53 x 118 ravine lot, and has a double garage. The value here is in the location, layout, and upside. Extreme mould damage means this is a full renovation play, but multiple exit paths remain open.
SUMMARY:
– LOCATION: North York, ON (Bathurst St & Steeles Ave)
– PURCHASE PRICE: $879,900
– CLOSING: April 9, 2026 (Or sooner. This is an assignment sale.)
– TYPE: 2 Storey Detached Back Split
– BEDS/BATHS: 4+1 beds/2.5+1 baths
– PARKING: Double Garage Plus 2-3 Driveway Spaces
– BASEMENT: Unfinished
– SQFT: 2,310
– LOT: 53′ x 118′ (Ravine lot!)
– AGE: 1965
– PROPERTY TAX: $7,797 (2025)
– POSSESSION: Vacant
RENOVATIONS NEEDED:
– Full gut of the basement due to heavy mould damage
– General full renovation throughout (cosmetic updates)
– Repair water-damaged areas where leaks have affected ceilings and drywall
– Review and address any moisture issues before refinishing
– Some junk and furniture removal.
– Please view the pictures and videos for ideas on what you’d like to renovate.
GOOD NEWS:
– Walkout basement with kitchen, full bath, bedroom, and 2 exterior doors
– Big ravine lot in a mature pocket near Bathurst and Steeles
– Large 2,310 sq ft layout with double garage
Reply to this email if you want more photos or need more information.
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Know any first-time homebuyers who can use a guide to buy their home? Download your copy of The Complete Guide To Buying Your First Home In Canada.
Just clarity.
Talk soon,
Fred
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