The total cost of buying a home includes not only the price of the home and down payment, but also other costs arise out of the closing of the transaction.
A good rule of thumb is to have about 1.5% of the purchase price of the home available for closing costs. Your RealtorŪ will be able to give a fairly good estimate of your closing costs. Following are the most common costs:
Legal fees and disbursements
Land Transfer Tax
Ontario
Toronto
Title Insurance - may be included in legal fees
House insurance - necessary for getting a mortgage
Adjustments for Property Taxes and Fuel
Mortgage expenses - costs associated with arranging the mortgage +/or mortgage insurance
Possible survey
Personal moving expenses
