First-Time Buyer? Know Your Closing Costs

Closing Costs You Should Expect

Most first-time buyers focus only on the down payment—but there are several additional costs to budget for. Here's a breakdown of common closing costs you’ll encounter:

• Land Transfer Tax (provincial + municipal, if applicable)

• Legal fees and disbursements

• Title insurance

• Property tax adjustments

• CMHC insurance (if applicable)

• Home inspection (optional but recommended)

• Moving costs and immediate home needs

As a general rule, budget 1.5% to 4% of your purchase price for closing costs. Your Ridge Estate agent will walk you through these during the planning phase so there are no surprises on closing day.

💡 Ridge Pro Tip: First-time buyers in Ontario may qualify for a land transfer tax rebate—up to $4,000!

🔗 Related Articles:

• What Does a Real Estate Lawyer Do?

• Understanding the Offer Process

🧾 Ridge Estate provides a personalized cost breakdown during your buyer consultation—no surprises at closing time.