Performance Realty
Brokerage, Independently Owned and Operated


Barb Reynolds
Jenn Reynolds
Sales Representative


Considering a Move?

Your New Home Wish List

6 Common Mistakes

Closing Costs

Moving to Ottawa

Closing Costs for Your New Home 

Surprises should be for Birthdays and Christmas!  Make sure you have an idea of what your closing costs will be prior to your possession date.  Both your Lawyer and Lender will be able to give you a fairly accurate cost breakdown, so be sure to ask!   We’ve put together a list of the common closing costs, so you can start to plan ahead!

Closing costs for Buyer: (Typically budget 1-1.5% of the purchase price)

NOTE: All costs are approximate and will vary depending on the price, location, and type of home. Some prices may vary between Law firms. Please check with your Lawyer and Lender for a more accurate breakdown.

Survey - $500 - 800

Most times you will not need to buy one. It used to be that lenders required a survey as part of the mortgage requirements, but that is no longer the case.  Sometimes we are able to get a copy from the Seller, and if they do not have one, you may not need it.

Title Insurance - $300 - 400

The cost of title insurance increases for homes over $500,000, depending on price of home.

Title insurance has been widely used for many years now, and has become just a part of a buying transaction. There are several different companies to choose from, and your lawyer will be able to give you the differences between them. Is it necessary? We think so! Look at our blog posting on Title Insurance and read more about it!

Land Transfer Tax - cost varies

Everybody pays, no matter how many homes you buy throughout your lifetime!  First Time home buyers can get a rebate of up to $1725. The rate has not changed since June 1, 1989.*

  • 0.5% of the value of the consideration up to and including $55,000,
  • 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
  • 1.5% of the value of the consideration which exceeds $250,000, and
  • 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

*    The above information was taken from the Ontario Ministry of Finance website:

Status Certificate - $100

If you buy a Condominium you will want a current Status Certificate from the Condo Corporation (don’t worry, we will put in a condition to request it in the offer). It will give you an indication of the workings and finances of the corporation, so it’s a good thing to have.  There are also Estoppel Certificates and Party Wall agreements that can be ordered for attached homes such as Townhomes as well, but they generally are less common and rarely requested.  

Fire Insurance - $250 - 500.

The Agreement of Purchase and Sale stipulates that a buyers’ fire insurance coverage begins on the day of closing.  It will be a condition of the lender for you to have fire insurance in place before they will advance the mortgage, so make sure to get it set up before you go in to the Lawyer’s office for final signing.

Lender Fees - cost varies

Appraisal $100 - 250 (if required)
Mortgage Processing Fee- $165 - 185
Many Lenders will charge for all of the steps and paperwork to get the mortgage in place, so check with your Lender.  The cost is less for new construction (approximately $75.)

Mortgage Insurance – cost varies

CMHC fees (are usually added to the mortgage, so check with your lender to be sure).  The insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. (The cost increases significantly for self employed people without 3rd party income verification).  A 75% loan to value will be 0.65%, while a 95% loan to value can be up to 2.9%.

Check out the Canada Mortgage and Housing (CMHC) website for accurate information:

Legal Fees – $1700 - 2000, depending on Law firm including disbursements & registration

Approximate disbursements with one mortgage:

  • Registration of Deed:  $71.50
  • Registration of Mortgage:  $71.50
  • Tax Certificate:  $64.00
  • Municipal and utility searches OR title insurance:  $270.00
  • Abstract of Title & Execution Certificate:  $150.00
  • Transaction Levy:  $50.00
  • Couriers, photocopies, postage, etc:  $75.00- $125.
  • New Home Warranty (Terion):  $600.00
  • Adjustments (property taxes, heating fuel,  condo fees):  varies
  • HST – 13%

Other costs associated to purchasing  

  • Home inspection $350 - 450
  • Moving costs- Packing, Boxes, Movers or Truck- varies
  • Property taxes:  All properties have taxes, whether condo or freehold. The yearly amount can usually be found on the MLS® listing.  Some lenders will insist that you pay the taxes as an add-on to the mortgage amount. The city of Ottawa also allows for taxes to be paid in installments. Check with the city website:  


Tel: (613) 238-2801
Toll Free: 1-877-757-7386
Fax: (613) 238-458
165 Pretoria Ave.
Ottawa, Ontario
K1S 1X1
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