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.

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Just clarity.

Talk soon,

Fred