Today on the podcast, I am breaking down closing costs for first time home buyers in Ontario and why they are one of the most overlooked parts of the home buying process. I walk you through what you actually need saved beyond your down payment, and how to prepare for these costs so you can step into homeownership with confidence.

In this episode, I cover:

• What closing costs are and why they can range from 1.5% up to 4–6% of your purchase price in Ontario
• Legal fees explained, what your real estate lawyer does and how much you should budget
• Land transfer tax in Ontario, including first time home buyer rebates and how Toronto differs
• CMHC insurance tax and how insured mortgages impact your upfront closing costs
• Additional expenses like title insurance, home inspections, appraisals and rural property considerations
• How to prepare your funds, avoid surprises, and ensure your closing day goes smoothly

If you are a first time home buyer in Ontario trying to understand your true costs beyond the down payment, this episode will help you plan ahead and avoid costly surprises. Tune into Homeowner AF and take the next step toward homeownership fully prepared and financially confident.

Resources Mentioned In This Episode:
• Provincial Land Transfer Tax https://www.ontario.ca/document/land-transfer-tax ,
• Municipal Land Transfer Tax (Toronto https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/municipal-land-transfer-tax-mltt-rates-and-fees/

Specific Questions? Ready to get started?
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